Re: Are you guys aware of this ticking time bomb?

bitrex <user@example.net> wrote:

On 10/19/2024 6:54 PM, Sergey Kubushyn wrote:

https://fincen.gov/boi
 
That is what our democRATic friends prepared for us...
 
I learned about it totally by accident. Would've become a criminal if I
didn't like about 90% of all LLCs and small businesses who did NOT submit
their reports as of right now. The deadline is January 1st 2025 and then all
those who didn't submit their reports are subject to $591 fine PER DAY and
even possible jail time.
 
The language is EXTREMELY vague, everybody can report on everybody, one
doesn't even have to have any stock or ownership, just "have influence" to
be a subject of reporting.
 
The cherry on the cake is that most people are not even aware they have to
submit such reports...

 
Supposed to cut down on criminals using shell corporations to move their
drug running and illegal immigrant sex-trafficking profits around, I can
see why a lot of republicunts would be against it.

Did you read that law? Just go through the FAQ on that site. Even an
aqualang with 1/10th of brain would see that "supposed to" is just a
pretext. It would do NOTHING for what it is "supposed to" but will make
those remaining 20 millions or so small businesses, even one man shops,
criminals. Most of those businesses aren't even aware that they have to
submit such reports. And that "law" is EXTREMELY VAGUE and can be
interpreted as they see fit. And no, that vagueness is not a bug, it is
INTENTIONAL. And it is targeted at those they claim to protect -- small
businesses. Every business with yearly revenue of 5 millions and more is
EXEMPT.

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