CTA - The S Corporation Association

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The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the charge against the poorly crafted law.

We’ve covered the CTA at length over the past few years but the bottom line is that while reporting under the CTA started already and the deadline is the year’s end, only a tiny percentage of the targeted 33.6 million small businesses even know it exists. That’s bad because a failure to file is accompanied by thousands …

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admin2024-04-16T20:48:03+00:00April 16, 2024|

Time to Pause the CTA

The Main Street business community came out in force today calling on Congress to enact the Protect Small Business and Prevent Illicit Financial Activity Act (S. 3625). The legislation, championed by Senator Tim Scott (R-NC), would delay by one year the onerous Corporate Transparency Act (CTA) filing requirements and accompanying jail time and penalties. A similar bill sponsored by Representatives Zach Nunn (R-IA) and Joyce Beatty (D-OH) passed the House late last year 420-1.

The letter, signed by more than 120 trade associations, points out that such a delay would allow the ongoing legal battle to play out, be …

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admin2024-03-19T14:48:46+00:00March 19, 2024|

Talking Taxes in a Truck Episode 36: The CTA Compliance Wrinkle No One’s Talking About

The Corporate Transparency Act is now in effect, imposing complex reporting requirements on every small business in the country, and many large ones too. But what if the person best equipped to assist those businesses with compliance – your local CPA –wasn’t allowed to do so?

To explore this dynamic, we talked to Jim Hamill, Director of Tax Practice at the Albuquerque-based accounting firm Reynolds, Hix, and Company and an Associate Professor of Accounting at Texas A&M Commerce. Jim explains how the CTA puts tax professionals in a bind and forces them to choose between helping their clients and possibly engaging …

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admin2024-03-08T18:36:23+00:00March 9, 2024|

CTA’s Prospects, Post-NSBA v. Yellen

Friday’s District Court decision declaring the Corporate Transparency Act (CTA) unconstitutional is garnering lots of attention. As the Wall Street Journal editorial board noted, “The judgment is a legal bullet dodged for millions of small businesses that would be smacked this year by the new reporting requirements.”

The ruling is a massive victory for the Main Street business community, no doubt, but its real-world implications remain to be determined. The ruling is not a nationwide injunction but instead applies narrowly to the suit’s plaintiffs, the members of the National Small Business Association (NSBA). As presiding Judge Liles Burke’s judgement …

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admin2024-03-07T17:32:35+00:00March 7, 2024|

Court CTA Ruling a Huge Win for Main Street

Huge news to kick off the weekend — a federal judge just ruled that the Corporate Transparency Act is unconstitutional, marking the end of a 16-month legal battle led by the National Small Business Association and supported by S-Corp and the members of our Main Street Employers coalition.

By way of background, the CTA is a sprawling new data collection regime that would have required more than 32 million entities – including virtually every small business in America – to hand over their sensitive private data to the government. We’ve …

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admin2024-03-02T01:07:28+00:00March 2, 2024|