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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The head of the Financial Crimes Enforcement Network (FinCEN) will testify tomorrow before the House Financial Services Committee (HFSC). The hearing will focus on the Corporate Transparency Act’s implementation and is a good opportunity for Congress to learn more about this trainwreck of a law and why it should be repealed.

The Corporate Transparency Act claims to target so-called shell corporations engaged in illicit transactions like money laundering and terrorism finance, but the law defines a shell company as legal entities with $5 million or less in annual revenues or 20 or fewer employees – in other words, every …

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With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within 30 days.

As we’ve written previously, the new compliance regime is more than just an administrative headache. Failure to comply carries steep fines and jail …

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Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill passed on the Suspension Calendar – a procedural move reserved for non-controversial measures – and sailed through with a vote of 420 to 1. More on this bill and its implications below.

While the House was adopting the Nunn bill, a bicameral group of …

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Starting in January, the Corporate Transparency Act will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and others to the federal government. 32 million!

The CTA is complex, expansive, and with less than a month to go, most Main Street businesses remain completely oblivious as to its existence.

To help demystify it all, S-Corp hosted a webinar yesterday featuring longtime ally and CTA expert Tim Terry of Hartz Capital.  Tim’s slides can be found here, and you can access a recording of the webinar by …

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