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Reporting Requirements Constitutional Challenges Small Business

Husch Blackwell LLP

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

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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

Holland & Knight LLP

CTA Heats Up with New FAQs, Government and Amicus Briefs and New Draft Legislation

Holland & Knight LLP on

The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...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

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

Dickinson Wright

FinCEN Appeals Order Enjoining Corporate Transparency Act

Dickinson Wright on

By now, you are probably familiar with the Corporate Transparency Act (the CTA). Dickinson Wright has reviewed this topic several times, most comprehensively here. The CTA, which was adopted in 2021 and became effective as of...more

Cozen O'Connor

U.S. District Court for the Northern District of Alabama Finds CTA Unconstitutional: National Small Business United, et al v....

Cozen O'Connor on

In a case brought by the National Small Business Association and an individual owner of a small business (Plaintiffs), the U.S. federal district court for the Northern District of Alabama has ruled that the Corporate...more

Hinshaw & Culbertson LLP

Alabama Federal Judge Finds the Corporate Transparency Act (CTA) Unconstitutional: FinCEN Responds

The Corporate Transparency Act (the CTA), which became effective on January 1 this year, was enacted by Congress to combat sources of financial criminal activity and abuse of anonymous companies. The CTA requires a majority...more

Tucker Arensberg, P.C.

Alabama District Court Rules Corporate Transparency Act Unconstitutional: Implications for Small Businesses and Compliance...

Tucker Arensberg, P.C. on

On March 1, 2024, the U.S. District Court for the Northern District of Alabama held the Corporate Transparency Act (the “CTA”) to be unconstitutional. The plaintiffs, National Small Business United d/b/a the National Small...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

Eversheds Sutherland (US) LLP

The Corporate Transparency Act is unconstitutional - For some, and for now

On March 1, 2024, the United States District Court for the Northern District of Alabama found that the Corporate Transparency Act (CTA) is unconstitutional because it exceeds Congress’ legislative power. The 53-page opinion...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

Bricker Graydon LLP

CTA Update: Unconstitutional but Still Enforceable

Bricker Graydon LLP on

On March 1, 2024, the federal district court for the Northern District of Alabama ruled the Corporate Transparency Act (“CTA”) unconstitutional after granting summary judgment in favor of the National Small Business...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

K&L Gates LLP

When Transparency Becomes Opaque: District Court Finds Corporate Transparency Act Unconstitutional

K&L Gates LLP on

Executive Summary - On 1 March 2024, the US District Court for the Northern District of Alabama issued an opinion holding the Corporate Transparency Act (CTA) unconstitutional....more

Verrill

Constitutional Challenge to the CTA

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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

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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

Williams Mullen

Corporate Transparency Act: Northern District of Alabama Issues Declaratory Judgment Finding that Corporate Transparency Act is...

Williams Mullen on

On March 1, 2024, the United States District Court for the Northern District of Alabama, Northeastern Division granted summary judgment in favor of the plaintiffs, finding that the Corporate Transparency Act (the “CTA”),...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

Keating Muething & Klekamp PLL

Corporate Transparency Act Ruled Unconstitutional

On March 1, 2024, a Federal District Court in Alabama held that the Corporate Transparency Act (the “CTA”) is unconstitutional. The Court reasoned that the plaintiffs were entitled to summary judgment because the CTA “exceeds...more

Dickinson Wright

Order Entered Enjoining Corporate Transparency Act

Dickinson Wright on

On March 1, 2024, a United States District Court in Alabama entered an injunction against the United States “permanently” enjoining the enforcement of the Corporate Transparency Act (the “CTA”). (See Nat’l Small Business...more

Baker Donelson

Alabama Federal Court Finds Corporate Transparency Act Unconstitutional

Baker Donelson on

The United States District Court for the Northern District of Alabama (Northeastern Division) held the Corporate Transparency Act (herein the CTA) to be unconstitutional. This decision, which came out on March 1, 2024, is...more

Lathrop GPM

Corporate Transparency Act Update: Federal District Court Rules CTA Unconstitutional

Lathrop GPM on

Although existing entities covered by the Corporate Transparency Act (“CTA”) should still plan to comply with the beneficial ownership reporting (“BOI”) requirements, a new federal district court ruling offers hope that the...more

Mandelbaum Barrett PC

Constitutionality of the Corporate Transparency Act

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On March 1, 2024, the United States District Court for the Northern District of Alabama Northeast Division (“Court”) ruled the Corporate Transparency Act (“CTA” or “Act”) to be unconstitutional. The CTA, which was enacted on...more

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