What’s so important about January 1, 2025?
The answer is not New Years.
(open.substack.com)
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What year set the record for the number of CEO resignations? Certainly, that's just another coinkydink.
What is the penalty for noncompliance?
Probably the same as taking away 1st, 2nd, 4th amendments rights or forcing an EUA medical product via a mandate. Or the same as planning and running a psyop to get bioweapons in to the arms of people.
Companies that fail to comply with the law by “willfully” failing to report or update their beneficial ownership information or provide false BOI information can be subject to both civil and criminal penalties. Those include fines of $500 a day, up to a maximum of $10,000, and up to two years in prison.
Harvard Law School Forum on Corporate Governance. “Understanding the Corporate Transparency Act’s Company Reporting Obligations.”
The Harvard Law School Forum on Corporate Governance notes, “The CTA does not contain any provision for non-willful or negligence penalties.”
https://corpgov.law.harvard.edu/2023/11/03/understanding-the-corporate-transparency-acts-company-reporting-obligations/
Read the 23 exemptions.
https://www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act
2.Governmental authority
3.Bank
4.Credit Union
5.Depository Institution Holding Company
6.Money Services
7.Broker or dealer in securities
8.Securities exchange or clearing agency
9.Other exchange act registered entity
10.Investment company or investment adviser
11.Venture capital fund adviser
12.Insurance company
13.State-license insurance producer
14.Commodity Exchange Act registered entity
15.Accounting firm
16.Public utility
17.Financial market utility
18.Pooled investment vehicle
19.Tax exempt entity
20.Entity advising a tax exempt entity
21.Large operating company (those with 20 employees or more)
22.Subsidiary of certain exempt entities
23.Inactive entity
Conclusion: Rules for thee but not for me. The people that need to be looked at like banks, large corporations, 'charities' and NGOs escape scrutiny but I will bet the farm they come and try to fuck me and my small business.
I was baffled by all those exemptions, is this a BH op? Are the Good guys getting scammed again?
Just me thinking out loud, WHEN was this piece of legislation proposed and passed? Under Biden or Trump?
The act was initially sponsored and passed by the house late 2019 (Trump’s administration). Then it was included as part of the much larger national defense authorization act which Trump vetoed but congress passed it overriding his veto. From what I have read, both Both Trump and Biden supported the transparency act piece which is why I’m not sure how I feel about it.
There were several lawsuits on constitutionality that caused a federal court to issue a nationwide injunction somewhere around Dec 6 (this year). Then around Dec 17, the Fifth Circuit overturned the injunction and it was back live with a file deadline moved to Jan 13. Then a couple days ago on Dec 26, The U.S. Court of Appeals for the Fifth Circuit ruled the opposite and the injunction is now back in place. This will likely go to the Supreme Court. FinCen is still accepting voluntary BOI reports at this time.
As a smooth brain, I’m really confused if this is a good or bad thing if someone with more brain power can break it down. At some level it feels too big brother-ish and causes a lot of stress on small business with reporting requirements, but with the comments Trump has been making and the possibility of this act revealing bad for an actors, it seems to be good…. Confused
I was just wondering why Jan 1, 2025 if it happened under Trump 4 years ago. I did not know there was an injunction against it but it would stand to reason that these families do not want their names associated with companies that use slave labor or are in violation of the law!