Small businesses have been through hell these last four years. The economy has been volatile, with inflation and input costs skyrocketing due to the Biden administration’s reckless spending policies. If the little guy was able to overcome these obstacles, he was met with burdensome laws and regulations, taking whatever wind was left from the sails of his operation.
Sadly, there’s another hurdle small businesses may face in the very near future. It’s called the Corporate Transparency Act, which became law in 2021 and is set to be implemented this month. Championed by progressive Democrats, this legislation was slipped into the National Defense Authorization Act, generally considered “must-pass” legislation.