Businesses No Longer Need to Fill Out CTA

Washington, DC-  Last week we told you about businesses need to fill out their paperwork concerning the Corporate Transparency Act and the Beneficial Ownership Information Reporting requirements by March 21.

There has been confusion whether or not businesses needed to complete the CTA, and it seems that once again, it has been cancelled.  This means businesses do not need to fill out the CTA paperwork and no penalties will be enforced. Congressman Troy Balderson (R-12 District) said that the Treasury Department will soon introduce new rules narrowing the scope of the rule to foreign reporting companies only.

Congressman Balderson said targeting firms with 20 or fewer full-time employees under the CTA would force around 32 million small businesses to turn over sensitive information to the federal government.