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Does this apply to citizens themselves, or just owners/investors in companies? Frankly I don't give a shit about the privacy of the extremely wealthy financial class. They deserve to have far less privacy.
I'm much more concerned about the average joe being manipulated by psychologically invasive advertising that uses personal data to become extremely effective.
Income tax was originally only created for the ultra wealthy. It probably doesn't matter who the rule is targeted at right now, you can be pretty sure that it will apply to everyone within a decade.
And the ultra wealthy can afford to hire accountants and legal advisors to deal with the reporting rules. For everyone else it will be an additional burden to entry that makes business ownership and self employment more difficult.
This will cease to be an issue relatively soon, with GPT-4 likely being competent enough and future models even better at helping out an unsophisticated consumer who can't afford an accountant.
I'm not well versed with any licensing restrictions that may or may not be in place in the US, but an educated, well-versed entitity to advise you is now cheap and available via a phone.
I presume if the company is big enough that they're running into context window issues and such with a modern ML model, they can afford said human accountant!
Ooh that'll be nice! Not having to have an accountant. I can hardly wait.
I already use GPT for quite a few things, but I feel like I need to be using it more. Soon it'll be incorporated into the majority of online tools I'd imagine.
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The rule does not impact just conventional "shell" companies, by its plain text: the definition of 'substantial control' is broad enough to plausibly cover a lot of managers and administrators in small businesses. It might not get enforced that way immediately, and maybe (if not plausibly) even without a ton of middle management getting voluntarily identified to the federal government, but it's definitely nowhere near as clear as you're claiming.
Unfortunately, that "senior officer" is category is far less restrictive than it sounds from the name:
And the rule makes clear that this is intentional:
And :
This is not something limited to just the ultra-wealthy or clear shell corporations; there are absolutely a number of small businesses where the capabilities attached to these titles in larger corporations instead are devolved to individual employees (some, like accountants and chief marketing staff, not even full-time!). There's a fair argument that FinCen won't enforce the rule this way, but it's ironed out in the rule.
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