Notable Developments

• Main Street backs latest delay effort
• CTA gets high profile callout
• FinCEN issues updated guidance
• All-cash homebuyers get BOI treatment

Legislative Update

Following Congressman Zach Nunn’s (R-IA) introduction of the Protect Small Businesses from Excessive Paperwork Act (H.R. 9278) – legislation which would delay the CTA’s reporting requirements by one year – S-Corp joined with more than 150 trade associations to support the bill.

As our post notes, The Nunn bill is in keeping with legislation (H.R. 5119) passed by the House last year in a near-unanimous vote of 420-1. Despite that overwhelming show of support, H.R. 5119 …

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Today the S Corporation Association joined with 150 of its trade association allies to support legislation to delay the Corporate Transparency Act’s year-end reporting deadline.

The bill, H.R. 9278, was introduced by Iowa Congressman Zach Nunn (R) and enjoys bipartisan support. Its purpose is straightforward – provide much-needed relief to tens of millions of small businesses and other entities subject to the CTA’s reporting requirements. As the letter notes:

The CTA is unique in that it explicitly targets the very companies least equipped to shoulder its regulatory burdens. Among its various exemptions, the statute includes a carve out for entities whose …

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Notable Developments

• S-Corp leads push for CTA delay amendment in NDAA
• Approps bill with delay language gets veto threat
• FinCEN notice makes clear CTA is unnecessary
• Utah business groups file suit
• Bloomberg misses the point

Legislative Update

The Main Street business community came out in force last week calling on Congress to adopt a one-year delay of the Corporate Transparency Act as part of this year’s National Defense Authorization Act. The effort, led by the Main Street Employer’s coalition and backed by more than 135 of its trade association allies, is in support of a pair of NDAA amendments. As the …

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The Main Street business community came out in force today calling on Congress to adopt a one-year delay of the Corporate Transparency Act as part of this year’s National Defense Authorization Act. The effort, led by the Main Street Employer’s coalition and backed by more than 135 of its trade association allies, is in support of a pair of NDAA amendments. As the letter explains:

 Amendments sponsored by Senators Tim Scott (#2169) and James Lankford (#2831) would provide the business community and federal regulators additional time to educate millions of small business owners regarding the CTA’s new reporting requirements and …

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Notable Developments

• Appeals court sets hearing date
• Yellen grilled by House lawmakers
• New FinCEN guidance expands CTA’s reach

Legal Update

The Eleventh Circuit Court of Appeals announced a hearing in NSBA v Yellen, the case challenging the constitutionality of the CTA, will take place on September 27. While the court is working under an expedited timeline, that date is just three months ahead of the year-end filing deadline for existing entities.

To recap our latest alert, the total number of pending CTA challenges is currently at six nationwide:

• Massachusetts: BECMA et al v Yellen (5/29/2024)
• Texas: NFIB et al …
  
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