A legal challenge to new reporting requirements for small business owners, potentially costing them $73.1 billion over a decade, has begun with a request for preliminary injunction in a federal courtroom in Texas.
The National Federation of Independent Business, in a hearing, is seeking to stop the reporting requirements in the Corporate Transparency Act from implementation on Jan. 1.
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A coalition of small businesses, U.S. senators and representatives sent a letter to the Biden administration calling for a one-year delay in a new rule requiring businesses with as few as 20 employees to report financial information about the business’ beneficial owners.
Under the rule, small businesses will be required to report personal information about their owners, board members, senior management and legal representation and could face civil or even criminal penalties for failure to do so.
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A former Treasury Department official pleaded guilty in federal court in New York City on Monday to leaking sensitive financial records of multiple Trump associates and figures in the Trump-Russia investigation to a reporter at BuzzFeed News.
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