Lawsuit Press
AICPA: BOI ruling confuses businesses; enforcement should be delayed
Journal of Accountancy
The AICPA and over 50 state CPA societies have written to the Treasury secretary and the director of the Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.
Corporate Transparency Act: Steps To File An Initial BOIR
Mondaq
The steps in the BOIR filing process outlined below require detailed and thoughtful analysis of how the often-complex CTA rules apply to an entity’s unique facts and circumstances. Familiarity with the CTA's regulations is necessary to properly comply with BOIR obligations.
U.S. District Court: The Corporate Transparency Act is Unconstitutional…for Some Businesses
The National Law Review
The Final Rule, published by the Financial Crimes Enforcement Network (“FinCEN”) on September 30, 2022, was challenged just six weeks later when Plaintiffs Isaac Winkles and the National Small Business Association (“NSBA”) filed suit in the United States District Court for the Northern District of Alabama alleging that Congress lacked authority under the Constitution to enact the CTA’s mandatory disclosure requirements.
Exercise Caution in Corporate Transparency Act Compliance Matters
JD Supra
Threat actors never miss an opportunity to use recent events to infect computer systems or quickly and easily gather personal information. The Corporate Transparency Act (“CTA”) is just such an opportunity and businesses and individuals subject to the act need to be wary.
Court Finds Corporate Transparency Act Unconstitutional and Unenforceable as to NSBA Members
Lexology
On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional.[1] The CTA requires many U.S. entities to disclose their individual beneficial owners in a report filed with the U.S. Treasury.
Biden administration appeals ruling blocking anti-money laundering rules
Politico
The Biden administration on Monday appealed a federal judge’s ruling that blocked Treasury rules intended to crack down on anonymous shell companies, escalating the legal battle over a years-old anti-money laundering law.
Small business reporting requirement found unconstitutional by Alabama federal judge
AP
In a blow to the Biden administration’s effort to increase corporate transparency, an Alabama federal district judge has ruled that the Treasury Department cannot require small business owners to report details on their owners and others who benefit from the business.
Small business reporting requirement found unconstitutional by Alabama federal judge
San Diego Union Tribune
U.S. District Judge Liles C. Burke decided late Friday that the Corporate Transparency Act, a landmark U.S. anti-money laundering law enacted as part of the National Defense Authorization Act for fiscal year 2021, is unconstitutional on the grounds that Congress exceeded its powers in enacting the law — and so the rulemaking stemming from it is unlawful.
Small businesses must be alert to new rule
Williamsport Sun-Gazette
Operators of some small businesses here and throughout the rest of the country could be facing some unpleasant times if they do not familiarize themselves — and take steps to comply — with a new federal disclosure rule that took effect Jan. 1.
Small business lobby sues over money laundering transparency initiative, claiming ‘gross government overreach’
Fortune
"The National Small Business Association argues that the new reporting rule violates the U.S. Constitution, saying it is unduly burdensome on small firms, violates privacy and free speech protections and infringes on states’ powers to govern businesses."
Wolters Kluwer CT Corporation Podcast Examines New Compliance Obligations Under the Corporate Transparency Act
AP
"Small businesses in the U.S. and abroad are facing additional compliance challenges in the wake of new details published last month about pending obligations under the Corporate Transparency Act (CTA)...."
Islas Vírgenes Británicas no hará pública información de accionistas ni de beneficiarios finales en 2023
InfoBae
"El país es, desde hace tiempo, la jurisdicción líder en incorporación de sociedades offshore y una de las principales jurisdicciones para la incorporación de fondos de inversión, trusts y empresas prestadoras de servicios financieros de distinta clase."
Small business group sues over federal ownership database, cites concerns over sharing 'sensitive' info
Entrepreneur VIP Club
"...the National Small Business Association (NSBA) asserts that the regulation is unduly burdensome on small companies, violates privacy and free speech protections, and infringes on states’ powers to govern businesses."
Small Business Interest Group Challenges CTA’s Constitutionality
AZAML
"...on November 15, 2022, the National Small Business Association (“NSBA”) filed a complaint (“Complaint”) challenging the reporting requirements set forth in the CTA and the accompanying regulations issued by the Financial Crimes Enforcement Network (“FinCEN”)."