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This was suspended by a federal judge. It's likely to end up becoming law eventually. The requirements of this rule are not burdensome and they are directly re
by gamblor956 2y ago
This was suspended by a federal judge.
It's likely to end up becoming law eventually. The requirements of this rule are not burdensome and they are directly related to the laws that FinCEN was created to enforce.
Also, we have information exchange treaties with multiple countries that require us to collect some of this information. We haven't been upholding our end of those treaties and this law was intended to bring us toward compliance.
- vetrom 2y agoWhile complying with our treaties as a nation is good and proper, those treaties remain subordinate to the Constitution. To the best of my knowledge, there is no verbiage in there that permits Congress to authorize a law for the mass collection of information, and the centralization thereof that is not directly pursuant to any of its enumerated powers. This doesn't even touch the government, as a whole's, less than stellar record as it comes to protecting PII from improper disclosure. CTA, as written and implemented, creates a wide array of real and potential harms. It's bad law, as it stands.
- gamblor956 2y agoThere's also no law that requires the IRS to give LLCs flow through tax treatment... The IRS could conform the treatment of LLCs to the way other limited liability entities are treated... as entities subject to taxation in their own right.
- vetrom 2y agoMaybe they could. I am uncertain whether they would need legislation to do so. IMO that would arguably be the more correct option, but it would also remove the sort of information pool that can enable leakage or fishing expeditions the current law seems aimed to generate.