Corporate Transparency Act of 2019
The Corporate Transparency Act requires all small businesses under 20 employees and, or, under 5 million in annual revenue to file Beneficial Ownership, Information (BOI), paperwork with the United States Financial Crimes Enforcement Network (FinCEN)..
A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company (2) owns 25% or more of the interest in a corporation or limited liability company (3) receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if certain entities apply to form a corporation or limited liability company, they must file B.O.I with the Financial Crimes Enforcement Network (FinCEN). Which will take 3 hours to fill out. The Federal Law went into effect January 1, 2024, and you have December 31, 2024, to fill it out.
Failure to do so could result in a civil penalty and authorizes criminal penalties—a fine of $500 a day, up to $10,000, or, 2 years in prison or both. Additionally providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information (BOI) could result in the same penalties. There are 23 exemptions to this law including businesses with 20 or more employees and over 5 million in revenue.
On March 1st US District Judge Burke declared the bill unconstitutional by violating the 1st, 4th and 5thamendments. This will likely go to the Supreme Court. The Go Big Small Biz Network will keep you posted.
The Go Big Small Biz Network and it’s members strongly oppose this law and insist on a repeal. The Corporate Transparency Act puts 33-37 million small businesses at risk of fines, jail and cyber-security attacks. All small businesses with under 20 employees or less than 5 million, including your favorite pizza shop, are being placed under the same suspicion of criminal activity, such as money laundering, regardless of their previous history or good standing. It is a direct Act of wiping out Main Street. US District Judge Burke declared the bill unconstitutional by violating the 1st, 4th and 5th amendments of our Constitution. Take Action Now in the link below.
Take Action Now
Other legislation that could impact your business
Several bills are in the House or Senate proposing Pennsylvania raise the mandatory minimum wage anywhere from $15–$21 an hour.
Go Big Small Biz Network opposes this legislation as it will drive up the already untenable costs facing small business employers and ultimately, put those who need low-skill jobs out of work.
“Keystone Saves” is a proposed state-backed program that would mandate employers to enroll their employees into an IRA (Individual Retirement Account) with the hope that employees would contribute to the account and rely on it for retirement.
Go Big Small Biz Opposes this legislation as an impractical solution to address the lack of retirement savings in the workforce and will unfairly burden small business owners who are more likely to not have a company sponsored retirement plan.
A mandated payroll deduction directly from employee wages, equivalent to the cost of an almost 20% increase in the state personal income tax and requires that employers offer up to 20 weeks of leave.
Go Big Small Biz Network Opposes this legislation as employers should be free to set leave policies that balance the interest of employees and the sustainability of the business as a whole.
Proposed legislation that would require a reduction of the standard workweek for businesses with more than 500 employees from 40 hours per week to 32 hours per week without a reduction in pay for workers.
Go Big Small Biz Network opposes this action as government overreach as it could increase employer costs by up to 20% and create an employee shift from small business to big business.
This Bill could prohibit employers from classifying works as independent contractors.
Go Big Small Biz Network opposes this government overreach into our small business community.
This is an attempt to bring taxation equity to PA while penalizing small businesses. There are 3 options to this bill. One of the options will be chosen to move forward.
Go Big Small Biz Network opposes this government overreach into our small business community.