Small businesses are reqired to register to be spied on in 2025
Maybe you have a hobby that you turned into a side gig . You are a sole proprietorship ;a partnership ; a limit liability company (LLC) a C Corp or maybe your trust is set up like a business . You have under $5 million in gross sales . You have fewer than 20 employees . You pay your taxes . You do everything to comply with the law .
Well the government thinks you may potentially be a criminal . Why ? Well because some small business may be criminal .
Quote:
Illicit actors frequently use corporate structures such as shell and front companies to obfuscate their identities and launder their ill-gotten gains through the U.S. financial system.
Federal Register :: Beneficial Ownership Information Reporting Requirements
So in 2021 the deep state passed the Corporate Transparency Act (CTA) which said that small businesses MUST register with the government's Financial Crimes Enforcement Network (FinCen) .
It presumes guilt and is blatantly unconstitutional in my opinion. But it has gone through court challenges and the government is ready to enforce it Jan 13,2025 .
Businesses must report
- The principle(s) individual’s full name
- Date of birth
- Current residential or business street address
- Unique identifying number from an acceptable identification document, such as a driver’s license or passport or a FinCEN identifier (a unique number issued to an individual upon request).
If businesses fail to report they face penalties of $500 /day up to $10,000 and /or criminal penalties up to 2 years in prison.
Pretty steep fine for cashing in on selling used junk at a flea market .
It is estimated that 32 million small businesses need to register with more coming on line every year. So far about 9.5 million have done so. Small businesses may not even know about the requirement . Why would they ? Have you heard about it ?
Quote:
"Most non-exempt reporting companies have not filed their initial reports, presumably because they are unaware of the requirement," Daniel Stipano, a partner at law firm Davis Polk & Wardwell, wrote in an e-mail.
There's a potential silver lining for businesses: It's "unlikely" FinCEN would impose financial penalties "except in cases of bad faith or intentional violations," Stipano said.
"In its public statements, FinCEN has made clear that its primary goal at this point is to educate the public about the requirement, as opposed to taking enforcement actions against noncompliant companies," he said.
Treasury delays deadline for small businesses to file new form to avoid risk of fines for noncompliance – NBC Los Angeles
How benevolent of the deep state authorities . I am overwhelmed by their compassion.
