> Making money completely anonymously, without reporting this to the IRS and state tax authorities, at least in the US as a US citizen, is and should be illegal. But still seems pretty straightforward to stay anonymous on the front end.
All for-profit companies doing business in the United States have always been required to report to the IRS and state tax authorities. There's never been a way to make money anonymously short of simply not filing with IRS (definitely illegal). This new law doesn't change or improve upon that in any way.
Prior to the bill being passed, one could set up a shell company in Nevada without giving away one's name. With the passage of this bill, one's ownership in an LLC is kept in a registry by a government agency for the sole purpose of surveillance. There's only as much "privacy" from the general public as there is the likelihood that the Treasury's servers are secure. And there's absolutely none from the members of the US government.
There are purposefully installed concessions that were requested by certain entrenched interest groups. For example, a company employing at least 12 people won't have to report anything. And the fact that the bill was a rider on a veto-proof legislation shows the substance of it wasn't quite popular enough to devote a legislative session towards the issue. It's little more than a privacy buster under the guise of an anti-corruption bill.
All for-profit companies doing business in the United States have always been required to report to the IRS and state tax authorities. There's never been a way to make money anonymously short of simply not filing with IRS (definitely illegal). This new law doesn't change or improve upon that in any way.
Prior to the bill being passed, one could set up a shell company in Nevada without giving away one's name. With the passage of this bill, one's ownership in an LLC is kept in a registry by a government agency for the sole purpose of surveillance. There's only as much "privacy" from the general public as there is the likelihood that the Treasury's servers are secure. And there's absolutely none from the members of the US government.
There are purposefully installed concessions that were requested by certain entrenched interest groups. For example, a company employing at least 12 people won't have to report anything. And the fact that the bill was a rider on a veto-proof legislation shows the substance of it wasn't quite popular enough to devote a legislative session towards the issue. It's little more than a privacy buster under the guise of an anti-corruption bill.