ARA Joins Coalition Letter to Delay Corporate Transparency Act Filing Deadline
Sep 03 2024
ARA signed a letter in support of H.R. 9278, which would delay the Corporate Transparency Act’s (CTA) year-end compliance deadline. 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.
The CTA 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.