December ’24 at a glance … taxes, tariffs & trade

Corporate Transparency Act halted by federal judge

A federal court injunction halted the Corporate Transparency Act requiring small businesses with revenue under $5 million and 20 or fewer employees to report beneficial ownership by Jan. 1, 2025, with the Financial Crimes Enforcement Network of the Treasury Department. NAFEM thanks the many members who communicated via the Advocacy Action Center with their elected officials about the burdensome nature of the Act.

NAFEM joins 200-plus organizations urging negotiations to avoid East and Gulf Coast ports strike

NAFEM and more than 200 associations, manufacturers, farmers, agribusinesses, wholesalers, retailers, restaurants, importers, exporters, distributors and other businesses wrote leaders of the International Longshoremen’s Association and the U.S. Maritime Alliance urging the parties to return to and remain at the negotiating table until a final deal is reached before the Jan. 15 contract expiration date. “We understand automation and technology continues to be the biggest issue of disagreement between the parties. Modernization can only happen through true partnership between labor and management, as well as other supply chain stakeholders that rely on these ports.”