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!

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

Partner News: Richard Mandell Architecture "Form and Function" Summer 2021

Women's Golf Day 2021 Sets New Global Records

Is it Time to Review Your Golf Property Tax Assessment?

Golf Industry Unites Around Momentum, DEI Collaboration during 2021 National Golf Day

Spring Issue Mid-Atlantic Golf Business Joint with North Carolina GCOA

Lake Presidential Golf Club in Upper Marlboro, MD Recently Sold

Chesdin Landing homeowners sue over assessments to fund golf course

Golf Property Values, The Right # of Members and Tom Bennison

NGCOA CEO Jay Karen Joins U.S. Travel Association Board of Directors

2020 Excellence in Club Management Award Winners Announced

PGA Tour Superstore Teams up to Become Official Retailer for Women's Golf Day

Three VA golf courses sell to maximize the 2020 golf course sales year at Smith Mountain Lake

Chambers Acquires Golf Business Advisors

Nov Golf Playable Hours/October Utilization are off the chart!

Fairfax County Park Authority Names New Director of Golf Operations

Oct Weather unusually flat, September Utilization continues to impress!

Chip Shots - Adaptability, Necessity & Joe Krenn shares his thoughts

Public Golf Leader Award - Golden Horseshoe Golf Club

Mid-Atlantic Golf Leader Award - Henry Wallmeyer

Sustainability Leader - US Naval Academy Golf Club

Private Golf Leader Award - Elizabeth Manor Golf & Country Club

We Can Help Your Club

​Is it time to review your property tax assessment?

VSGA granted 501 (c) (3) status by IRS

NATIONAL LINKS TRUST SIGNS LEASE WITH NATIONAL PARK SERVICE

Aquisition Opportunity | Lake Presidential Golf Club

How Can We Help Your Club?

Golf Property Analysts - your "go to" for help with effects of the pandemic

Special Report from NGCOA - The Golf Industry's Participation in PPP

NGF Report - Equipment bouncing back, golf travel still grounded

Farmington’s Johnson Recognized Nationally

Up to Par Management Renews its Support of NGCOA MA

 
 
 
 
 
 
 
 
 
 
 

VISA & MasterCard Class Action Suit Update

NGCOA Announces Award Winners for 2020

Richmond Tour Event at CCV is #1

NBC Sports buys Chicago golf-booking company

VGM Club Changes Name to ClubProcure

End of Year Review: Business Intelligence

CIB: Where Clubs Meet Member Needs

The Latest News For You

Golf Course Opportunities

NGCOA Offers Members Hospitality Training and Resources Through New Partnership

End of Year Review: Pro Shop KPIs

Oct Perspective: Debunking Supply Begets Demand

Golf retailer Club Champion swings into Short Pump

To Barter Or Not To Barter: THAT is the opportunity cost question

Topgolf tees off in Richmond

What you need to know about late fall golf trips

Upgrade Your Employee Benefits Solution with NGCOA Insurance Benefits

Golf Course Opportunities

Access Resources from NGCOA MA Annual Meeting - presentation decks & more - click here

Godzilla vs. Gorilla for the Golf Course Win!

WOTUS Repealed

Episode 30 of the NGCOA Golf Business Podcast

Drive Shack to be first-to-market in Richmond ahead of Topgolf

Exempting the "Golf Teaching Professionals"

Recession?, Member Appreciation, Refurbish?

CIB: Why Wyles Won the Excellence in Club Management Award

New Course Owners And Homeowners Save Skybrook Golf Community

Aug Perspective, Are Merchant Fees Barter 2.0?

Golf Business Podcast: Save money, make money

Giles' Kinloch gem receives touch-up

The Jay Karen Story

Mid-Atlantic Golf Business Newsletter now available - click here

Increase Membership Sales: E-commerce Tool

Obedience training for the "dog days" of summer

How Non-Golfers view Golf, Market Intelligence & Design Features that Matter

Need an Exit Strategy for your Club or Golf Course?

Ropes Course Rising on Outskirts of Independence Golf Club in Richmond!

The Highland Course at Primland Ranked Among Top Greatest Public Courses by Golf Digest

Branding, Club Tax Assessments & Course Rankings

NGCOA Partners with First American Payment Systems

PGA of America Becomes NGCOA Executive Partner

Poplar Grove Golf Club Completes Phase 1 of Planned Renovations

Kitchen Cocktail Parties at CCV

KemperSports-Managed Properties Earn Top Honors

Golf & Club Tax Assessments - Did you know?

Hurricane Season is Upon Us...Is Your Business Prepared?

Golf & Club Tax Assessments

National Golf Day, Drones Save $, RE Tax Confusion & More

Reston National Golf Course sold to pair of Baltimore developers

Industry Around the Globe Unites in Support of Women's Golf Day

Golf Industry Comes Together for 12th Annual National Golf Day

Golf Complex Recognized as Billy Casper Golf's 'Best of the Best'

Golf Digest Names Yamaha the Best Gas-powered Club Car for 3rd Consecutive Year

Royal New Kent Golf Club Reopens after 18-month Hiatus

CIB: How Today's Clubs Keep Up with the Times

Clubhouses, Changes in Tax Assessments and Golf Property Acquisition Opportunities

Meet the Veteran Golfers Association

DOL Issues New Proposed Overtime Rule

Excellence in Club Management: Patrick King, CCM, CCE, ECM

Selling Your Golf Course? Think GPA.

Visa/Mastercard $6B Class Action Lawsuit Update

NCA Webinar: Managing Your Club's Real Estate Tax Assessment

Mid-Atlantic Golf Business Winter Newsletter

Congress Approves Increase in H-2B Visas

Another Local Golf Course Sold, This Time for $1.2M

Golf Course Owners You May Be Eligible to Share in $6B Class Action Settlement

NEW! NGCOA Member Benefit: Insurance

The MAJOR of Golf Business

Area Golf Course Sold for $800,000

Troon Named "Management Company of the Year" for 5th Consecutive Year

BOYNE GOLF - Heather Named NGCOA National Course of the Year

Billy Casper Golf Celebrates 4th Decade Unmatched in Industry Innovation

Topgolf's Richmond Property Sold to Investment Firm

Golf Life Navigators Partners with Jeff Fleishman to Drive VA Expansion

Virginia Golf Has It All

 



Join Our Email List