While the intent of the law was to stem money laundering, the CTA is not only bad policy, it is unconstitutional. Failure of a small business to comply—intentional or not—could result in up to $10,000 in fines and up to two years in prison.
NSBA has filed a lawsuit against Treasury over the implementing regulations of the CTA, however an act of Congress to repeal the law is the best way to ensure this bad policy doesn’t see the light of day.
Please take a moment TODAY to urge your lawmakers to support every effort to delay and ultimately repeal this harmful law.
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