Earlier today, NSBA held a webinar for members to receive a status report on our lawsuit over the Corporate Transparency Act (CTA). During the virtual meeting, participants heard from NSBA leadership, constitutional law experts and policy insiders who explained why the lawsuit is so important in protecting small businesses against the overreach of the CTA.
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Todd McCracken, NSBA President and CEO, kicked off the session discussing what the CTA does, when it goes into effect and how small businesses will be impacted. Thomas Lee, Special Counsel, Hughes Hubbard & Reed, LLP, dug into the details of the lawsuit, including the key constitutional issues as well as the timeline and what to expect in the coming months. Next we heard from Tim Terry, General Counsel, Hartz Capital, Inc., who provided a stark explanation of why the bills vagueness and lack of clarity will create a compliance nightmare. Finally, Brian Reardon, President, S Corporation Association, spoke to the group about what other organizations are supporting NSBA’s lawsuit and the various efforts on Capitol Hill to repeal the CTA.
Watch the full video below.