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A new invasive compliance rule has gone into effect in 2024. The catch is that it primarily targets the nation’s small businesses and almost nobody is aware of it.

This abomination is a rule of the Corporate Transparency Act. It seeks to collect "Beneficial Ownership Information" on those who not only own but exert "control" over primarily small business entities.

This information includes both business and personal information like name, address, identifying numbers from documents like a driver’s license or U.S. passport, doing business as (d/b/a) names for the business, and more, through a U.S. Treasury bureau called FinCEN (the Financial Crimes Enforcement Network).

The Corporate Transparency Act seeks to collect "Beneficial Ownership Information" on those who not only own but exert "control" over primarily small business entities. (CyberGuy.com)

However, this rule is exempting more than 20 types of business entities, including publicly traded companies and U.S. operating companies with 20 or more full-time employees and $5 million in sales, among others.

BIDEN'S NEW ATTACK ON SMALL BUSINESS COULD GUT US INNOVATION

All small business owners that have........

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