New Fed Reporting rule for corporate transparency

[toast2266]

Seems unnecessary to me. The criminals will find a way around it, and the the legitimate businesses will be left with one more piece of red tape to deal with.

You could say that exact same thing about every single regulation.

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[MontuckyFried]

You could say that exact same thing about every single regulation.

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This one was particularly dumb tho. The Federal government quite literally already has all the info they were requesting here, so what's the point of making us do even one more pointless task, no matter how trivial it may seem?

I don't care if it would only take 5 minutes. It was entirely pointless, and was probably just some high level bureaucrat trying to justify their position. I've been in the Chair Force. I know these sorts. The absolute worst. lol

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[Conundrum]

If bringing down the federal deficit is really a goal, we can either stop spending money, increase income by taxing those with a lot of money, or both. This law was a step in the direction of increasing income. Too many loopholes in the world today.

But sure, let’s just decrease the deficit by cutting $2T in spending and $4.5T in taxes. For all the math wizards out there, read up on the GOP reconciliation bill that the executive branch supports and tell me I’m reading it wrong. And please use the phrase “trickle down” in your explanation.

[jono]

The issue is not whether they should have this information, the issue is whether they already have it and just need some 19 year old hacker and a couple of managers to connect 2 databases and do a search for taxpayer ID's to connect them.

It's one of the few clear recent examples of choosing an inefficient solution: assigning a little work to hundreds of thousands instead of a week's work to 2 or 3. Come on. We're supposed to be smarter than this.

[Conundrum]

Multimember LLCs have one tax payer ID. The feds do not collect the members names. Those are collected at the state secretary level. So if you mean a smart kid and couple managers aligning 50 SOS state databases with the feds, sure, sounds like our highly effective and efficient fed government could tackle that. Especially with Big Balls on the team.

[jono]

And yet single member LLCs are identified explicitly on the 1040 as a Disregarded Entity and the TIN is provided right there beside the beneficial owner's SSN. Start there.

This isn't the worst mistake anyone ever made, but smart people are supposed to acknowledge mistakes and improve. Minor opportunity here, but still.

[Conundrum]

It’s all pretty moot at this point. Taxes will be going down for those who can afford them. Plenty of opportunity to dodge inheritance taxes through real estate trusts/LLCs and that will not change. I think part of the rule going away was not only looking for money laundering but inheritance tax opportunities.

[Conundrum]

Last sentence wasn’t clear and edit sucks. The rule was the first step in closing some loopholes. Shutting the rule says we’re not to interested in closing any loopholes.

[jono]

A chunk of those loopholes could have been addressed a year ago just by querying the IRS. This is the kind of mistake that is seized upon and not entirely incorrectly: an adjustment in priorities could have improved this situation.

[MontuckyFried]

Nice...

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
https://home.treasury.gov/news/press-releases/sb0038

Hope all you government ass-kissers enjoyed wasting your time dicking around with the Fincen website.

[Cisco Kid]

Make Money Laundering Great Again

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