CTA now?

The Corporate Transparency Act (CTA) has been the elephant in the room for small businesses since its enactment on January 1, 2021. It requires small businesses formed as corporations or LLCs to register the names of their beneficial owners with the Treasury, although last year the Treasury said domestic companies would not have to comply. A House committee voted to support a bill entitled Repealing Big Brother Overreach Act (H.R. 425) that would repeal the CTA. And the U.S. Supreme Court is being urged to decide that the law is unconstitutional. Monitor developments to know whether your obligations change. #IdeaoftheDay