In 2021, in a huge, onerous expansion of the surveillance state, Congress largely banned anonymous corporate ownership. A federal judge has already ruled the law unconstitutional. It needs to go.
So true. This is a terrible over reach. On the same level as vax mandates perhaps. The Biden administration continues to trash our rights so blatantly. At least Obama was subtle about it
2. Even bar members don't have confidence in who has to file in regard to trusts etc. See eg Alan Gassman and Jonathan Blattmachr for more discussions.
3. This is clearly a violation of the commerce clause and now that we have a constitutional Supreme Court, perhaps more things will be overturned based on the fact that the commerce clause has stretched so far as to be irrelevant and meaningless.
4. The radical left wants control and this gives them more of it. It also is an important part to ensure there is no jurisdictional competition between countries let alone states within United States.
The left has gutted the commerce clause over the past 80-90 years and it was certainly by intent in order to gain power. Wickard v. Filburn being the most well known case. USSUP should overturn it since it plays a major role in destroying constitutional limits on Federal power. After Wickard there was then no distinction between 'interstate' and 'intrastate' commerce to place any limits on Congress' authority under the Commerce Clause. Politicians loved it, of course, because it increased their power, but the justices of the Supreme Court were just disgusting in the naked power grab they allowed.
Wow. Learn something new every day. I'm self-employed, but never created an official business as I employ no one and when I started writing in the state of California, my accountant said it would cost more to be an LLC or incorporate than to just remain a sole proprietor. Why would the government need this information? Answer: they don't.
I've been aware of this for several months and have watched closely. I have numerous limited partnerships that hold interests in oil and gas properties in Texas, as well as surface ownership and other mineral interests. I'm also a "manager" of LLC's that a cousin owns who can't handle her own affairs very well. All in all I would have to report on over 10 partnerships. And I fully believe this is the first volley, that soon we would be required to report assets. My CPA advised going ahead and if not filling the BOI reports at least setting up the FinCEN ID's for all the people who own over 20% of each partnership and everyone who has some control over the partnerships (me). I declined. I hope the 5th Circuit Court of Appeals does not reverse this TRO.
Not to mention you must upload to Fincen an image of a government issued ID for all beneficial owners. I swear they are trying to build a facial recognition database.
I'm hopeful that Trump and/or Kristi Noem will end TSA. Besides being a colossal waste of taxpayer money, it's a an agency which has become so intrusive that it practically defines the term 'mission creep'.
Side note but the interesting thing that people who support murder because "its the only way to change things" are dead set against Vivek and Elon changing things.
Yeah - i had a long talk with my 19 year old the other night who is attending a top big 10 business school. Mind you , up until 5 minutes ago, his dream was to follow the same career path Brian Thompson took, but now he is spouting about 'this is the only way change happens." Happily i think the cause of his new radicalization is a really cute organic chemistry major and by the end of the conversation he was backing off a lot of the bullshit. (Been there myself back in the day.) but I worry about how fucked up these schools have made our kids
Yes it’s scary. Sounds like you’re doing the right things- being a good parent and keeping the lines of communication open, talking things through! That’s all we can do. I’m guessing he will be just fine. Maybe become a STEM major- lol-
No he's going to stick with the biz thing, he will do great. its the girl thing he needs to get a bit smarter about. as i said been there myself, so I get it.
On a more somber note my wife is going to have a long planned Christmas get together at our place tonight with her friends. One of them is a long time executive at UHC who knew Brian Thompson well. Its been a rough week for her.
Your comment makes me ask...why when people write/talk of the "shrinking government" part of this new Trump administration....they only mention Elon...I'm glad you rightly mentioned Vivek as well. Alex failed to in his writings here.
I suspect that the result will be an increase in the efficiency rather than the scope of the government. The feds administrative procedures are archaic, using things like decades-old software. That could be remedied much more easily than the excessive scope of their activities, which are carved in stone.
Does this injunction apply nationwide? I have this in my calendar for our 4 companies (LLCs) for Dec 28 because we've been holding off. I've seen conflicting reports on whether this is for all LLCs in the country or select.
Thank you so much for bringing this to the attention of the Trump administration and Doge. Coming from the condominium world, I am all too familiar with the absurdity of this and the burden it places on small businesses and condominium associations. Texas was a great ruling and first step, but we need this to go away completely. Keep up the good work, Alex.
Yes, and also note the changes coming for selling personal items over $600. The following comes from a news article:
"The American Rescue Plan of 2021 requires third-party settlement organizations and credit card companies — including payment apps — to report payments for goods and services if they exceed $600 per year.
What that means is if you sell handmade jewelry, art or home décor on Etsy and your transactions total $600 or more in 2023, Etsy will send you a 1099-K form that you should use to report your income to the IRS.
The same rule applies if you sell any personal items online like a car, refrigerator, furniture, stereo or even clothes — and your transactions for the year add up to $600 or more.
And keep in mind that if you sell personal items for more than what you originally paid, that's what's known as a capital gain — and you'll face taxes on it. You should report this income on IRS form 8949, schedule D and via your 1099-K if you meet the IRS's threshold."
It is not just sales. It is any transaction $600 or more. So, if you give someone $600 (or $50 a month beginning in January)and they want to pay you back using Venmo, Zelle, etc. Say no. Make them write you a check or give you cash. Same for you if you routinely loan friends money, or give children, grandchildren, etc. gifts of money, give a cash or check. This rule is a nightmare.
We do the same. We own property with family members, who reimburse us for their share of taxes, insurance, etc. They now possess deposit slips for future transfers.
I had to register and thought it was definitely about information collection for possible future use as I did it. Hopefully it will go bye bye soon. I’m so looking forward to watching Trump’s team put the wrecking ball to many of these onerous regulations and forms in addition to the waste, fraud, and abuse the likes of which I’ve never seen in my lifetime.
This should definitely be overturned and removed. Even the experts in the bar don't know how it applies to more complicated agreement such as trust with trust protectors, etc..
So true. This is a terrible over reach. On the same level as vax mandates perhaps. The Biden administration continues to trash our rights so blatantly. At least Obama was subtle about it
A few more comments:
1. It was passed over Trump's veto on 1/1/2021.
2. Even bar members don't have confidence in who has to file in regard to trusts etc. See eg Alan Gassman and Jonathan Blattmachr for more discussions.
3. This is clearly a violation of the commerce clause and now that we have a constitutional Supreme Court, perhaps more things will be overturned based on the fact that the commerce clause has stretched so far as to be irrelevant and meaningless.
4. The radical left wants control and this gives them more of it. It also is an important part to ensure there is no jurisdictional competition between countries let alone states within United States.
I'd also add that lots of people have already registered and they should be required (but won't, I'm sure) to delete everything already created.
I had to register my LLC.
Thank you. Yes it violates, by intention, the constitution. So shameful
The left has gutted the commerce clause over the past 80-90 years and it was certainly by intent in order to gain power. Wickard v. Filburn being the most well known case. USSUP should overturn it since it plays a major role in destroying constitutional limits on Federal power. After Wickard there was then no distinction between 'interstate' and 'intrastate' commerce to place any limits on Congress' authority under the Commerce Clause. Politicians loved it, of course, because it increased their power, but the justices of the Supreme Court were just disgusting in the naked power grab they allowed.
Wow. Learn something new every day. I'm self-employed, but never created an official business as I employ no one and when I started writing in the state of California, my accountant said it would cost more to be an LLC or incorporate than to just remain a sole proprietor. Why would the government need this information? Answer: they don't.
I've been aware of this for several months and have watched closely. I have numerous limited partnerships that hold interests in oil and gas properties in Texas, as well as surface ownership and other mineral interests. I'm also a "manager" of LLC's that a cousin owns who can't handle her own affairs very well. All in all I would have to report on over 10 partnerships. And I fully believe this is the first volley, that soon we would be required to report assets. My CPA advised going ahead and if not filling the BOI reports at least setting up the FinCEN ID's for all the people who own over 20% of each partnership and everyone who has some control over the partnerships (me). I declined. I hope the 5th Circuit Court of Appeals does not reverse this TRO.
And once we start reporting assets, can consfication by the state be far behind?
Not to mention you must upload to Fincen an image of a government issued ID for all beneficial owners. I swear they are trying to build a facial recognition database.
What do you think will eventually end up with all that bioscan data they get when we go through airport security?
I'm hopeful that Trump and/or Kristi Noem will end TSA. Besides being a colossal waste of taxpayer money, it's a an agency which has become so intrusive that it practically defines the term 'mission creep'.
Exactly. Why do we need a Department of Homeland Security...let alone The TSA?
If my memory serves correctly, I believe it was because the FBI failed to do their jobs. If they weren't incompetent they'd have seen it a mile away.
That's what happens when "solutions" are made by the very same people who created the problem.
Both were established as part of the Patriot Act, an insult to civil rights which Congress should repeal, or at least allow to expire.
An act that was written in advance, merely waiting for a pretext to be enacted.
Bingo
Side note but the interesting thing that people who support murder because "its the only way to change things" are dead set against Vivek and Elon changing things.
Trying to apply rational thinking principles or logic to these people always results in lots of head shaking…
Yeah - i had a long talk with my 19 year old the other night who is attending a top big 10 business school. Mind you , up until 5 minutes ago, his dream was to follow the same career path Brian Thompson took, but now he is spouting about 'this is the only way change happens." Happily i think the cause of his new radicalization is a really cute organic chemistry major and by the end of the conversation he was backing off a lot of the bullshit. (Been there myself back in the day.) but I worry about how fucked up these schools have made our kids
Yes it’s scary. Sounds like you’re doing the right things- being a good parent and keeping the lines of communication open, talking things through! That’s all we can do. I’m guessing he will be just fine. Maybe become a STEM major- lol-
Thanks for the kind words.
No he's going to stick with the biz thing, he will do great. its the girl thing he needs to get a bit smarter about. as i said been there myself, so I get it.
On a more somber note my wife is going to have a long planned Christmas get together at our place tonight with her friends. One of them is a long time executive at UHC who knew Brian Thompson well. Its been a rough week for her.
Oh, so sorry to hear that. It’s an opportunity to provide support to someone who no doubt needs it right now. Times with friends can be healing.
Your comment makes me ask...why when people write/talk of the "shrinking government" part of this new Trump administration....they only mention Elon...I'm glad you rightly mentioned Vivek as well. Alex failed to in his writings here.
Just nit-picking....
good point though, even if it is nit-picking lol. I think Vivek has better administrative skills to do the necessary job.
I suspect that the result will be an increase in the efficiency rather than the scope of the government. The feds administrative procedures are archaic, using things like decades-old software. That could be remedied much more easily than the excessive scope of their activities, which are carved in stone.
Gotta start somewhere. But the end WFH will be big
Stuff like this is why I subscribe to your blog as a paid subscriber. Glad to have you looking out for the people's rights.
Does this injunction apply nationwide? I have this in my calendar for our 4 companies (LLCs) for Dec 28 because we've been holding off. I've seen conflicting reports on whether this is for all LLCs in the country or select.
Nationally, per the Treasury website
Thanks!
Brilliant take on the stupidity of that new law
Thank you so much for bringing this to the attention of the Trump administration and Doge. Coming from the condominium world, I am all too familiar with the absurdity of this and the burden it places on small businesses and condominium associations. Texas was a great ruling and first step, but we need this to go away completely. Keep up the good work, Alex.
Yes, and also note the changes coming for selling personal items over $600. The following comes from a news article:
"The American Rescue Plan of 2021 requires third-party settlement organizations and credit card companies — including payment apps — to report payments for goods and services if they exceed $600 per year.
What that means is if you sell handmade jewelry, art or home décor on Etsy and your transactions total $600 or more in 2023, Etsy will send you a 1099-K form that you should use to report your income to the IRS.
The same rule applies if you sell any personal items online like a car, refrigerator, furniture, stereo or even clothes — and your transactions for the year add up to $600 or more.
And keep in mind that if you sell personal items for more than what you originally paid, that's what's known as a capital gain — and you'll face taxes on it. You should report this income on IRS form 8949, schedule D and via your 1099-K if you meet the IRS's threshold."
It is not just sales. It is any transaction $600 or more. So, if you give someone $600 (or $50 a month beginning in January)and they want to pay you back using Venmo, Zelle, etc. Say no. Make them write you a check or give you cash. Same for you if you routinely loan friends money, or give children, grandchildren, etc. gifts of money, give a cash or check. This rule is a nightmare.
This needs to be squashed. We Zelle over money monthly to help a family member. It’s none of the government’s business.
We do the same. We own property with family members, who reimburse us for their share of taxes, insurance, etc. They now possess deposit slips for future transfers.
to be clear, this was delayed to 2024. most people have no idea about this.
I had to register and thought it was definitely about information collection for possible future use as I did it. Hopefully it will go bye bye soon. I’m so looking forward to watching Trump’s team put the wrecking ball to many of these onerous regulations and forms in addition to the waste, fraud, and abuse the likes of which I’ve never seen in my lifetime.
This seems very odd. All the things this law is purported to stop people from doing are Biden Crime family specialties.
This should definitely be overturned and removed. Even the experts in the bar don't know how it applies to more complicated agreement such as trust with trust protectors, etc..
Our Condo association lawyer told the board to file one! Its absurd!
I am glad I waited.
That government is best which governs least. Charming naivete'.