Effective Jan. 1, 2024, the Corporate Transparency Act requires certain entities, including many small businesses, to report information about the individuals who ultimately own or control them (also known as their “beneficial owners”) to the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury.

On March 22, Sen. Bob Casey, D-Pa., led a group of Democratic senators in a letter to U.S. Department of the Treasury Secretary Janet Yellen, urging Treasury to impose additional burdensome labor mandates and compliance regulations in the agency’s implementation of the Inflation Reduction Act.