NWRA Calls Upon Congressional Leaders to Delay CTA Reporting Requirements
Arlington, VA – The National Waste & Recycling Association (NWRA), as part of a coalition of associations representing millions of small businesses, sent a letter to House and Senate leaders urging Congress to delay the implementation of certain reporting requirements under the Corporate Transparency Act (CTA) by one year. The CTA requires the submission of regular reports to the federal government identifying the beneficial owners of businesses and other legal entities.
“While the goal of the law is to target shell companies engaged in illicit behavior, the new law defines targeted entities as those having 20 or few employees and under $5 million in revenue,” said NWRA Interim President and CEO Jim Riley. “This law would capture nearly every small business, including many waste and recycling companies that operate regionally and locally, as well as many of our supplier members. We urge Congress to delay the implementation of these requirements.”
The scope of the data collection is unprecedented outside of the tax code. The Financial Crimes Enforcement Network (FinCEN) expects to receive more than 32 million separate reports in 2024, with an additional five to six million filings each year after that. FinCEN has significantly underestimated the costs associated with the new reporting requirements and has yet to complete the three primary rules necessary to implement the law. A one-year delay will give FinCEN time to improve the statute’s regulatory framework and give stakeholders time to prepare for their new compliance obligations.
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ABOUT NWRA
The National Waste & Recycling Association (NWRA) represents the private sector waste and recycling services industry. Association members conduct business in all 50 states and include companies that manage waste, recycling and medical waste, equipment manufacturers and distributors, and various other service providers. For more information about NWRA, please visit www.wasterecycling.org.
Contact
Brandon Wright
National Waste & Recycling Association
bwright@wasterecycling.org
202-364-3706
