A Federal District Court in Texas just issued a nationwide injunction to block the January 1st, 2025 deadline for the Corporate Transparency Act (which is an unconstitutional forcing of KYC onto all corporate entities).
Good news, if it can stand.
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226 sats \ 5 replies \ @freetx 3 Dec
This is fantastic.
For those that don't know, some context.
Certain states (WY, NV, and many others) don't force you to list shareholders. You only have to list the "manager" or "managing member".
The shareholders are handled privately via a private Operating Agreement.
This act basically circumvented this privacy protection and mandated that all businesses report all shareholders to Feds.
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228 sats \ 2 replies \ @Arceris OP 3 Dec
Of course, the CTA requires everyone to report to the feds, even if they are in a state that hates privacy. And a huge fine if you don't report. With generous exemptions for large businesses.
So basically an attack on both privacy and small businesses.
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36 sats \ 0 replies \ @freetx 3 Dec
Also public companies by their nature have known shareholders, so yeah...this is basically targeted specifically against small businesses.
The rumor mill (according to my CPA), was this was the motivation for the new 70,000 IRS agents that was all over the news in 2022. Massive audits against small businesses.
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0 sats \ 0 replies \ @Bell_curve 5 Dec
Amendment 4 violation
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36 sats \ 0 replies \ @kepford 3 Dec
Any why are so few states not forcing this? This is what I always ask my friends in "conservative" and "freedom loving" states.
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10 sats \ 0 replies \ @Bell_curve 5 Dec
5 million dollar businesses were exempt from this stupid disclosure requirement
Violation of amendment 4
Unlawful expansion of federal power
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202 sats \ 0 replies \ @Arceris OP 8 Dec
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131 sats \ 1 reply \ @Arceris OP 3 Dec
"The Government responded that if the Court were to enjoin the CTA and Reporting Rule, the scope of which included NFIB’s members, then the Court would, in practical effect, enter a nationwide injunction. The Court agrees with the Government’s point. A nationwide injunction is appropriate in this case." Page 75.
Ouch.
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0 sats \ 0 replies \ @Bell_curve 5 Dec
No vacillation from this judge
District Court in Texas
Sherman division
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31 sats \ 0 replies \ @kepford 3 Dec
This is good news.
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21 sats \ 0 replies \ @Rothbardian_fanatic 3 Dec
KYC is a method of control, only. They are trying to avoid the anonomity that cash affords. It just screams of totalitarianism from roots to crown.
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20 sats \ 0 replies \ @IroncladDev 3 Dec
Let's go Texas
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