A significant step toward the ultimate goal of fully repealing the Corporate Transparency Act, NSBA applauds Treasury and FinCEN for their commitments to Small Business in the latest CTA rule change.
This week, NSBA sent a letter to U.S. Treasury Secretary Scott Bessent and Treasury's Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki to express appreciation and support regarding the newly issued interim final rule on Corporate
Transparency Act (CTA) reporting requirements.
Specifically, the interim final rule’s revised definition of “reporting company” and its exemption of entities previously known as “domestic reporting companies” from Beneficial Ownership Information (BOI) reporting mark a significant step toward alleviating the burdens that the CTA originally threatened to place on U.S. Small Businesses.
NSBA remains at the forefront of legal and advocacy efforts to combat the disproportionate
impacts that the CTA’s BOI reporting requirements would have placed on the U.S. Small-Business sector.
First in the nation to sue over the burden the CTA placed on small
companies, NSBA's 65,000+ members across the country are continuing to work with policymakers to craft legislative solutions to prevent future rule changes by new administrations.
Extending our efforts, NSBA also joined a Joint Trades coalition letter to Sec. Bessent regarding support for the Treasury and FinCEN's latest changes to the CTA.
