New ‘Transparency’ Act Forces Small Businesses To Register Personal Data With Federal Law Enforcement
By year-end, Americans will be required to hand over data on their small businesses to the federal government’s law enforcement database.By year-end, Americans will be required to hand over data on their small businesses to the federal government’s law enforcement database.New Corporate Transparency Act could make criminals out of small-business owners
The U.S. Treasury Department's Financial Crimes Enforcement Network is looking to turn small-business owners into criminals through the new Corporate Transparency Act.
According to the act, anyone with an LLC is beholden to new rules. Under those rules, small-business owners have to report information to financial crimes that could land them in jail or with hefty fines if they don’t comply — but there are some exemptions.
Those who don’t have to worry about the new rules are those who have at least 20 employees or $5 million in revenue.
“Nobody knows anything about it,” Glenn Beck warns.
Alabama’s Supreme Court said they would rule the act unconstitutional, but those pushing it claimed it was a “blow to corporate transparency” and would make it “harder to fight the cartels.”
Former investment banker Carol Roth sees right through it, noting that no real money launderer or cartel is going to self report to FinCEN.
“The ones who are massive criminals aren’t going to be reporting to FinCEN, so all this is is a mass surveillance program against small business,” Roth says, adding, “and the penalties, as you said, are insane.”
The penalties don’t just occur if you fail to report business-related information. The penalties also occur if any updates to your identification go unreported.
“If you don’t let FinCEN know, they can send you to jail,” Roth says, adding, “Why this was ever passed.”
Trump had originally vetoed the Corporate Transparency Act, but then it went back to Congress where they overrode it under the Biden administration.
“This is absolutely insane. There are 33 million small businesses in this country. Why are they being put under a microscope and saying, 'You are criminals, you’re financial criminals, and we are going to hold your feet to the fire if you don’t let us track you'?” Roth asks.
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Warning: New Biden policy is about to crush small businesses in 2024
A new Biden rule is about to blindside 32 million small businesses with traps that could land entrepreneurs in jail.
The Corporate Transparency Act goes into effect on January 1, 2024, and has been marketed as a way to prevent money laundering — but it suspiciously only targets the smallest of small businesses.
“What this looks like is, ‘Let’s attack the smallest business owners that we have in our economy and get them to close their doors!' That’s what it feels like to me,” Glenn Beck explains.
Former investment banker Carol Roth agrees.
“It’s part that, and it’s part a massive data collection program that nobody knows about,” Roth tells Glenn.
“If you’re a single-member LLC or if your business has an S corp, even if you don’t have employees, you’re impacted,” Roth continues, adding that those businesses will “have to register with a group that’s out of the treasury called FINSEN, which is the Financial Crimes Enforcement Network.”
However, if you’re a large business owner with at least 20 employees and $5 million in revenue, you’re exempt.
“What crappy money launderer are you that you’re not at least making $5 million?” Glenn comments, shocked.
“You’re money laundering for Doritos,” Roth laughs. “That’s what the ridiculousness of it is, the burden, the invasion of privacy, the collection of small business information.”
Meanwhile, Hunter Biden, who makes $5 million in one job, walks free.
It will cost small businesses $85 to prepare and submit the initial beneficial ownership information report.
“And if you don’t do it exactly right, a massive fine is coming your way,” Glenn says, to which Roth adds, “Not only fine, but you could also go to jail.”
The jail penalty is enforced if a small business owner does not participate.
The rule was proposed in January 2020 when Trump was still in office.
“It went to his desk, both houses voted for it, went to his desk — he vetoed it,” Glenn says.
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