“The Counter Terrorism and Illicit Finance Act would require corporations and limited liability companies with fewer than 20 employees to file a form with the Treasury Department at the time of formation, and update it annually, listing the names of all beneficial owners and individuals exercising control. This proposal carries with it a criminal penalty of up to three years in prison. Given the substantial penalties, this will impose a massive regulatory tax on small businesses as they spend money on lawyers that should go toward workers’ pay.”
Read more: http://thehill.com/opinion/finance/371049-the-beneficial-ownership-proposition-undermines-tax-reform
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