Federal Court Halts Enforcement of Corporate Transparency Act Nationwide
TL;DR Summary
A Texas federal court has issued a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), ruling it likely unconstitutional. The CTA required millions of U.S. companies to report beneficial ownership information to the Treasury's Financial Crimes Enforcement Network by January 1, 2025. The court found that the CTA overstepped congressional powers and threatened constitutional rights, thus companies are not required to comply with the reporting deadline. The decision is subject to appeal, potentially reaching the Supreme Court.
Topics:top-news#beneficial-ownership-information#constitutionality#corporate-transparency-act#federal-court#injunction#legal
- Texas Federal Court Blocks Corporate Transparency Act, Halts Nationwide Enforcement The National Law Review
- Texas Court Blocks Treasury From Enforcing Corporate Transparency Act, Impacting Tens Of Millions Of Businesses Forbes
- Millions of Americans Have Failed to Comply With New Tax Ownership Rules Barron's
- Judge puts nationwide hold on corporate reporting law Capital Press
- BREAKING: Federal Court Enjoins Government from Enforcing Corporate Transparency Act The National Law Review
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