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## U.S. Lawmakers Urge Delay on Reporting Requirements for Small Businesses

In a recent letter to U.S. Treasury Secretary Janet Yellen and FinCEN Director Andrea Gacki, U.S. Senators Mike Crapo, Jim Risch, Rick Scott, and U.S. House of Representatives Financial Services Chairman Patrick McHenry, along with 76 other colleagues, have voiced their concerns about the implementation of new reporting requirements for small businesses.

The lawmakers highlight their worry about the potential impact of the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA) on small businesses across the country. They argue that the CTA, while aimed at targeting shell companies involved in illicit financial transactions, defines covered entities as those with 20 or fewer employees and under $5 million in revenue, effectively encompassing nearly every small business in America.

Moreover, they express their unease about the lack of awareness and education among small business owners regarding their new obligations under the CTA, which is set to begin in a few weeks. The leaders emphasize the need for FinCEN to finalize two critical rulemakings that are essential for protecting small businesses’ personal information.

To address these concerns, the lawmakers are urging a minimum one-year delay to the January 1, 2024, effective date for all BOI requirements, provided that FinCEN has finalized all outstanding rulemakings. They believe that this delay will ensure that both FinCEN and the business community have sufficient time to educate owners about their new obligations and allow for a thorough review of the new rules to improve and finalize the statute’s regulatory framework.

## How AI legalese decoder Can Help

AI legalese decoder can assist small business owners and stakeholders in understanding their new obligations under the Corporate Transparency Act (CTA) by providing a simplified breakdown of the legal language and requirements. The platform can offer easy-to-understand explanations of the reporting requirements and deadlines, ensuring that small business owners are well-informed about their obligations.

Moreover, AI legalese decoder can keep users updated on any changes or finalizations to the BOI rulemakings, thereby helping small businesses stay informed about the evolving regulatory framework. By leveraging AI legalese decoder, small business owners can navigate the complexities of legal jargon and compliance requirements with confidence and clarity.

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