Our government is even more fascist than I thought.
The Leftist hatred of corporations allows Democrats to punish them however they want, but also redefine any business as a “corporation”. This gives them the leverage to enact Soviet-style persecution of kulaks.
I’ve been making phone calls to clients all week about this and the process will continue at least through next week.
This reporting requirement is one of the most egregious abuses of government power I have ever witnessed and it’s a direct violation of the 4th Amendment. Trump vetoed the original bill but congress overrode the veto which means that REPUBLICANS supported this crap in sufficient numbers to get it through. A federal judge determined that the reporting was unconstitutional but his injunction ONLY applied to the parties to the case. The fines for this thing are extortionate.
If you set up an LLC for a rental property 30 years ago and never closed it then you’re on the hook for this filing. If you had a business in an LLC or Corporation and sold the business but never closed the entity then you’re on the hook for this filing. If you were on an LLC filing for an ex-spouse that never closed the entity you’re on the hook for this even if you separated a decade ago. It’s insanity.
I file yearly, and so have a somewhat informed view. If one reads the "rules," screwing up on paperwork alone allows them to confiscate much. This is indeed corrupt fascism by stealth.
This will not survive a Trump second term. It is gross government overreach and is most probably unconstitutional. Treat it accordingly. The lawsuits have already begun.
Doesn’t every small business owner have to report this info. to IRS anyway?
It looks like this is just another law to trip up small businesses who can’t possibly keep up with all the laws and regs anymore, anyway.
Big corporations play the fascist game, but small businesses cannot be controlled. Small businesses are owned and managed by "the people."
This is why they hate Trump. He is not part of the system. Though he is wealthy, he is independent and the Deep State couldn't control him. And he is a populist--the people's man--and the Deep State/Democrats/Elites hate the people.
This is at the heart of this revolution.
The Deep State--the government--believes it should be in charge. They don't believe the people are smart enough to have a say in the way the country is run. And the Democrats support the government.
Eisenhower almost got it right...but he forgot about the permanent government when he warned us about the military/industrial complex.
This is a revolution to destroy our representative government. And that will take the destruction of the Constitution.
This is why the Democrats and the Deep State believe Trump and MAGA are an existential threat to their power.
And they are right.
If our country is to survive, Trump must win and the Democrats and the Deep State must be destroyed.
There cannot be a compromise because our enemy will not accept a compromise.
This is what Trump means when he speaks of our enemy within. And he is right.
Germany, 1930’s, all over again. This nation, on its present course, is doomed to the scrap heap of history.
MORE than 60% of businesses in the USA are in this category.
EVERY FAMILY FARM
EVERY MOBILE VETERINARIAN
SMALL AUTO SHOPS
SMALL HARDWARE STORES
MORE THAN EVEN I CAN THINK OF.
THIS IS OUTRAGEOUS OVERREACH BY BIDEN /HARRIS
The fines alone can be as high as $18,321 a month.
THIS IS UNCALLED FOR—AND WITH VERY LITTLE NOTICE.
HOW DID THIS GET PAST CONGRESS? OR MAYBE IT DIDN’T.
TOTALLY UNCALLED FOR.
Ridiculous. They already have all this information from tax returns. Why another registry?
So, what must be reported?
If not for this article, I would have never heard of this.
So, every single Amway distributor? Every single OnlyFans page owner? Every single person who makes items to sell at fairs and flea markets? Every single Uber driver or UberEats driver? Everybody who has set up a DBA or LLC on paper but hasn’t quite gotten off the ground yet?
That is going to be one huge database.
THIS IS GOING TO CREATE A TSUNAMI OF PAPERWORK FOR ALL INVOLVED.
I ran my own bookkeeping business by myself for over 44 years. I NEVER had a client who had $5 million + gross.
I NEVER had a client who had 20 + full time employees-—NOT even 20 Employees of any status.
I had over 100 different clients in those 44 years.
Even when I worked for other companies, the majority of those didn’t have 20 full time employees. Don’t think they grossed $5 million, either.
THIS IS NUTS.
WARRENT-LESS SEARCHING
I’ve got an LLC that has done nothing except exist in case I get an opportunity to do a contract corp-to-corp. The idea that I have to report things about it or face $500 per day fines is complete insanity. What’s worse in some ways is that I’m finding out about this here instead from the Virginia Secretary of State.