(Boise, Idaho) – Idaho Secretary of State Phil McGrane has joined a coalition of Secretaries of State urging President Donald J. Trump to take action to repeal the Corporate Transparency Act (CTA). In a letter sent to the President on February 18, 2025, McGrane and his colleagues expressed significant concerns about the Act’s detrimental impact on small businesses across the country.
“The Corporate Transparency Act is yet another example of federal overreach that burdens small businesses with excessive regulations and compliance challenges,” said Secretary McGrane. “Instead of fostering economic growth and security, this law creates confusion and unnecessary red tape. President Trump has a tremendous opportunity to remove an unnecessary burden on American small businesses and I urge him to take swift action to repeal this flawed law and stand up for hardworking entrepreneurs across the country.”
The letter specifically highlights the flawed implementation of the Beneficial Ownership Information (BOI) reporting requirement, which mandates that small businesses submit extensive information to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). It also emphasizes the widespread frustration among business owners, accountants, and legal professionals regarding the lack of clear guidance from FinCEN.