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

On Sun, 20 Oct 2024 00:11:45 -0000 (UTC), Sergey Kubushyn wrote:

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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Allow me to apologise on behalf of bitrex. He is one of our two unashamed
Marxists on this group. So naturally he will be in favour of punishing
anyone who just wants to make a better life for themselves and their
families.