Protecting Small Business: Hardwood Federation Requests Delay In CTA
Posted On
November 29, 2023
Small businesses, with the support of the Hardwood Federation, are pushing hard to delay the implementation of the Corporate Transparency Act. This poorly communicated federal law will take effect at the beginning of 2024. The problem is that failing to meet the law's numerous new reporting requirements could result in harsh financial and criminal penalties for small businesses, most of whom are not aware that the requirements exist. The Hardwood Federation will sign a letter to House and Senate leadership this week to advocate for a delay.
Resources:
- Hardwood Floors Magazine: The Corporate Transparency Act
- Financial Crimes Enforcement Network