Corporate Transparency Act: Federal Government Files Notice of Appeal in Alabama Ruling
Peter Tirella | 03.12.24
On March 1, 2024, an Alabama federal court issued a ruling in National Small Business United v. Yellen in the plaintiffs' favor.
Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
On March 1, 2024, an Alabama federal court issued a ruling in National Small Business United v. Yellen in the plaintiffs' favor.
Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. It is critical that businesses understand their reporting requirements and how to properly report their information under this new law.
On March 1, 2024, the U.S. District Court of the Northern District of Alabama, Northeastern Division, granted summary judgment in National Small Business United v. Yellen. The case, filed by the National Small Business Association (NSBA) and others, alleged that the passage and enforcement of the Corporate Transparency Act (CTA) exceeded the U.S. Constitution’s limits on congressional power.