Corporate Transparency Act Included In National Defense Authorization Act
Last week, Congress passed the Fiscal Year 2021 NDAA with overwhelming veto proof majorities. President Trump has threatened to veto the legislation because it fails to repeal Section 230 liability protections for tech companies.
The legislation includes significant changes to the Bank Secrecy Act and anti-money laundering reforms.
The NDAA also includes the Corporate Transparency Act (CTA) requiring corporations and limited liability companies (LLCs) with 20 or fewer full-time employees to file new reports with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) containing the personally identifiable information of small business owners and update that information periodically.
The provision raises privacy concerns for small business owners as it establishes a first-of-its-kind federal registry of small business owners.
Click Here for a summary from the National Federation of Independent Business (NFIB).