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Arkansas congressman applauds court’s decision to halt deadline for Corporate Transparency Act


Arkansas Congressman French Hill has expressed his support for a Texas federal court’s decision to issue a nationwide injunction against the Corporate Transparency Act (CTA). The act, which was enacted in 2021, introduced a new reporting practice for small business owners, requiring them to file a Beneficial Ownership Report (BOI) by January 1. However, a family-run firearms and tactical gear retailer and other plaintiffs challenged the constitutionality of the CTA, leading to the injunction.

Hill believes that the reporting system lacked proper education resources, causing anxiety among Arkansas business owners approaching the reporting deadline. He has been a vocal opponent of the act in Congress, proposing an alternative method for gathering ownership information through companies’ partnership returns filed with the IRS. Hill argues that this existing information would provide the Dept. of Treasury with all the necessary details without the need for a separate reporting system.

While the implementation of the BOI reporting requirement has been halted, Hill advises small business owners to continue seeking guidance on how to properly fill out the form. He emphasizes the importance of understanding the purpose of the act, which aims to combat illicit finance such as tax fraud and money laundering. Hill also believes that there should have been a national education campaign to familiarize people with the changes brought by the CTA, in order to alleviate the burden on small business owners. The delay in implementation provides valuable time for individuals to comprehend the requirements and implications of the act.

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