Washington Wire
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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CTA Update | December 3, 2024
Notable Developments
- Senator Lankford pushes delay via NDAA
- CTA enforcement under Trump administration?
- Oregon plaintiffs file suit
- Op-eds highlight CTA’s fatal flaws
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Legislative Update
Senator James Lankford (R-OK), a cosponsor of the Senate’s version of the CTA delay bill that overwhelmingly passed the House last year, is doubling down on his efforts to advance relief for the Main Street business community. As he posted on X.com on Monday:
The Beneficial Ownership Information reporting …
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The Experts are Wrong (Part 4)
The key debate before Congress next year is how to tax large, family-owned businesses. There is no debate over how to tax smaller businesses. Nobody on the left or right is arguing to raise taxes on small businesses.
This reality is lost, once again, on the tax experts. For example, several economists at Treasury are out this month with a new paper on business tax rates and our friends at the Tax Foundation have already …
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Event Spotlights Section 199A Permanence
Earlier today our friends at NFIB held an event on Capitol Hill focused exclusively on the looming expiration of the Section 199A deduction, and what it means for the Main Street business community.
The event kicked off with a discussion featuring Ways and Means members Lloyd Smucker (R-PA) and Brad Schneider (D-IL). S-Corp readers will recognize Smucker as the lead sponsor of our Main Street Certainty …
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CTA Update | November 13, 2024
Notable Developments
- Lawmakers ramp up pressure on FinCEN
- Revisiting compliance cost estimates
- Trump officials slam CTA
- FinCEN offers limited filing relief
- Physicians join the legal fight
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Legislative Update
Last week more than 40 lawmakers sent a letter to FinCEN requesting a one-year delay of the CTA’s fast-approaching reporting deadline. The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to …
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