|USA - Attack on Capitalism - Attack on Corporations25-06-2021 07:31|
This is what I get for not paying attention. Congress just imposed yet another burden on corporations, companies and businesses, enforced by stiff fines and jail time.
The Corporate Transparency Act.
Corporations must renew all of their same corporate owner information every year, as part of the Defense Authorization Act, because this is needed to fight terrorism. If corporations don't complete this apparently critical paperwork burden, money might be laundered that might fund terrorism ... and might enable companies to buy land and reduce affordable housing.
You read correctly. This is included in the Defense Authorization Act.
The official government position holds that the IRS is somehow not capable of pulling the corporate owner information from the EIN and therefore all corporation/company/business entity owners must provide all of this information annually in formal government forms ... to FINCEN ... not to the IRS.
The government points to expensive cost-of-living areas like New York and San Francisco as evidence that the corporate attacks on affordable housing have gone on for long enough.
I know, I know ... you are certain that I must be making all of this up.
The Defense Authorization Act! Really? How can this level of absurdity not be intentional? What's next, stealing a Presidential election in broad daylight?
FinCEN Commences Rulemaking Process for Implementation of Corporate Transparency Act Requiring Disclosure of Beneficial Ownership Information
|Close the company,send everyone home and retire.|
|Wow... what a joke...|
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