WASHINGTON—Small business owners and those representing the interests of small business—mostly S corporations--raised strong objections to the Corporate Transparency Act during testimony before the House Committee on Small Business.
Critics of the bill called it “confusing” are overly burdensome on Main Street businesses, Repairer Driven News said.
Rep. Warren Davidson (R-OH) introduced HR8147 to repeal the CTA a day before the hearing.
More than 100 trade associations sent a letter to Davidson expressing their support of the bill.
What’s Required
“By way of background, the CTA took effect this year and requires small businesses and other covered entities to report the personal information of their owners and managers to the Financial Crimes Enforcement Network at the Treasury Department (FinCEN),” a release from the S-Corporation Association states. “As we’ve written extensively, the CTA saddles law-abiding business owners with compliance headaches and criminal penalties while doing little or nothing to combat illicit activity.”
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