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Lawmakers Renew Push for CTA Delay

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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2024-11-11T19:29:20+00:00November 11, 2024|

Congressman Hern Hosts 199A Roundtable

The Main Street Employers Coalition gathered in Oklahoma City earlier today for a roundtable discussion with Congressman Kevin Hern, himself a former pass-through owner and an original cosponsor of our 199A permanence bill.  

It was a perfect venue for the gathering. Nearly two out of every three private sector jobs in Oklahoma are supplied by pass-through businesses who rely on 199A to reinvest in their workers and their communities, all while remaining competitive with larger publicly traded companies.  

It’s the sixth event the group has …

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2024-10-30T13:53:28+00:00October 30, 2024|

CTA Update | October 23, 2024

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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2024-10-23T20:02:43+00:00October 23, 2024|

Congresswoman Beth Van Duyne Hosts Texas Roundtable on 199A

Members of the Main Street Employers Coalition today joined Congresswoman Beth Van Duyne to discuss the critical role the Tax Cuts and Jobs Act (TCJA) and its Section 199A Main Street business deduction have played in driving investment and supporting job creation. It was the fifth event (see here, here, here, and here) we’ve helped organize under the Ways & Means tax teams banner, an effort initiated by committee Chairman Jason Smith aimed at soliciting feedback from businesses affected by the looming fiscal cliff.

The event kicked off with a tour of …

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2024-10-15T21:23:57+00:00October 15, 2024|

Tax Teams Comment Summary

Back in April, Chairman Jason Smith announced the formation of ten tax teams designed to identify legislative solutions to avert the coming 2025 fiscal cliff.

In addition to engaging directly with Main Street employers through hearings and roundtables (see here, here, here, and here), the effort requested feedback from stakeholders as to their priorities for the coming year. S-Corp and its allies responded with numerous comments, including:

2024-10-15T17:05:30+00:00October 15, 2024|
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