On November 16th, GCCA joined with coalition partners to send a letter to Congress urging the delay of the Corporate Transparency Act (CTA) by one year. The legislation would require the submission of regular reports to the federal government by businesses owners and other legal identities. The goal of this legislation is to find shell companies, but the legislation defines these entities as “those having 20 of fewer employees and under $5 million in revenue”. This means that CTA essentially targets all US small businesses as shell companies. GCCA and its industry allies are calling on Congress to delay the implementation of the CTA for a year, to give the regulated industry needed time to improve and finalize the statue’s regulatory framework; and give those affected time to prepare for compliance.
