Recently, enforcement of the Corporate Transparency Act (CTA) was put on hold. In theory, the CTA is designed to weed out any money laundering schemes, terrorism financing, and tax fraud. In practice, however, Iowa Congressman Zach Nunn says the CTA places an excessively large burden on small businesses that are already working hard enough just to get by.
Nunn says this legislation doesn’t even go after the source of the problem that it wants to fix.
Nunn says he is grateful for the widespread support of his Small Business Red Tape Relief Act, which will hold the U.S. Treasury accountable for educating Main Street businesses on reporting responsibilities in order to prevent small businesses from being penalized for not complying with new requirements when they have not even been informed.
For more information, visit nunn.house.gov.
