Hello

In a press release put out by FinCEN (Financial Crimes Enforcement Network), the government is flexing its muscles—and showing its teeth.  FinCEN is the little bother of the IRS, but it is trying to grow up and be bigger and better than its sibling.

The case where the judge in Alabama Federal Court said that the entire Corporate Transparency Act (CTA) was totally and unquestionably unconstitutional was brought against the Treasury Department (Mother of the IRS and FinCEN) by the National Small Business Association.

In FinCEN’s press release, they have taken the position that only the plaintiffs in the case (the National Small Business Association and its members as of March 1^st) are exempted from filing by the court ruling.  They contend that the rest of us poor suckers are not protected by the constitution and are required to file (colorful language added for emphasis).

The target is back on your back.  In light of the fact that they will use this law to target who and when they wish—and the fact that the law gives FinCEN the teeth to chew up a victim and literally destroy any small business—you had better consider filing.

The game is back on—sorta.

If I were filing a new company, I would comply with this year’s 90-day filing requirement.  The clock starts the day you file.  Personally, I am not planning on starting a new company—I already have too many—so that doesn’t apply to me.

I do have companies existing prior to January 1, 2024.  I will wait until the start of the 4th quarter to make my FinCEN filing on those companies and see if anything further shakes out on this court case.  If it is totally unconstitutional for some people, it should be unconstitutional in my case too.  Don’t you think?

With FinCEN’s attitude, to me they are telegraphing their hatred for small businesses and thirst for power.  This law gives them big enough teeth that we had better comply.  The penalties are big enough that they can pretty much destroy any small business they want to.

Stay tuned for the next chapter in the saga.