"In 2021, the 21-page Corporate Transparency Act was tucked into a sweeping 1,482-page defense bill passed by Congress over President Donald Trump’s veto."
It doesn't make sense to me that a state court should be able to issue a nationwide injunction.
And what's burdensome about it? (Now, a case could definitely be made for it being stupid duplicated effort. Every year I'm annoyed with FinCen over having to file a form about foreign accounts--almost all of the information also appears on our tax return. However, it's a minute or two of cut and paste once a year, no great burden.)
It's likely to end up becoming law eventually. The requirements of this rule are not burdensome and they are directly related to the laws that FinCEN was created to enforce.
Also, we have information exchange treaties with multiple countries that require us to collect some of this information. We haven't been upholding our end of those treaties and this law was intended to bring us toward compliance.
While complying with our treaties as a nation is good and proper, those treaties remain subordinate to the Constitution. To the best of my knowledge, there is no verbiage in there that permits Congress to authorize a law for the mass collection of information, and the centralization thereof that is not directly pursuant to any of its enumerated powers.
This doesn't even touch the government, as a whole's, less than stellar record as it comes to protecting PII from improper disclosure. CTA, as written and implemented, creates a wide array of real and potential harms. It's bad law, as it stands.
Does anyone have a real link to this? The current link just takes you to a random government site with zero information specific to a rule that you "must file new report" etc.
ptliddle|1 year ago
https://www.texasattorneygeneral.gov/news/releases/nationwid...
add-sub-mul-div|1 year ago
travisporter|1 year ago
How?
insane_dreamer|1 year ago
LorenPechtel|1 year ago
And what's burdensome about it? (Now, a case could definitely be made for it being stupid duplicated effort. Every year I'm annoyed with FinCen over having to file a form about foreign accounts--almost all of the information also appears on our tax return. However, it's a minute or two of cut and paste once a year, no great burden.)
gamblor956|1 year ago
It's likely to end up becoming law eventually. The requirements of this rule are not burdensome and they are directly related to the laws that FinCEN was created to enforce.
Also, we have information exchange treaties with multiple countries that require us to collect some of this information. We haven't been upholding our end of those treaties and this law was intended to bring us toward compliance.
vetrom|1 year ago
This doesn't even touch the government, as a whole's, less than stellar record as it comes to protecting PII from improper disclosure. CTA, as written and implemented, creates a wide array of real and potential harms. It's bad law, as it stands.
Mr_Bees69|1 year ago
phendrenad2|1 year ago