News

Last Update :10/28/2019

House Passes the Corporate Transparency Act of 2019

House Passes the Corporate Transparency Act of 2019!!

 

Golf Club and Course Owners,

 

Is your golf business established as a corporation or limited liability company? Do you employ more than 20 full-time employees? Are your gross receipts or sales greater than $500,000? If you answered yes to these three questions then the Corporate Transparency Act of 2019 will require your attention!

 

On Oct. 22, the U.S. House passed the Corporate Transparency Act of 2019. The purpose of the Act is to ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting U.S. corporations and limited liability companies for criminal gain; to assist law enforcement in detecting, preventing and punishing terrorism, money laundering and other misconduct involving U.S. corporations and limited liability companies, and for other purposes.

 

Reporting requirements for existing beneficial owners and each applicant proposing to form a corporation or limited liability company under the laws of a State or Indian Tribe shall file a report with FinCEN containing a list of the beneficial owners of the corporation or limited liability company that include;

 

  1. Full legal name;
  2. Date of birth;
  3. Current residential or business street address; and 
  4. A unique identifying number from a non-expired passport issued by the United States, a non-expired personal identification card, or a non-expired driver's license issued by a State; and 
  5. If the applicant is not a beneficial owner, it must also provide the identification information described in the clause relating to such an applicant.

 

It models the Senate's bill S. 1889the Title Act. Like the Title Act, the House version requires reporting by businesses that employ more than 20 full-time employees, annual gross receipts of greater than $5,000,000, and the business is physically located within the United States to report annually a list of all beneficial owners or partners. Smaller businesses along with 501(c) non-profit entities are exempt from the reporting requirements.

 

The penalties for willfully failing to meet reporting requirements are lower. The House version limits civil penalty of not more than $10,000 and imprisoned for not more than 3 years or both whereas the Senate version just states civil penalties up to $1 million and criminal penalties of up to 3 years in prison.

 

As we previously reported, NGCOA is opposed to this legislation as it is currently written. We recognize the intent is to prevent unlawful business activity by using small business enterprises. However, like so many of our laws, the burden is placed on legitimate businesses. We feel the bill will impose reporting requirements on golf course owners while eroding our privacy rights.

As we previously requested -

If this bill affects your business we encourage you to reach out to your Senator, especially those on the Judicial Committee (listed below).  Here is a sample message you are welcomed to use or create your own message:

 

As a constituent and small business owner, I write to you in strong opposition to S. 1889, the TITLE Act. I am concerned this bill will impose significant new reporting burdens on my business while simultaneously eroding my right to privacy. 

Under this legislation, every S corporation and nearly every business with 20 or more employees and annual gross receipts of $5,000,000 would be required to file new and periodic reports with individual states, which includes: existing businesses within 2 years of database establishment, new businesses at incorporation, every business within 60 days of any changes in ownership, and every business annually. 

Failure to comply with this legislation would be a federal crime with civil penalties up to $1 million and criminal penalties of up to 3 years in prison.

Whereas large businesses and financial institutions may have access to teams of lawyers, accountants, and compliance experts to gather beneficial ownership information and report it to the government, small business owners do not. Small business owners cannot afford accounting and legal experts to help them understand and comply with the new federal reporting requirements.

I strongly urge you to oppose S. 1889, the TITLE Act.

Below is a list of members on the Senate Judiciary Committee. Hopefully, through your efforts, this bill will die in committee!

 

Majority Members (12)

Minority Members (10)

Graham, Lindsey (SC)Chairman

Grassley, Chuck (IA)

Cornyn, John (TX)

Lee, Mike (UT)

Cruz, Ted (TX)

Sasse, Ben (NE)

Hawley, Josh (MO)

Tillis, Thom (NC)

Ernst, Joni (IA)

Crapo, Mike (ID)

Kennedy, John (LA)

Blackburn, Marsha (TN)

Feinstein, Dianne (CA)Ranking Member

Leahy, Patrick J. (VT)

Durbin, Richard J. (IL)

Whitehouse, Sheldon (RI)

Klobuchar, Amy (MN)

Coons, Christopher A. (DE)

Blumenthal, Richard (CT)

Hirono, Mazie K. (HI)

Booker, Cory A. (NJ)

Harris, Kamala D. (CA)

 

Questions should be directed to Ronnie Miles, rmiles@ngoa.org



------------------------------
Ronnie Miles
Director of Advocacy
NGCOA
Daniel Island SC
[843-471-2714]
------------------------------



[ More News ]


Join NGCOA Mid-Atlantic - Great Membership Benefits!

Click to Watch the Video - Lee Coble Receives USGA Dey Award

NGCOA MA Mouns the Loss of Frank Edward Herrelko Jr.

Lee Coble Honored by USGA

Members Take Charge at Lakeside Golf Club

NGCOA Seeking Events Manager - click for info

Middle Atlantic PGA Section Announces 2023 Special Award Winners

Partner News: Better Billy Bunker Buzz

NGCOA Announces Education Highlights for Golf Business Conference 2024

The Federal Club in Glen Allen, VA seeks General Manager

Bayville GC gains Audubon certification

Cost Versus Value - They're Not the Same - Why Does it Matter?

Williamsburg National GC (36 holes) Seeks Director of Agronomy and Grounds

Accountability & Fiscal Responsibility in Club Governance

Bunkers - Do They Really Matter?

2023 NGCOA MA Annual Award Winners Press Release

NGCOA MA Annual Meeting Registration Open, The Crossvines Winery and Poolesville Golf Cousre, Wednesday, October 4th

Current Golfer Mindset and it’s impact on Facility Planning

Sagacity Golf Partners with NC GCOA

Virginia Beach Golf Trips Made Easy

Custom Williamsburg Golf Trips with Golden Horseshoe, Kingsmill & Condos

Ready to Sell?, Aerification and Prof. Jakubowski on Golf Turf and Water

For Sale: The Crossings Golf Club, Durham, NC - Hilda W. Allen Real Estate

Save the Date - October 4th, NGCOA MA Annual Meeting at Poolesville GC

Club Tax Assessments, The Concept of Value and RSM's Phil Newman on Finances

NGCOA MA / NC Summer Newsletter - click here to read

Reminder: The Latest from Golf Business Advisors!

Call for Offers - Westchester CC (FL)

Golf Acquisition Opportunities (3) - FL, PA, & NY

National Golf Day - 2023 - Outside the Box

Golf Course Acquisition Opportunity - Country Club of Otterkill (NY)

Debt - The (not so) Silent Club Killer

The Cost of Golf - Is it $ustainable?

National Golf Day Registration Open

​Private Club Governance & Management - Defining Roles

Virginia Golf Colleagues Mourn the Loss of Paul Michaelian

NCA Webinar on Your Club's Real Estate Tax Assessment

Golf Property Analysis & Valuation - 2nd Edition Now Available

Erik Larsen incorporates traditional elements into St. Johns (FL) Golf Course to Rave Reviews

Choosing the Best Management for Your Club or Golf Course

Measuring Performance, Selling Solutions, Clubs, Fraud & a Hotline, & The GPA Practice Tee

Fall Issue of Mid-Atlantic Golf Business Newsletter Joint with NC GCOA - Click Here to Read

Register for the 2022 NGCOA MA Annual Meeting, November 2

Selling in Uncertain Times - Develop a Strategy

Just Listed by Hilda W. Allen Real Estate, Inc.

Some Reponse to Why Clubs are Closed on Mondays

Save the Date NOW for Golf Business Conference 2023

Summer Issue of Mid-Atlantic Golf Business Newsletter Joint with North Carolina GCOA - Click Here to Read!

Golf Property Analysts - Private Club Planning, Golf as it was meant to be, Is It Time to Sell?

A Consumer/Culture Based Approach to Private Club Planning

Transparency at Private Clubs

The Golf Pro Crisis & Its Impact on Clubs

Golf Property Analysts - Your Club's Tax Assessment

Hilda Allen - the source for golf course sales and advising owners

NGCOA Mid-Atlantic Annual Meeting Set for Nov. 2 at Independence GC in Richmond

Fairfax County Park Authority seeks Golf Course General Manager

Announcing Facility BMP Virtual Workshop and Prize Contest

Another Beautiful Listing by Hilda Allen Real Estate!

Just Listed by Hilda Allen - The Frog GC in Georgia, a Fazio Design

National Golf Day 2022 - Information and Registration

Mattaponi Springs Golf Club in Ruther Glen, VA Seeks General Manager

Larry's Interview on TurfNet Renovation report Podcast

Golf Leagues - A Lightspeed Guide to Growing Business

Register your course for Women's Golf Day - June 7th

Download the Pellucid Presentation at the Annual Meeting

Golf Property Analysts - Time to Sell?

New Listings and Recent Sales from Hilda Allen Real Estate

Hanover Golf Club sold to unidentified local buyer

Club Master Planning - A Market Based Approach

January Abstract OtR: '21 Sol Scorecard is 6 birdies, 2 pars!

Damon DeVito Named the 2021 Mid-Atlantic Golf Leader

Golf Course Acquisition Opportunity - Maryland - For Sale By Auction

Sep Weather, Aug Util; steady, solid results against strong "20 comps"

Employee Retention Tax Credit May Save You Thousands $

Glenwood Golf Course redevelopment gets planning commission approval

Google's New "Local" Ads Provide Big Advantages to Golf Courses

The Appraisal Journal - Valuation of Private Clubs for Tax Assessments

Morning Read and Sports Illustrated Announce Editorial Partnership

Is it Time to Review Your Golf Property Tax Assessment?

 



Join Our Email List