Wall St. Journal<\/a> said “The reality is that the law would hit small businesses with another compliance burden, their confidential information would become less secure, and real criminals are unlikely to be deterred.”<\/p>\nThe National Federation of Independent Business (NFIB) said the law is a \u201cthreat to more than 5 million small businesses in America.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
To crack down on terrorists, drug dealers and human traffickers the House Financial Services Committee in June of 2019 passed the Corporate Transparency Act.\u00a0 The bill would require all limited liability companies and corporations that have less than $5 million of revenue or twenty employees to disclose to the Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) personal information about the entity’s owners. Each entity subject to this law must report to FinCEN the social security number, drivers license information, address, birth date and name of all owners of the entity.\u00a0 The penalty for not complying is a $10,000 fine and up to three years in jail. The\u00a0Wall St. Journal said “The reality is that the law would hit small businesses with another compliance burden, their confidential information would become less secure, and real criminals are unlikely to be deterred.” The National Federation of Independent Business (NFIB) said the law is a \u201cthreat to more than 5 million small businesses in America.\u201d<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[66],"tags":[],"class_list":["post-12032","post","type-post","status-publish","format-standard","hentry","category-miscellaneous"],"yoast_head":"\n
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