DumbDumb followed through on his Veto threat

[ch33zw1z]

There's more to it. According to modern Christians with dreams of Armageddon in their heads, the nation of Israel has to be restored and the temple rebuilt in order to bring on the end times. That their dear friends the Israels will all be eradicated in these end times is a small price to pay for a front row seat to the rapture and to see all the people they don't like get tossed into the lake of fire.

Yep, thanks for clarifying. My upbringing as an evangelical wasn't teachings of fear of the end times, but excitement and incitement.

 

[VRAMdemon]

from what I understand, but correct me if I'm wrong ... There's another reason other than being butthurt about Twitter on why he vetoed NDAA.

Embedded within NDAA is the Corporate Transparency Act. CTA require corporations and limited liability companies established in the United States to disclose their real owners to the Treasury Department, making it harder to anonymously launder money or evade taxes. The rule applies to future and existing entities alike.

In other words, CTA now forces Trump (and his family) to disclose the shell companies they own and the money they hide. Trump’s ego is bruised by Confederate name changes and what people say about him on social media. However, Trump has a real chance of criminal charges and jail time because of CTA. Hiding money in off-shore accounts has been illegal for a while. This law now targets the on-shore loop hole.

 

[Leeea]

Corporate Transparency Act

The Transparency Act was nerfed hard core.

If you have 8 employees and more the 4 million in gross sales your exempt.

loophole ex:
Company A employees 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company B once a year.
Company B employees the same 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company A once a year.
Both companies use accrual accounting, so company B's purchase is paid for by company A's purchase, with no actual money exchanging hands or even being needed.

Wahla, so much for corporate transparency.


Yes, it is a big improvement. But the loop hole is already built in.

 

[VRAMdemon]

The Transparency Act was nerfed hard core.

If you have 8 employees and more the 4 million in gross sales your exempt.

loophole ex:
Company A employees 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company B once a year.
Company B employees the same 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company A once a year.
Both companies use accrual accounting, so company B's purchase is paid for by company A's purchase, with no actual money exchanging hands or even being needed.

Wahla, so much for corporate transparency.


Yes, it is a big improvement. But the loop hole is already built in.

Interesting .. Do you have a link that explains this Act

 

[Leeea]

Interesting .. Do you have a link that explains this Act

Here is an article from a random website claiming to go into detail based on what it looked like last November:
https://regtechconsulting.net/benef...cy-act-of-2020-the-good-the-bad-and-the-ugly/

here is more detail here:

Congress Passes the Corporate Transparency Act with Veto-Proof Majority

On December 11, 2020, and by a veto-proof majority, the US Senate joined the House of Representatives in passing the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the Act). The Act requires a report be filed with the Financial Crimes...

www.natlawreview.com

exempt entities include banks, closely supervised companies*, and it seems companies with 20 people and gross receipts of 5 million.

*most likely also includes check cashing, money transmitters, and possibly firearms dealers


Apparently beneficial owner is a bit limited also, requiring at least 25% owner ship or substantial control, excepting people who control because of employment. So if you had five owners, with an employee running the company said company would be exempt.

 

[s0me0nesmind1]

HIs tax deferment should be forgiven in it so people don't have to repay it and have even less money.

Lol. No, it really shouldn't. Having an inability to pay taxes that you know will be owed isn't an excuse for ignorance. See any state with yearly property taxes.

 

[NWRMidnight]

The Transparency Act was nerfed hard core.

If you have 8 employees and more the 4 million in gross sales your exempt.

loophole ex:
Company A employees 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company B once a year.
Company B employees the same 8 part time employees 1 hour per month, and purchases 4 million in non-taxable "services" from company A once a year.
Both companies use accrual accounting, so company B's purchase is paid for by company A's purchase, with no actual money exchanging hands or even being needed.

Wahla, so much for corporate transparency.


Yes, it is a big improvement. But the loop hole is already built in.

It is 20 FULL TIME employees.. Not 8, and not part time.