[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]

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.

[BozoTexino]

I’m a solopreneur with an LLC. I met with a new CPA and he’d never heard of this thing. I hope Trump gets in and helps destroy it.