LauraLove
November 21, 2024, 6:30pm
1
<Merge 6 Proposals to End BOI / Beneficial Ownership Information / FINCEN
I propose that the following six policy proposals, regarding Ending BOI / Beneficial Ownership Information / FINCEN, be merged:
Written by @LaFever
An Act to prohibit the implementation of the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership reporting requirements, recognizing the coercive nature of its enforcement measures and the duplicative nature of existing federal and state oversight mechanisms.
Section 1: Short Title
This Act may be cited as the “Beneficial Ownership Reporting Repeal Act.”
Section 2: Findings
Beneficial ownership information is already tracked by the Internal Revenue Service (IRS) through tax …
Written by @royalmayna
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 con…
Written by @jbpaul2000
Continuing the discussion from End FINCEN BOI :
This legislation is government overreach to the extreme and should be repealed immediately. This is one of the most intrusive pieces of legislation ever adopted targeting small business, the supposed backbone of the American economy. Remove regulations on small business, we have enough to deal with already.
Written by @muherdone
The BOI reporting requirement is a federal government over reach for small business owners. The requirement to report owner information of state chartered entities for the purported purpose of aiding in financial crimes and money laundering places an unnecessary burden on small business owners. The federal government has access to this informaron through Secretary of State inquiries for any entity active or inactive. The entire BOI reporting requirement is a complete waste of time and resources …
Written by @Netcommand
Eliminate this extreme overreach. The several states incorporate businesses and should be the sole arbiters of the financial information. An innocent small business person should have no reason to deal with a bureaucracy that investigates financial crimes. Its as if ALL American small businesses have been labeled potential, if not actual, criminals. This seems an excellent way to eliminate to main economic driver of employment in this country, small business. The deadline is 12/31/24 before mass…
Written by @Kristi_Sharp
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 themse…
Please merge all six policy proposals. I suggest the parent proposal be LaFever’s “Repeal the Corporate Transparency Act…” since it is the most detailed contribution. Many small business owners are not aware of this requirement and fines are outrageous if not reported by 1/1/2025. The BOI is more unnecessary big brother government overreach. Appreciate your consideration. Thank you.