Under the Corporate Transparency Act (CTA), certain companies are required to provide information related to their “beneficial owners” (the individuals who ultimately own or control the company) to the Financial Crimes Enforcement Network. Failure to do so may result in civil or criminal penalties, or both. In late March, a U.S. District Court ruled that the CTA is unconstitutional. Now, the National Small Business Association (NSBA) has filed a brief with the Eleventh Circuit Court of Appeals urging it to uphold the lower court’s finding. The NSBA is citing Fourth Amendment concerns regarding the CTA. There are also bills in the Senate and the House of Representatives calling for a repeal.
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