New Corporate Transparency Act could make criminals out of small-business owners

The U.S. Treasury Department's Financial Crimes Enforcement Network is looking to turn small-business owners into criminals through the new Corporate Transparency Act.

According to the act, anyone with an LLC is beholden to new rules. Under those rules, small-business owners have to report information to financial crimes that could land them in jail or with hefty fines if they don’t comply — but there are some exemptions.

Those who don’t have to worry about the new rules are those who have at least 20 employees or $5 million in revenue.

“Nobody knows anything about it,” Glenn Beck warns.

Alabama’s Supreme Court said they would rule the act unconstitutional, but those pushing it claimed it was a “blow to corporate transparency” and would make it “harder to fight the cartels.”

Former investment banker Carol Roth sees right through it, noting that no real money launderer or cartel is going to self report to FinCEN.

“The ones who are massive criminals aren’t going to be reporting to FinCEN, so all this is is a mass surveillance program against small business,” Roth says, adding, “and the penalties, as you said, are insane.”

The penalties don’t just occur if you fail to report business-related information. The penalties also occur if any updates to your identification go unreported.

“If you don’t let FinCEN know, they can send you to jail,” Roth says, adding, “Why this was ever passed.”

Trump had originally vetoed the Corporate Transparency Act, but then it went back to Congress where they overrode it under the Biden administration.

“This is absolutely insane. There are 33 million small businesses in this country. Why are they being put under a microscope and saying, 'You are criminals, you’re financial criminals, and we are going to hold your feet to the fire if you don’t let us track you'?” Roth asks.

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