End FINCEN BOI - Small Biz Overreach

Economy
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The fincen boi should be ended. Its more red tape for small businesses that dont have the time nor resources.

From what i have seen, the federal government is trying to use this to go after small businesses to “deter money laundering”. To me it looks like all the exempt businesses have the money, means, and resources to actually do the money laundering.

Beyond this it’s additional invasion of privacy by the federal government. All who voted this into place should be banned from running for congress or any political office. Their benefits as a congressperson should also be revoked and go toward paying the national debt.

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I called my AG and asked about this and if it would impact the FINCEN BOI, but I have not heard anything yet. I would think it would because it was passed under this budget bill.
Attor­ney Gen­er­al Ken Pax­ton Wins Case Chal­leng­ing $1.7 Tril­lion Fed­er­al Fund­ing Bill Passed Uncon­sti­tu­tion­al­ly With Less Than Half of U.S. Con­gress Phys­i­cal­ly Present. https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-wins-case-challenging-17-trillion-federal-funding-bill-passed

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I completely agree with you. I am a small business owner. I am the only member and have no employees. I make NOWHERE near the $5 million threshold they use to determine whether we need to report or not. I make nowhere near that threshold. This is an absolute over reach and President Trump needs to continue his work to repeal it as he was working on his last term in office. I already report the same information to the Dept of Revenue, WDFI, and the SoS. They can get off their lazy rear ends and do the work if they want the information.

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FinCEN BOI is ludicrous, lazy government overreach, and again increases the burgeoning government while at the same time increasing and creating pure waste for businesses.

-we already report all financial information through IRS, SEC, etc
-we already report employee information through Department of Labor, now they also want applicants but with the whole BOI duplicated information, why not just add to DoL reporting, if at all, better to just put a flag in DoL database for when an employee is added to cross reference to persons of interest, but that would be too easy?
-we also already report through sams.gov, OSHA, Secretaries of State, and a host of other government entities. all readily available to government.

Government needs to Stop being so f’ing lazy and thoughtless/casual in how they put additional and avoidable burdens on employers that ultimately and needlessly cost jobs, benefits, and national competitiveness.

Elon, do your thing, this one’s easy pickings towards $2 trillion

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PLEASE END!! What’s further egregious is that 20±year-old businesses, are required to comply also.

Coupled with the corruption, including; Cheating OUR elections, flying illegal aliens, wars while left in the dark and without quorum (as Rharg stated above) – all paid by us… Transparency Act FinCen, forcing small businesses to report beyond what the IRS, SOS already have – is suspect, and or, machiavellian for what our private data is really for.

Lastly, it’s “unconstitutional…”:

“Complaint. The plaintiffs filed suit against the Treasury Department in November 2022, alleging that the CTA’s disclosure requirements exceed Congress’s authority under Article I of the Constitution and violate the First, Fourth, Fifth, Ninth, and Tenth Amendments.”

https://www.americanbar.org/groups/business_law/resources/business-law-today/2024-may/national-small-business-united-v-yellen-and-its-implications-for-the-corporate-transparency-act/

"A federal district court in Alabama held that the Corporate Transparency Act (CTA), P.L. 116-283, which requires the reporting of beneficial ownership information (BOI) by businesses, is unconstitutional.

The district court granted the plaintiffs’ motion for summary judgment Friday in the case of National Small Business United v. Yellen, No. 5:22-cv-1448-LCB (N.D. Ala. 3/1/24). One plaintiff, the National Small Business Association, has over 65,000 members.

While the legislation may have “sensible and praiseworthy ends,” the court stated in its opinion, the government’s arguments that Congress has “the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status” from a state “are not supported by precedent.”

The act “exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any numerated power to be a necessary or proper means of achieving Congress’ policy goals,” the opinion said. "

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I’m a corporate paralegal and this has really taken a toll on my new start-up clients. America is amazing, and one reason is the freedom of entrepreneurship and ingenuity. We should be encouraging small businesses that will employ Americans, not discouraging them. CTA is a great example of burdensome government overreach and unintended consequences.

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I hope they can keep the pressure on!

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It has been temporarily blocked by a judge.