NCPA was one of 60 organizations that signed a letter urging the Trump administration to take swift action to delay the implementation and enforcement of the Corporate Transparency Act indefinitely, or at least until the legal cases challenging its validity have been fully resolved.
Despite a recent Supreme Court ruling, reporting companies are not currently required to file beneficial ownership information reports and are not liable under the CTA. NCPA will keep you posted on any developments.
Under the CTA, small businesses (including pharmacies) that have 20 or fewer full-time employees that do not otherwise meet an exemption were required to report a BOI report with the U.S. Treasury's Financial Crimes Enforcement Network.
NCPA advocated for the CTA's repeal or delay in April 2024, September 2024, and December 2024. For NCPA's member summary of the CTA, click here.
