No One is Ready for the CTA

Just in time for Thanksgiving, Sunday’s Wall Street Journal’s editorial page highlighted our Main Street letter calling for a one-year delay of the Corporate Transparency Act’s reporting requirements. Appropriately titled The Coming Deluge for Small Business, the article reads:

The CTA assigns the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with identifying shell companies used for illegal transactions and creating a registry of businesses with less than $5 million in annual sales and fewer than 20 employees.

That describes most small businesses in the country. In a Nov. 16 letter to Congressional leaders, 69 groups representing millions of small

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2023-11-21T15:48:38+00:00November 21, 2023|

Congress Can Still Prevent a Regulatory Trainwreck

With just a month to go before the Corporate Transparency Act’s reporting requirements take effect, it’s abundantly clear – not to mention extremely worrying – that federal regulators simply do not have their act together when it comes to implementing the new law.

Recognizing this, the Main Street business community today called on lawmakers to delay the Corporate Transparency Act’s reporting requirements by one year, which would give the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) enough time to finish its work on the regulatory and education fronts.

The letter, which was signed by 70 trade associations including the National Federation

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2023-11-21T14:05:58+00:00November 16, 2023|

The Importance of NSBA’s Lawsuit

The House Financial Services Committee held a markup yesterday to consider twelve pieces of legislation. Notably absent was the Protecting Small Business Information Act (H.R. 4035), a bill to delay the Corporate Transparency Act’s January 1, 2024 effective date. The Main Street business community recently voiced its support for that legislation and had hoped to see it taken up by the panel.

The Committee’s failure to act raises two key points.

First, it is obvious House and Senate leaders are unaware of the political backlash coming their way if and when the CTA goes into full effect. By Treasury’s own

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2023-10-04T16:33:52+00:00September 21, 2023|

Hitting the “Pause” Button on the CTA

With the Corporate Transparency Act’s new reporting requirements set to take effect beginning January 1st, Main Street is asking Congress to pump the brakes on this ill-conceived law.  

letter signed by more than 80 trade associations — including NFIB, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable – calls on Congress to enact the Protecting Small Business Information Act of 2023 (H.R. 4035). Authored by House Financial Services Committee Chairman Patrick McHenry, the legislation would delay implementation of the CTA until Treasury finishes the necessary rulemaking process, giving affected businesses much-needed relief from the poorly conceived and drafted rules. As the letter states: 

Your legislation

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2023-10-04T16:39:19+00:00September 12, 2023|

Targeting the CTA

S-Corp President Brian Reardon is out with an op-ed in the Washington Examiner that breaks down just how onerous and poorly constructed the Corporate Transparency Act’s reporting requirements really are.

We’ve written about the CTA at length (here, here, and here) but the piece that ran on Monday is designed to sound the alarm to an even broader audience. It begins:

Starting next year, millions of small business owners will get a letter from a federal agency they’ve never heard of, telling them they need to comply with a law nobody’s told them about. Most, like reasonable people,

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2023-10-04T16:39:25+00:00July 5, 2023|