Webinar: NAW Government Relations Update – March 2024

Topic: Understanding the Corporate Transparency Act

Virtual | March 13, 2024 @ 1:00 PM ET

The Corporate Transparency Act (CTA), enacted in 2021 as an attempt to prevent money laundering, creates a government run database to identify shell companies engaged in illicit financial transactions. However, the law is so broad it requires any business entity with fewer than 20 employees and $5 million to submit and update reports to the Financial Crimes Enforcement Network (FinCEN). 

The CTA creates significant new burdens on law abiding small businesses. While FinCEN has stated the compliance costs will only be $85 per business, the American Institute of Certified Public Accountants believes this is significantly understating the cost of the reporting regime. FinCEN relied on vague and arbitrary standards in laying out the criminal and civil penalties, and it has implemented filing deadlines for newly-formed entities which in some cases are impossible to meet.

Please join NAW for this webinar to learn more about the implementation of the CTA.

About the Guest Speaker:

Brian Reardon is the President of the S Corporation Association, a role he took on after serving as a Special Assistant to the President of the United States from 2003 to 2005, working at the President’s National Economic Council. Prior to serving at the NEC, Mr. Reardon served as Staff Director and Chief Economist of the Senate Republican Policy Committee. Mr. Reardon has also worked for the National Federation of Independent Business (NFIB) and Senator Spencer Abraham (R-MI). He began working in Washington for his home-state Senator, Bill Armstrong (R-CO)”