Washington Wire
S-Corp Files CTA Amicus Brief
The S Corporation Association filed an Amicus brief yesterday in support of the nationwide injunction on enforcement of the Corporate Transparency Act.
With the filing deadline just days away, and millions of covered businesses not having yet filed, the importance of keeping this injunction in place cannot be overstated – a concern that is compounded by the fact that the 1-year delay provision moving through Congress is now stalled as lawmakers fight over the contents …
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Main Street Still Fighting for CTA Delay
Today more than 100 trade associations joined with S-Corp in asking lawmakers to pass a Continuing Resolution bill that includes language delaying the Corporate Transparency Act’s reporting deadline. The effort was mounted following reports that some House members were seeking to strip the provision from the broader package, a move that would needlessly expose millions of law-abiding business owners and employees to stiff fines and penalties.
As the letter makes clear, a one-year delay is …
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CTA Delay in Funding Bill
Big news for S corporations and other businesses covered by the Corporate Transparency Act – draft text of the negotiated legislation, which was released earlier today, includes a one-year delay of the Corporate Transparency Act’s (CTA) reporting requirements.
That means many businesses covered by the CTA – specifically those that existed prior to 2024 – will have an extra year to file their Beneficial Ownership Information reports. It’s a commonsense approach that S-Corp and its …
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CTA Update | December 16, 2024
Notable Developments
- WSJ Highlights Legislative Effort
- Carol Roth on the Need for Certainty
- Is FinCEN Complying with the Injunction?
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Legislative Update
Draft text of a Continuing Resolution – which Congress has to pass before Saturday to avoid a government shutdown – is expected to be released today, and many are watching closely to see if it includes a one-year pause of the CTA.
With the filing requirements currently on hold thanks to a Texas court ruling, …
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CTA Update | December 12, 2024
Notable Developments
- Government digs in
- Vivek blasts CTA
- Congress working on delay
- CNBC highlights CTA “awareness” gap
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Legal Update
Just two days after the U.S. District Court for the Eastern District of Texas issued a nationwide injunction of the CTA, the federal government appealed the decision. The case now heads to the Fifth Circuit Court of Appeals, though no word yet on when we might see a ruling.
As noted earlier, the ongoing legal battle – …
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The Experts Are Wrong (Part 5)
Ways & Means Chairman Jason Smith recently told reporters that Section 199A permanence is at the top of his priority list. Yet some in the DC Tax Community continue to crusade against this provision that directly benefits the vast majority of businesses in this country.
A good example is a recent Tax Notes panel on the 2025 tax outlook. During a discussion on Section 199A, Bill Gale of the Brookings Institute commented:
I mean, it’s …
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Latest on CTA Injunction and a Legislated Delay
The national injunction on CTA filing imposed by the Eastern District of Texas Court Tuesday provides millions of business owners with a good possibility – but just a possibility – of permanent relief from this poorly thought-out law.
With the year-end filing deadline looming, where do things stand?
- The DOJ filed an appeal to get the injunction lifted last Thursday, December 5th. No word on when the 5th Circuit might rule. Will it come …
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CTA Struck Down by Texas Court!
For the Main Street business community, it looks like Christmas has come early. With less than a month to go before the Corporate Transparency Act’s year-end filing deadline, a federal court today issued a nationwide injunction that halts enforcement of the new reporting regime. It’s a massive win for the more than 33 million businesses who are currently subject to the onerous disclosure rules, many of which had no idea they could be …
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