The U.S. House of Representatives has been using the National Defense Authorization Act (NDAA) as the vehicle for controversial and otherwise un-passable provisions. In a letter opposing the ENABLERS Act, which was added as a rider on the NDAA, CIRT joined a cross section of “Main Street” business organizations and enterprises to express concern that Congress is trying to sneak through additional reporting requirements that would affect millions of small businesses, nonprofits, and other entities. The new provisions are very similar to the measure that played out just a few years ago when the Corporate Transparency Act was included as part of the NDAA. (For more background see: https://s-corp.org/2022/09/disable_enablers_act/). The Corporate Transparency Act covers many of the same issues and has yet to be fully implemented or its impacts and viability accessed – before yet more rules should be added on top.
(SEE, Coalition Letter on this matter for details).