Brad Close President | NFIB Alabama
Brad Close President | NFIB Alabama
NFIB State Director Rosemary Elebash has expressed gratitude to Alabama Secretary of State Wes Allen for his participation in a collective effort with 19 other secretaries of state. They have co-signed a letter urging President Trump to repeal the Corporate Transparency Act.
“This federal law places a heavy reporting burden on small business owners, with severe penalties for those who don’t comply,” Elebash stated.
The Corporate Transparency Act mandates over 30 million small businesses across the United States to report the personally identifiable information of each owner to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Should this federal law remain intact, thousands of small businesses in Alabama will need to adhere to these new requirements. Non-compliance could result in civil and criminal penalties, including imprisonment for up to two years and fines reaching $10,000.
In recent developments, NFIB has voiced its support for the Big Brother Overreach Act, legislation aimed at repealing the Corporate Transparency Act. Jeff Brabant, NFIB Vice President for Federal Government Relations, described the Corporate Transparency Act as “an unconstitutional power grab” that disproportionately affects small businesses.
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