ASA Urges Speaker Johnson to Delay the Corporate Transparency Act (CTA) for One Year!

ASA, along with 200 plus organizations, sent a letter to Speaker Johnson urging him to hold a vote on Rep. Nunn (R-IA)’s bipartisan legislation (H.R. 9278), which would delay the Corporate Transparency Act (CTA)’s year-end filing deadline by one year. Rep. Nunn, along with his supporters, are optimistic about securing a vote in the coming weeks, which would put additional pressure on the Senate to act. Per the letter, “this bill provides a commonsense, bipartisan solution to an impending regulatory disaster which, left unaddressed, will threaten countless small business owners and employees with steep fines and even jail time.” ASA has consistently remained opposed to the implementation of the CTA, which mandates that companies disclose and regularly update detailed beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It subjects covered entities and their “beneficial owners” to vague and complex reporting requirements while putting their sensitive personal information at risk. Failure to comply can result in fines of over $590 per day, as well as felony charges and up to two years imprisonment.