Sinbad the Sailor had a frightful time with the Old Man of the Sea, who attached himself to Sinbad’s neck and shoulders and wouldn’t let go.
Our government is kind of like that, isn’t it?
Things may be getting better at the Dept. of the Treasury, though. A requirement that small businesses report to the feds all kinds of personal information… and do so every year!…looks like it’s going to be dropped. Secretary Scott Bessent called the move “a victory for common sense.”
They had been calling it Beneficial Ownership Information (BOI), although it’s awfully hard to see what’s beneficial about it. Violators were to be fined %591 per day of non-compliance, a $10,000 fine, and two years in prison.
Treasury has stopped enforcing the Corporate Transparency Act, of which BOI was a part.
Do you love those names they dream up for those government agencies? Try to figure out what they’re supposed to do.
For the time being, they’re backing off. I didn’t think the Old Man of the Sea knew how to do that.