News & Analysis as of

Corporate Transparency Act Commerce Clause Reporting Requirements

Husch Blackwell LLP

New Challenge to the Corporate Transparency Act: Firestone v. Yellen

Husch Blackwell LLP on

On September 20, 2024, a U.S. District Judge for the District of Oregon rejected new challenges to the constitutionality of the Corporate Transparency Act (CTA) in Firestone, et al. v. Janet Yellen, et al. Case No....more

Smith Anderson

The Corporate Transparency Act - Case Law Update and Determining Beneficial Owners

Smith Anderson on

As discussed in our prior two alerts (found here), effective as of Jan. 1, 2024, the Corporate Transparency Act and rules issued thereunder by the Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “CTA”)...more

Bilzin Sumberg

The Corporate Transparency Act (CTA) Is Unconstitutional—But Only for Some Companies

Bilzin Sumberg on

On Friday, March 1, 2024, a federal judge in Alabama ruled that the Corporate Transparency Act is unconstitutional. See NSBU v. Yellen, No. 5:22-cv-1448, 2024 BL 69366, 2024 Us Dist Lexis 36205 (N.D. Ala. Mar. 01, 2024). Here...more

Perkins Coie

Federal District Court Finds Corporate Transparency Act Unconstitutional: What Now?

Perkins Coie on

The CTA and Legal Challenges - The CTA is a sweeping new anti-money-laundering law that, as of January 1, 2024, requires most entities formed or registered to do business in the United States to disclose detailed...more

Whitman Legal Solutions, LLC

Court Decision Doesn’t Affect Corporate Transparency Act Requirements for Most Companies and Real Estate Investors

On March 1, 2024 a United States District Court in Alabama held in National Small Business United dba National Small Business Association v. Yellen (NSBA Case) that the Corporate Transparency Act (CTA) is unconstitutional. ...more

Cadwalader, Wickersham & Taft LLP

Court Finds Corporate Transparency Act Unconstitutional and Unenforceable as to NSBA Members

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA requires many U.S. entities to disclose their individual beneficial...more

Falcon Rappaport & Berkman LLP

Constitutional Clash: U.S. District Court Landmark Decision Declares the Corporate Transparency Act Unconstitutional

In 2021, Congress passed the Corporate Transparency Act (CTA), which will be administered and enforced by the Financial Crimes Enforcement Network (“FinCEN”) of the United States Treasury Department, in an effort to implement...more

UB Greensfelder LLP

Corporate Transparency Act Update

UB Greensfelder LLP on

On March 1, 2024, the U.S. District Court for the Northern District of Alabama, Northeastern Division published an opinion finding that the Corporate Transparency Act (the “CTA”) is unconstitutional as exceeding the U.S....more

Venable LLP

Alabama Federal District Court Declares CTA Unconstitutional: Here's What You Need to Know

Venable LLP on

The Corporate Transparency Act (CTA), which became effective on January 1, 2024, was enacted to combat the use of shell companies by those seeking to evade anti-money laundering laws and economic sanctions. ...more

Mayer Brown

Federal Court Declares the Corporate Transparency Act Unconstitutional

Mayer Brown on

On March 1, 2024, the US District Court for the Northern District of Alabama declared the Corporate Transparency Act (“CTA”) unconstitutional, and suspended its enforcement against the plaintiffs in that case. While most...more

Verrill

Constitutional Challenge to the CTA

Verrill on

Recent Development - On March 1, 2024, a federal court in Alabama ruled that the Corporate Transparency Act violates the U.S. Constitution and is unenforceable on its face. The decision (NSBU v. Yellen) is highly...more

Benesch

Those Subject to the Corporate Transparency Act Should Continue to Comply with its Requirements

Benesch on

Don’t panic! It is business as usual for those subject to the Corporate Transparency Act (the “CTA”). On March 1, 2024, Judge Liles C. Burke of the District Court for the Northern District of Alabama held the CTA...more

Holland & Knight LLP

Federal District Court Finds Corporate Transparency Act Unconstitutional

Holland & Knight LLP on

The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more

Miller Canfield

Cracks in the Corporate Transparency Act?

Miller Canfield on

On March 1, 2024, an Alabama federal court declared the Corporate Transparency Act (CTA) unconstitutional—but only enjoined its enforcement as to the specific litigants. As described in our prior alerts, the CTA...more

Saul Ewing LLP

Corporate Transparency Act (CTA) Update: Federal Judge Rules CTA Unconstitutional

Saul Ewing LLP on

The decision of the Federal District Court for the Northern District of Alabama in the case of National Small Business United v. Yellen, announced on Friday, March 1, 2024, has created uncertainty for both reporting companies...more

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