The Corporate Transparency Act compliance train wreck

Vice President Kamala Harris wants us to believe she’s “passionate” about small businesses, but there’s little evidence of that. While her proposal to increase deductions for business startups is marginally helpful, it would be completely overwhelmed by the massive tax hikes and increased regulatory burdens that make up the bulk of her agenda.

As just one example, the Financial Crimes Enforcement Network, or FinCEN, under her oversight continues to move forward with implementing the onerous Corporate Transparency Act. This new regime subjects millions of small businesses and other legal entities to invasive reporting requirements that are due by the end of the year.