CTA - The S Corporation Association

Talking Taxes in a Truck Episode 29: NFIB’s Kevin Kuhlman on Looming CTA Reporting Requirements and 199A Permanence

Our latest podcast guest is Kevin Kuhlman, Vice President of Federal Government Relations at the National Federation of Independent Business (NFIB). Kevin kicks things off by recapping his testimony before the House Financial Services Committee, and explains how the Corporate Transparency Act’s reporting rules will saddle the small business community with unprecedented compliance costs and the threat of hefty fines and jail time, while doing virtually nothing to combat illicit activity. Later he discusses the strong show of support in the House for Rep. Lloyd Smucker’s Section 199A permanence bill, the Main Street Tax Certainty Act (H.R. 4721); how small …

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admin2024-02-12T18:22:18+00:00July 22, 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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admin2023-10-04T16:39:25+00:00July 5, 2023|

Congress Focused on CTA Flaws

With just six months to go before the Corporate Transparency Act’s (CTA) reporting requirements take effect, federal lawmakers are sounding the alarm over just how far reaching – and poorly constructed – the rules are.

A quick primer for those new to the issue: the CTA requires smaller businesses and other entities to annually report the personal information of their “beneficial owners” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to FinCEN, “beneficial owner” includes individuals with at least a 25-percent stake in the business, as well as those who serve on the entity’s board, helped organize the entity, …

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admin2023-10-04T16:39:35+00:00June 16, 2023|

Main Street Backs CTA Legal Challenge

This week, the Main Street business community voiced its support the National Small Business Association’s lawsuit challenging the constitutionality of the Corporate Transparency Act (CTA).

The letter was signed by more than 45 trade associations, including the International Franchise Association, National Roofing Contractors Association, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable. These trades represent businesses from every state and nearly every sector of the economy.

As the letter makes clear, the CTA is poorly constructed, overly burdensome, and threatens the owners of literally millions of small businesses across the country:

The CTA represents an unprecedented attempt by the …

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admin2023-10-04T16:39:39+00:00December 7, 2022|

ENABLERS Targets Main Street, Not Oligarchs

A recent op-ed in the Washington Post has all the earmarks of blatant government overreach disguised as national security advocacy. The op-ed, Congress is Letting International Money Launderers off the Hook supports the so-called ENABLERS Act and hits all the key words – “Putin,” “kleptocrat,” “ill-gotten gains,” “basic due diligence” – on the partisan FACT Coalition bingo card. What it fails to do is explain how the bill will make Americans safer or our financial system more secure.

The photo accompanying the story is a good example of just how badly the law will fail. It shows the …

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admin2023-10-04T16:39:44+00:00November 29, 2022|