TBA Law Blog


Posted by: Julia Wilburn on Jul 26, 2024

Tennessee Secretary of State Tre Hargett recently sent a letter to U.S. Sen. Bill Hagerty with concerns about “unnecessary burdens placed on businesses owned and operated by our fellow Tennesseans,” reports the Upper Cumberland Business Journal. The letter acts as an official request to repeal a “requirement under the Corporate Transparency Act” that Hargett says burdens small business operating in both the country and state by forcing them to report information on the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The requirement, which was set up as a counterterrorism and anti-illicit finance effort, focuses on businesses with 25 or fewer employees while exempting certain publicly traded companies, non profits and some large companies.