Jefferson City, MO – Missouri Secretary of State Denny Hoskins, CPA, has joined 19 other Secretaries of State in urging President Donald J. Trump to support the repeal of the Corporate Transparency Act (CTA), a federal law that places costly and confusing reporting requirements on small businesses.
“The Corporate Transparency Act is government overreach at its worst—hitting small businesses with unnecessary red tape while letting big corporations and nonprofits off the hook,” said Secretary Hoskins. “Missouri’s entrepreneurs should be focused on growing their businesses, not filling out government paperwork under threat of fines or jail time.”
The CTA requires millions of small businesses to report detailed ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), with penalties of up to $10,000 and two years in prison for noncompliance. Meanwhile, large corporations and tax-exempt organizations—entities more likely to engage in illicit financial activity—are exempt from these requirements.
The coalition of Secretaries of State highlighted the CTA’s flawed implementation, the lack of clear guidance from FinCEN, and the financial burden on small business owners, which is estimated to cost $145 million in compliance expenses nationwide.
A bill has been introduced in Congress—H.R. 8147, the “Repealing Big Brother Overreach Act”—to fully repeal the CTA. Secretary Hoskins strongly supports this effort and urges lawmakers to act swiftly.
“I stand with small business owners across Missouri who are frustrated, confused, and rightfully concerned about this law,” Hoskins said. “Repealing the CTA is the right thing to do to protect our entrepreneurs and strengthen our economy.”
The full letter, signed by 20 Secretaries of State, has been sent to the White House for consideration. Secretary Hoskins remains committed to advocating for Missouri’s businesses and cutting through unnecessary government bureaucracy. Read the additional editorial penned by the Secretary.
For more information, please contact: Rachael Dunn, Director of Communications, .
About Secretary of State Denny Hoskins
Denny Hoskins, CPA, was elected Missouri Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families.
