Support OSBA and get your money back!

The Oregon Small Business Association and our Foundation are involved in legal action to stop the unconstitutional and extremely burdensome Corporate Transparency Act.

Oregon small family business owners need your help.

This act:

— Impacts nearly a half million registered Oregon entities, and every person that is connected to that entity due to beneficial ownership or if they have substantial control over that entity, even if they derive no monetary benefit from the company.

— The average Oregon small business owner has self-employment income of just $51,240 – cost of compliance with FinCEN reporting is estimated to reach over $2,500 depending on the complexity of the business.  This could take a substantial bite out of the net revenues and incomes of small business owners.

— Most Oregon entities are not exempt as they don’t have $5 million in sales AND 20 or more employees.

— If the average business in Oregon spent even $500 on compliance, the costs to Oregon business owners exceeds $232 million in compliance costs.  These are one time costs and businesses who make any changes to beneficial ownership can expect to spend more on an annualized basis.

— Oregon business owners can expect to expend 1.7 million hours of unpaid time to comply, based on FinCEN’s analysis of average “burden hours” (the unpaid cost of compliance to the owner in compiling information).  Against the average hourly income in Oregon, this amounts to $53 million in lost wages for Oregon business owners.

— Once FinCEN has the data, they can use it and share it with any federal law enforcement agency for warrantless search even where no probable cause or reasonable suspicion exists.  They can also share that information with foreign governments and third-party actors like data companies.

— The penalties for failure to comply are $500 per day in uncapped and unlimited civil penalties, and up to $10,000- and two-years imprisonment on the criminal penalty side of the sanctions.

Please support by making a donation to

Oregon Small Business Association
P.O. Box 23815
Portland, OR, 97281

or

(Charitable deduction)
Oregon Small Business Association Foundation
P.O. Box 23815
Portland, OR, 97281