A U.S. District Court recently ruled that the Corporate Transparency Act is unconstitutional. However, that doesn’t mean that businesses don’t have to comply with its reporting rules, which went into effect on Jan. 1, 2024. The decision is being appealed by the government and the Financial Crimes Enforcement Network announced that reporting companies “are still required to comply with the law and file beneficial ownership reports.” The only entities currently not required to comply while the litigation is pending are the plaintiffs in the court case. (National Small Business United, et al, v. Yellen, ND Alabama, 3/1/24)
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