Abolish BOI - Beneficial Owners Information Under the Corporation Transparency Act

Liberty
1

I propose that the new administration do what they can to abolish this act of Congress. Department of the Treasury, Financial Crimes Enforcement Network’s New Rule: "Beneficial Ownership Information Reporting Requirements” (RIN: 1506‑AB49), section 6403 of the Corporate Transparency Act, Ruled on September 30, 2022.

The CTA requires that millions of Americans who own small businesses (impacting over 32 million businesses currently in operation) report private, personal information about themselves (Beneficial Ownership Information – BOI) to the federal Financial Crimes Enforcement Network (“FinCEN”). Failure to do so could result in fines and incarceration. According to the [US Government Accountability Office] (Department of the Treasury, Financial Crimes Enforcement Network: Beneficial Ownership Information Reporting Requirements | U.S. GAO), “These requirements are intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.”

Businesses that fall under the acts criteria that were created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.

Those created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

Aside from this coming from a corrupt government, this legislative act exceeds Congress’s powers as per Article 1 of the US constitution and a violates Americans 1st Amendment Constitutional protection

4 Likes
2

Why beneficial ownership for small companies and not big corporations. They’re the ones profiting from the receivables and derivatives from our securities. Why always hit the little guy

3 Likes
3

The government’s stance is that small businesses have less oversight which affords them more opportunity to launder money and other fraudulent activities. In their view, larger corporations already have regulations in place that lessen the risk of being able to partake in financial crimes. I have my own opinions on the reasons but will stick to facts that can be supported by documentation.

4

I am a single proprietor business owner, a “disregarded entity” before this was a thing. I have two LLC’s. I sent my paperwork in for both. They were returned to me without processing them because they will not process two on the same day for the same owner. (Like they could not put one in tomorrows pile of work.)
As bad as that is, there are plenty of other laws mandating financial institutions reporting all transactions over $ 5,000.00.
Import/ export laws, shell corporations, customs and so much more already scrutinize every transaction any business conducts. This appears to me to be someone making busy work for no good reason.
I agree this is an unconstitutional intrusion in my personal affairs.
If we are going to cut unnecessary/ redundant regulations, this would be a great place to start.

6 Likes