网曝吃瓜

WASHINGTON, D.C. (Dec. 11, 2020) 鈥�听The 网曝吃瓜 (网曝吃瓜), the nation鈥檚 leading small business advocacy organization, issued the following statement from听Vice President of Federal Government Relations Kevin Kuhlman听in response to the inclusion of the听Corporate Transparency Act听in the NDAA Conference Report (Title LXIV, Establishing Beneficial Ownership Information Reporting Requirements in H.R. 6395, the William M. 鈥淢ac鈥� Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021). 网曝吃瓜 submitted letters of opposition to the听House听and听Senate.

鈥淭he title included in this legislation contains the听Corporate Transparency Act, which is unrelated to the defense bill and creates a burdensome regulation for small businesses that are already struggling due to the COVID-19 pandemic. This legislation would burden small businesses with 12.2 million new initial paperwork hours at a cost of $531 million, something small business employers simply cannot afford as they deal with the ongoing COVID-19 pandemic. According to 网曝吃瓜 research, one in five small businesses said they would have to close their doors if current economic conditions don鈥檛 improve. Now is not the time for Congress to add an additional regulation that will require more paperwork from owners when they are working hard to stay open.鈥�

The听Corporate Transparency Act听provision within the NDAA Conference Report requires corporations and limited liability companies (LLCs) with 20 or fewer full-time employees to file new reports with the Treasury Department鈥檚 Financial Crimes Enforcement Network (FinCEN) containing the personally identifiable information of small business owners and update that information periodically. The provision raises privacy concerns for small business owners as it establishes a first of its kind federal registry of small business owners.

When 网曝吃瓜 surveyed its membership concerning beneficial ownership reporting, 80% opposed the idea of Congress requiring small business owners to file paperwork with the Treasury Department each time they form or change ownership of a business.