!!Urgent!!

Subject: Urgent: Impending Legislation Threatens Business if Ignored - Act Now!

Reference: www.FinCen.gov/boi

When: January 1st, 2024 - Register your bussness

Dear Family,

I am writing to bring your attention to a matter of utmost urgency that directly impacts every business owner in America - the Corporate Transparency Act (CTA) enforced by FinCEN. This legislation, while purportedly aimed at preventing illicit activities, raises serious concerns about its implications for the average business owner, with penalties that are not only exorbitant but also have the potential to disproportionately affect businesses owned by people of color.

Overview of the Corporate Transparency Act:

The CTA, administered by FinCEN, mandates business entities to disclose their beneficial owners to prevent criminal exploitation of corporate structures. On the surface, this seems like a necessary step in the fight against illicit activities. However, a deeper examination reveals a stark reality - the legislation treats the average business owner as a potential criminal, imposing penalties that are nothing short of draconian.

Penalties: Too High, Too Harsh:

The penalties for non-compliance with the CTA are shockingly severe. Civil fines can mount up to $500 per day, reaching an astronomical $10,000 per violation. Additionally, criminal penalties include imprisonment for up to two years. This raises a fundamental question: Are these penalties proportionate to the purported goal of preventing financial crimes?

Disproportionate Impact on Black and Brown Businesses:

The CTA, if left unchallenged, threatens the very existence of numerous businesses, particularly those owned by people of color. The burden of compliance, coupled with the potential financial repercussions of non-compliance, may force many black and brown businesses to shut their doors. This is not only an injustice but also a significant setback to the diversity and vibrancy of our business landscape.

Call to Action: Stay Informed, Get Involved:

We cannot stand idly by as this legislation unfolds. It is imperative that we stay informed and actively participate in the ongoing discourse surrounding the CTA. Attend hearings, engage with industry discussions, and be vigilant about any updates or amendments to the legislation. Our collective voice is crucial in shaping the narrative and ensuring that the concerns of business owners are heard.

Conclusion:

In conclusion, the Corporate Transparency Act demands our immediate attention. Its potential impact on businesses, especially those owned by people of color, is too significant to ignore. Let us unite in voicing our concerns, advocating for fair treatment, and safeguarding the interests of every business owner in America.

Thank you for your attention, and I urge you to be proactive in staying abreast of this crucial issue.

Sincerely,

Dr. Tina Michelle