New Law Requiring Businesses To Report Who Owns Them Is Put on Hold Again (msn.com)
(Friday December 27, 2024 @10:30PM (msmash)
from the for-the-record dept.)
- Reference: 0175775941
- News link: https://tech.slashdot.org/story/24/12/27/2031202/new-law-requiring-businesses-to-report-who-owns-them-is-put-on-hold-again
- Source link: https://www.msn.com/en-us/money/companies/new-law-requiring-businesses-to-report-who-owns-them-is-put-on-hold-again/ar-AA1wAI0n
The implementation of the Corporate Transparency Act -- a law aimed at getting shell companies to disclose their true ownership -- was [1]paused again just days before a reporting deadline was set to take effect, as a federal appeals court handed the case to a panel for further consideration. From a report:
> In a court filing late Thursday, the Fifth Circuit Court of Appeals vacated a stay on a national injunction the court had issued Monday that reinstated the Jan. 1 reporting deadline for millions of companies. The lifting of the stay means the January filing deadline will be postponed once again and bars the government and the Treasury Department from enforcing the law, pending oral arguments before the court's so-called merits panel, a group of judges tasked with considering appeals.
>
> The Corporate Transparency Act, a bipartisan law passed in 2021 to curtail the use of anonymous shell companies and help track flows of illicit money, would require companies to file beneficial ownership information with the Treasury's Financial Crimes Enforcement Network or face the possibility of penalties such as fines and jail time. The law could cover more than 32 million small businesses nationwide.
[1] https://www.msn.com/en-us/money/companies/new-law-requiring-businesses-to-report-who-owns-them-is-put-on-hold-again/ar-AA1wAI0n
> In a court filing late Thursday, the Fifth Circuit Court of Appeals vacated a stay on a national injunction the court had issued Monday that reinstated the Jan. 1 reporting deadline for millions of companies. The lifting of the stay means the January filing deadline will be postponed once again and bars the government and the Treasury Department from enforcing the law, pending oral arguments before the court's so-called merits panel, a group of judges tasked with considering appeals.
>
> The Corporate Transparency Act, a bipartisan law passed in 2021 to curtail the use of anonymous shell companies and help track flows of illicit money, would require companies to file beneficial ownership information with the Treasury's Financial Crimes Enforcement Network or face the possibility of penalties such as fines and jail time. The law could cover more than 32 million small businesses nationwide.
[1] https://www.msn.com/en-us/money/companies/new-law-requiring-businesses-to-report-who-owns-them-is-put-on-hold-again/ar-AA1wAI0n
I own 3 businesses (Score:3, Informative)
by trelanexiph ( 605826 )
Yep, I am an evil money-hoarding decadent capitalist pig. This law has a serious problem. If you are a small business owner, you may not even know about it. I have incorporations with 2 Secretaries of State, and 3 Employee Identification Numbers from the IRS. They know how to get ahold of me, but havenâ(TM)t. No other business owner I know has been contacted either. The penalty for not filing is $500/day. Missing even a few weeks could cause a family run business to miss payroll and fold. They have never been told. I have, of course, filled out the Beneficial Owner Information paperwork for all 3 of my companies. This law is going to screw innocent family businesses but no one cares.
Re: (Score:2)
These are frivolous arguments from a known uncredible source. Dave Champion, Ph.D makes claims that have been disproven in federal court, As in they have already been charged and found guilty of purveying frivolous arguments about the US government's authority in regards to taxation which amounted to fraud.
Re: (Score:2)
The guy's an idiot. Congress is granted all powers necessary to execute a list of enumerated powers, and all others powers vested in the Constitution. It's literally the words of Article 1, Section 9:
> To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
Even in Section 8 there is this part:
> To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
What does he think this bill is trying to do, bake a cake?
There is no distinction between territorial or subject matter jurisdiction. Congress has jurisdiction to make any law it deems necessary. Only the courts can decide if a) the law is unconstitutional or b) the width
Re: (Score:2)
The guy quoted is dangerous to follow the advice of, but Corporate Regulation is a state power under the Constitution. He is not even making the right argument.
Among the States means just that - preventing States from tariffing each other or like PA is trying to do with requiring a food permit for any tractor trailer with food on it traveling through the State, etc.
It definitely did not mean regulating every business in every state when the Constitution was ratified. That's easy to verify. Treating the cl
Re: (Score:2)
The guy's an idiot. Congress is granted all powers necessary to execute a list of enumerated powers
That's being generous.. In reality; they are an author who has written books, and they probably know well exactly what they're doing and that would them a sheister. I believe this is classified as deliberate efforts to deceive the gullible and profit off it.
There's already federal [1]orders [justice.gov] barring them from promoting their scam which amounted to promoting a fraudulent tax evasion scheme through their works w
[1] https://www.justice.gov/opa/pr/federal-court-bars-nevada-man-promoting-tax-fraud-scheme