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 starting the new year as de facto felons.

That positive outcome was secured by our good friends at the National Federation of Independent Business who, alongside …

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Notable Developments

1. Senator Lankford pushes delay via NDAA
2. CTA enforcement under Trump administration?
3. Oregon plaintiffs file suit
4. 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 requirements (aka a new registry) for small business owners are unclear and overly broad. They are due on January 1, 2025, but I am pushing …

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Notable Developments

1. Lawmakers ramp up pressure on FinCEN
2. Revisiting compliance cost estimates
3. Trump officials slam CTA
4. FinCEN offers limited filing relief
5. 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 their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues.

As we wrote in a recent post, the letter helps …

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Here’s a bit of good news on the Corporate Transparency Act front. More than three dozen lawmakers have sent a letter to the Financial Crimes Enforcement Network 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 their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues. The letter was signed by 44 House members, including Majority Whip Tom Emmer (R-MN) and Financial Services Committee Vice Chair French Hill (R-AR).

With …

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Notable Developments

• Request for Signatories: Member letter to FinCEN
• FinCEN says tech issues are your fault
• Updated FAQ limits CTA exemption
• HOAs have their day in court
• TD Bank case shows the current system works

Legislative Update

Congresswoman Lisa McClain is circulating a letter (linked here) requesting that FinCEN delay the CTA’s year-end reporting deadline and is requesting support from additional offices. Word is Financial Services Committee member French Hill (R-AR) has signed on.

For staffers whose bosses would like to sign as well, please contact the Congresswoman’s LD Erik Kinney at Erik.kinney@mail.house.gov. To ensure we have a strong show …

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