Chamber Urges Businesses To File New Federal Paperwork

The Cookeville-Putnam County Chamber of Commerce warning local businesses and non-profits to make sure they are compliant with the Corporate Transparency Act.

President and CEO Any New said these organizations are being required to share certain documents with the government or face fines starting January 1. New told Putnam County’s Joint Economic and Community Development Board Tuesday that the law could cost businesses up to some $10,000 per year.

“I really hope that each of you will take, like City of Cookeville, Putnam County, share this information as well,” New said. “Because our biggest fear is that these small business or even non-profits that are affected by this, they’re going to, and it’s five hundred dollars a day for a fine every day that they’re late, and so making sure that they’re aware of this.”

New said the chamber will upload a step-by-step guide for how to fill out the proper forms to its website Wednesday and additional information will be on its social media pages. New said it is important for businesses to make sure they are submitting the proper documents and getting confirmation that the forms have been processed.

“Five hundred dollars a day, that could close a small business down to be honest with you,” New said. “So we want to get ahead of this.”

New said the program came about through the National Defense Authorization Act. New said the U.S. Chamber of Commerce recently took an official stance opposing the new system.

“It’s funny, the U.S. Chamber of Commerce didn’t have a stance on it for, I don’t know, I reached out to them in July, didn’t have a stance on it,” New said. “And literally last week, or November 22, they decided to take a stance.”

Putnam County Mayor Randy Porter said his wife filled out the paperwork for her organization but it was unclear if the process was done correctly. Porter said she was notified that the form was completed but there was no way to see if there were any issues with it.

“Treasurer Lillard and Secretary Hargett’s office will be the ones that will (enforce it), and they’ve said they’re going to be somewhat lenient,” New said. “I’m not sure what that means but at the same time they have to report up. So they’re going to have to do it.”

New said more information can be found online by searching for the Corporate Transparency Act and looking at the websites for the Secretary of State’s Office and U.S. Chamber of Commerce.