On Sept. 3, Associated Builders and Contractors joined 150 members of the in a for , introduced by Rep. Zach Nunn, R-Iowa. This legislation would provide small businesses with an additional year to file the beneficial ownership information required by the U.S. Department of Treasury鈥檚 Financial Crimes Enforcement Network鈥檚 Corporate Transparency Act implementing regulation.

The CTA requires millions of small businesses, including nearly every employer with 20 or fewer employees, to report personal information of their beneficial owners and update that information periodically throughout the life of the business. Failure to comply with the onerous reporting requirements could subject small business owners and employees to potential fines and jail time.

鈥淎lthough filing under the CTA began at the start of this year, FinCEN reports it has received just 10% of required submissions. This compliance rate can be attributed directly to the general lack of awareness among the small business community when it comes to the new rules. Given this massive education gap, it is clear additional time is needed for regulators and other stakeholders to continue their outreach to affected small businesses,鈥� the letter stated.听

In the letter, 老牛影视and the SBE Council urged Speaker Johnson to bring H.R. 9278 to the U.S. House of Representatives floor for a vote to provide business owners and employees with more time to comply with the CTA.

A similar bipartisan bill to H.R.9278, sponsored by Reps. Nunn and Joyce Beatty, D-Ohio,听听late last year, 420-1. However, U.S. Senate Banking Committee Chair Sherrod Brown, D-Ohio, stalled the legislation, putting small businesses at risk.

For more on the CTA Beneficial Ownership Requirements, see ABC鈥檚 Compliance Update published on Aug. 5. 老牛影视encourages members and small business owners to discuss FinCEN鈥檚 BOI reporting requirements with counsel.