In an era where government overreach seems to know no bounds, the Corporate Transparency Act (CTA) stands as a stark reminder of Washington’s relentless intrusion into the lives of hardworking Americans. The CTA is continuing big government’s assault on small business. This misguided legislation, forced upon us by bureaucrats who’ve never run a business, threatens the very foundation of American entrepreneurship.
The Corporate Transparency Act: A Wolf in Sheep’s Clothing
Passed under the guise of combating financial crimes, the CTA is nothing more than a thinly veiled attempt to expand government control over small businesses. Here’s what every patriotic American needs to know:
- Targets the Little Guy: While big corporations get a pass, businesses.
- Privacy Invasion: Business owners must surrender personal information to the government, raising serious privacy concerns.
- Bureaucratic Nightmare: A 56-page compliance guide? This isn’t simple paperwork; it’s a full-blown assault on small business owners’ time and resources.
Do You Need to Worry About the Corporate Transparency Act?
The Corporate Transparency Act (CTA) is a prime example of how big government targets small businesses with burdensome regulations. If you’re a small business owner, here’s what you need to know:
The CTA primarily impacts businesses with 20 or fewer full-time employees and up to $5 million in annual revenues. This covers approximately 30 million small businesses across the United States.
Affected businesses must submit detailed personal information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This includes names, dates of birth, addresses, and identification numbers from government-issued ID documents.
New businesses formed in 2024 Must file within 90 days of formation
Existing businesses (formed before January 1, 2024) must file by January 1, 2025
Non-compliance can result in severe consequences. Civil penalties of up to $500 per day for each day the violation continues. Criminal penalties, including imprisonment for up to two years and/or a fine of up to $10,000 and senior officers, may be held personally accountable for failures to file.
The legislation grants broad access to this sensitive information to federal, state, local, and tribal law enforcement agencies without requiring a subpoena.
Some businesses may be exempt if they meet all specific criteria, such as having more than 20 full-time employees, over $5 million in annual gross receipts, and a physical operating location in the U.S
The Wisdom of Our Forefathers
As my grandfather wisely said, “The more laws you make, the more laws you make to break.” This rings truer now than ever before. The CTA is a perfect example of how excessive regulation only serves to create more criminals out of law-abiding citizens.
Fighting Back Against Big Government’s Assault on Small Business
- Join SWORD: Our organization is at the forefront of the battle against this overreach.
- Contact Your Representatives: Demand they support the repeal of the CTA.
- Spread the Word: Share this information with fellow business owners and patriots and get them to join SWORD.
The Financial Crimes Enforcement Network Improvements Act: A Step in the Right Direction
While we fight for full repeal, the Financial Crimes Enforcement Network Improvements Act (H.R. 7623) offers some relief:
- Increased oversight of FinCEN
- Protections for civil liberties
- Greater transparency in rulemaking
Take Action Now Against Big Government’s Assault on Small Business
Don’t let Big Government trample on your rights. Become a member of SWORD to send a message to Congress demanding they repeal this unconstitutional law.
Remember, as my grandfather also said, “A locked door only keeps an honest man honest.” It’s time we unlock the doors of opportunity and free our small businesses from the shackles of oppressive regulation.
For more detailed information about the Corporate Transparency Act, become a member of SWORD and join a community of businesses who are like yours and protect the small businesses in America.