32 million small businesses are about to get blindsided

The Blaze ^ | December 12, 2023 | Carol Roth

[Mr. Jeeves]

...what are they going to do, arrest 30 million people?

They'll cross-reference the non-compliant with a database of Trump donors so they know where to start first.

[RushIsMyTeddyBear]

Have a step-bro who did biz there for years. He said to always expect CCP spies in the board room and spying on phone calls.

[Scott from the Left Coast]

“The Deep State like big business only.”

Of course, they are fascists, only a few we’ll controlled big businesses in each area are allowed.

[ptsal]

Bingo!

[Chad C. Mulligan]

This is how National Socialism worked. “You can own your business, but we’ll tell you how to run it.” Cue the Gauleiters.

[Raycpa]

Here is the issue. They not only want direct ownership, they want anyone who has control over the business. Does the wife gave indirect control? How about the office manager? The uncle who financed the business? The landlord who gets income based on receipts?

Get it wrong and the penalties start at $500 per day and possible jail time.

Interesting that this may give new IRS agents something to do too?

And the reason is to keep Putin away. Like a 10k fine is a deterrent.

[rollo tomasi]

The legislation was pushed by a crapload of Repubs. Know your enemies who attack liberty, includes a multitude of “Elephants” along with “Donkeys”. Most are just control freaks who worship corporate entities/novus Tower of Babel globalists hellhole these idiots long to control.

[joshua c]

pick a few

get the LEFTIST media to report it far and wide

scare the others into compliance

[HIDEK6]

I smell obama.

[rollo tomasi]

Yes, basically your are guilty of laundering money and corruption if you own a business unless your can prove your innocent. People who took up arms against the British monarchy over economic tyranny would be more pissed at us who know better than the tyrants because all we are doing is typing binary crap through servers and worrying about Christmas prep for materialistic goods. This includes me. I guess we are all lemmings just bitching over the computer/"smart"phones.

[Liaison]

So this is supporting one of the “isms” - fascism, communism, and European socialism. Watch you social credit rating. Booo.

[Texas resident]

I started a family limited partnership for some timberland I owned. 6 weeks after I filed the final paperwork, I got a letter from the (D) IRS stating that I owed $6,500. No explanation included. My friend who does my taxes sent a letter back to them pinning their ears back. I had not brought in a cent to that point.

I am on their radar and expect to be harassed in the future.

[unlearner]

Big government overreach.

“the burden of this rule falls primarily on small businesses, including solopreneurs (aka one-person entities)”

Not giving legal advice, but I think this does not apply to “solopreneurs” who do business under an assumed name (aka DBA). The normal reason for incorporating or forming an LLC is to protect personal assets from liability if the business is sued (or fined, etc.). Many companies are not set up correctly, leaving their owners susceptible to lawsuits, etc. which is known as “piercing the veil.”

[rollo tomasi]

Obama plus a crapload of Republicans who pushed this legislation. What is your point? Pointing the “finger” at one-side will never change anything.

[Boomer]

It’s obvious big government needs to be downsized by 3/4 at least. I used to think 1/2 would be enough but I can now see that’s not enough.

[PGR88]

the USA already has very complex regulatory rules around banking and financial transfers. Large banks literally have thousands of people in “compliance” already. International banking is already highly regulated

Its more dead weight and bloat on the economy, which will contribute to our growing 3rd world status

[rollo tomasi]

There are several exemptions 'for now' which is the fundamental problem. “Patriot Act”/Homeland Security overreach started innocent at first but the reach grew. Beneficial Ownership Information reports will get more convoluted while the Financial Crimes Enforcement Network which is the coercion mechanism, will eventually be told to shrink exemptions and expand their reach through each congress and administration as long as this legislation is still active. SOP with bad legislation. The oversight will grow for a multitude of reason$$$$/control.

[HIDEK6]

obama, when he first assumed office, kept referring to “The Chicago Way.” He then began showing us The Chicago Way by making life difficult for small businessmen, the majority of whom voted republican.

Throughout his reign, the number of small businesses declined. Those that were able to survive got smaller. His idea was to ruin all who opposed him.

This is the point of the legislation that is the subject of the post.

[rollo tomasi]

Started way before Obama when short sighted idiots hell bent on getting wealthier off of unsound concepts like comparative advantage without checking out the country's POV (Mostly who despise the US way of life) you are dealing with took control over the landscape (They forgot Ricardo's advice of not dealing with counties who hate you). Talking oligopolies that use economy of scale to increase shareholders value and kill small business along with backstabbing citizens in favor of cheap labor in countries that hate our guts.

Fine if ethical but the last 40 years has been anything but ethical. Do some basic P&E ration for most corps and you will smell a bunch of BS getting propped up. Our economy is not sound, hasn't been that way for many decades and the Federal Reserve is running out of their bags of tricks.

[tomkat]

There is nothing, NOTHING, that .gov can't kcuf up.

And most often via extortion of one flavor or another.

*SPIT*