Appeals Court Halts Enforcement Of Beneficial Ownership Reporting Requirement For Small Businesses. Deadline was Dec 31, 2024.

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Appeals Court Halts Enforcement Of Beneficial Ownership Reporting Requirement For Small Businesses. Deadline was Dec 31, 2024. (archive.today)

A federal appeals court has halted enforcement of the Corporate Transparency Act (CTA), an anti-money laundering measure requiring small businesses to disclose beneficial ownership information, drawing praise from America’s biggest small business lobby, which has panned the law as “burdensome” and battled it in court. . .

Source (zerohedge.com)

More Treasury small business ownership rule on hold as court eyes constitutionality (archive.today) Source (cnbc.com)

>A federal appeals court has halted enforcement of the Corporate Transparency Act (CTA), an anti-money laundering measure requiring small businesses to disclose beneficial ownership information, drawing praise from America’s biggest small business lobby, which has panned the law as “burdensome” and battled it in court. . . [Source](https://www.zerohedge.com/political/appeals-court-halts-enforcement-beneficial-ownership-reporting-requirement-small) More [Treasury small business ownership rule on hold as court eyes constitutionality](https://archive.today/9YkCr) [Source](https://www.cnbc.com/2024/12/30/treasury-delays-beneficial-ownership-reporting-deadline-for-small-businesses.html)

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[–] • 1 pt

Looking into this, it really feels like its designed to try to kill small businesses where possible. The fines are HUGE if you don't report and I venture that MOST small businesses don't even know this is a thing.

I know about it because I know several people with LLC's and I read the news. ONE out of 5 knew about it when I brought it up.

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[–] • 1 pt

My business lawyer who re-registers my LLCs with the govt each year ($485 per LLC) notified me. I had to sign paperwork that I was the beneficial owner and they want a copy of my drivers license or social security card (that I receieved ~50 years ago).

In fact, my state divers license is in question. It isn't the new style with biometric data, it is the old style without. Lawyer wanted me to get a new license but the old license is "good" until my next birthday so fuck'em.

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