Legislation needed to delay Corporate Transparency Act filing deadline

The ADA has joined with 150 other trade associations in supporting legislation to delay the Corporate Transparency Act’s year-end filing deadline by one year. Rep. Zachary Nunn, R-Iowa, introduced H.R. 9278 to provide relief to many small businesses subjected to the Corporate Transparency Act’s reporting requirements.

Currently, these businesses — many of which include dental practices — have less than one year to file beneficial ownership information reports before facing penalties. Dental practices must report if they either employ fewer than 20 people or generate less that $5 million (gross receipts) in revenue annually.

But under the new legislation, small businesses would have an additional year to file beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. The letter notes that the Financial Crimes Enforcement Network has received just 10% of required submissions, which is likely attributed to the lack of awareness among small businesses when it comes to the rules.

“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 letter reads.

Source: Legislation needed to delay Corporate Transparency Act filing deadline / ADA News

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