A federal court has put a temporary stop to the Corporate Transparency Act. It would have required small businesses, like farms, to file reports with the Treasury Department by January 1st.
The government was trying to build a database of operations earning less than $5 million, and it was in an effort to stop crimes like money laundering. Accountants say the filing is a one-time thing, but argue the government already had the information they needed.
The Chamber of Commerce says unless an appellate court overrules, no farms would have to comply by the January 1st deadline. The Farm Bureau applauds the court’s move, saying they hope Congress will provide a more permanent solution.
