CTA Heat

Last week the American Institute of Certified Public Accountants (AICPA) – along with more than 50 of its state societies and affiliates – once again called on federal regulators to delay implementation of the Corporate Transparency Act.

The letter is a scathing indictment of the new reporting regime and centers on the widespread confusion among the small business community when it comes to understanding their compliance obligations.  It reads, in part:

In numerous letters to FinCEN through the BOI rulemaking process and as recently as October of last year, we raised concerns regarding the constricted timeline for the small business community

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2024-04-10T19:05:32+00:00April 10, 2024|

“Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck”

Wall Street is setting records even as millions of Main Street businesses struggle to stay alive, so what’s Congress doing?  Sneaking legislation onto the Defense Authorization Act that makes life easier for big New York City banks by shifting their money laundering responsibilities onto Main Street businesses.

The legislation, authored by Caroline Maloney (D-NY) and Maxine Waters (D-CA), accomplishes this remarkable task in two simple steps:  1) relieve banks of some of their current anti-money laundering responsibilities; and 2) impose onerous new requirements on the struggling Main Street employers.  As a result, the struggling restaurant down the street will need to

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2020-12-05T16:40:10+00:00December 5, 2020|

Business Community Rallies Against Surprise PPP Tax Hike

Negotiations over the next COVID-19 relief package are in full swing – finally! – and the business community has united around one key must-pass item:  Restoring congressional intent and avoiding a $120 billion tax hike on Main Street business by clarifying the correct tax treatment of PPP loans.

That’s the message conveyed today by today’s letter initiated by the Associated General Contractors and signed by 564 national and state-based trade groups.  564!  That’s got to be a record, and the fact those signatories were gathered in the matter of just two days should send a very emphatic signal to Congress

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2020-12-04T19:45:56+00:00December 4, 2020|