“FinCEN should immediately reverse course and suspend enforcement of the CTA for all until these issues are finally resolved.”
FOR IMMEDIATE RELEASE
Tuesday, March 5, 2024
Contact: Molly Day | 202-552-2904 | mday@nsba.biz
Washington, D.C. – The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced last night that they would ONLY follow the U.S. District Court’s ruling in favor of NSBA’s lawsuit to strike down the Corporate Transparency Act (CTA) specifically for NSBA members. This decision means all other small-business owners across the country will continue to face uncertainty, significant regulatory burdens and potentially crippling penalties because of the CTA.
Below is a statement from NSBA President and CEO Todd McCracken.
“FinCEN continues to demonstrate its disregard for the small-business community and complete tone deafness to the significant burdens and regulatory confusion the CTA places on law-abiding business owners throughout the country.
“A federal court has declared the CTA unconstitutional. Rather than suspend enforcement of the CTA for all, FinCEN has declared “full speed ahead” on compliance for all but the plaintiffs in the case. When coupled with the fact that FinCEN put virtually no effort into informing the public about the obligations of small businesses under the CTA, FinCEN’s unwillingness to suspend enforcement shows a clear disregard of America’s small-business owners.
“FinCEN should immediately reverse course and suspend enforcement of the CTA for all until these issues are finally resolved.”
Please click here to read the ruling.
Celebrating more than 85 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.
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