On January 20, more than 100 trade associations urged Treasury to take immediate action to protect small business owners from unnecessary privacy and cybersecurity risks stemming from the Corporate Transparency Act (CTA).
The letter was led by the Main Street Employers Coalition and calls on Treasury to purge the CTA database of beneficial ownership information submitted by domestic entities that are no longer required to file. It also asks Treasury to quickly finalize the rule formally exempting U.S. businesses from the reporting requirement.