Washington Wire
FinCEN Releases CTA Relief Rule
More good news on the battle over privacy. Treasury’s Financial Crimes Enforcement Network on Friday released the following statement:
[T]he Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that …
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Congressman Yakym Hosts 199A Roundtable
Members of the Main Street Employers Coalition convened in South Bend, Indiana, today for a roundtable discussion with Congressman Rudy Yakym, who represents the state’s Second District and sits on the tax-writing Ways & Means Committee. The sole focus of the event was the Section 199A deduction, a provision that is central to tens of millions of Main Street businesses organized as pass-throughs.
Photo …
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Privacy Fight in Australia, Courts Continues
The actions by the new Administration last week to curtail reporting under the Corporate Transparency Act were a huge victory for millions of Main Street businesses, but they were by no means the final word on the subject. To ultimately kill this ill-conceived statute, we need help from Congress or the Courts. On that front, here’s three key events in the last two weeks worth highlighting.
First, any legislative effort to repeal the CTA will …
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Main Street 199A Resources
Latest update on all the studies, data, and other information S-Corp has compiled in support of the 199A deduction – including the new CRS METR estimates we posted on Monday. The materials below span more than a decade of work and highlight the central role the pass-through sector plays in the American economy, and the importance of the Section 199A deduction to these businesses.
Rate Analysis Tells the Full Story
The Congressional Research Service is out …
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CRS on Marginal Rates
As Congress puts together the big tax bill, CRS just produced another reminder of why making the Section 199A pass-through deduction permanent needs to be part of the package. This chart says it all:
The rates reflected here are important because they measure the overall tax burden imposed on new investment. As CRS notes: “The marginal effective tax rate (METR) is a forward-looking measure that estimates… …
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Treasury Expands CTA Relief
The millions of businesses that rode out the recent roller-coaster of court rulings and chose not to file their CTA reports to date should be feeling pretty good right now. Fresh on the heels of FinCEN’s announcement that it was pausing enforcement of the Corporate Transparency Act pending the enactment of new regulations, the Treasury Department yesterday shed some additional light on what the new reporting regime will look like. Here’s the press …
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Treasury Pauses CTA Enforcement!
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced yesterday that it is ceasing enforcement of the Corporate Transparency Act (CTA) while it crafts a new set of regulations that will ultimately narrow the scope of the reporting regime. It’s a huge win for Main Street, particularly as the CTA’s reporting requirements were scheduled to take effect once again beginning March 21st.
Here’s the key passage from FinCEN’s release:
FinCEN announced that it will not issue …
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Strong Business Community Support for House Budget Resolution
The Main Street business community has come out in strong support of the House Budget Resolution scheduled to be considered this week. The simple reality is there will be no tax bill unless Congress adopts a budget that calls for one. As Karen Kerrigan noted in her letter to House leaders:
This must be a priority for Congress…passing the budget resolution is a vital first step toward that end. Renewing expiring small business provisions in …
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