AAMA said in a press release that they are calling for the full repeal of the Corporate Transparency Act (CTA) following a recent lifting of the injunction on the law. The CTA, AAMA explains, has “burdensome reporting requirements that unfairly target small businesses while creating an uneven playing field that benefits large corporations.”
“With the injunction lifted, the Financial Crimes Enforcement Network (FinCEN) has reinstated the CTA’s beneficial ownership information (BOI) reporting requirements, setting a new compliance deadline of March 21, 2025,” the association said.
“FinCEN has stated it will evaluate possible modifications to the deadline within the next 30 days, though no guarantees have been made. Additionally, FinCEN is considering revisions to reporting requirements for ‘lower-risk’ entities to alleviate some of the compliance burdens.”
However, the association added that “these measures fall far short of what is necessary,” and urge business owners and advocates to demand their representatives support the Repealing Big Brother Overreach Act and the Protect Small Businesses from Excessive Paperwork Act.