With the prospect of the appointment of another truly craptastic secretary of labor, independent professionals and small business are also battling yet another onerous law compliments of a rapacious Congress and the Department of the Treasury. The Corporate Transparency Act (CTA) was signed into law by then-President Trump on January 1, 2021, neatly buried in the National Defense Authorization Act (NDAA) to conceal its harms. This law requires any entity that has filed as a business with their secretaries of state (LLC, S and C corps) to register a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).
The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial…
