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3/15/2024 0 Comments District Court Rules Beneficial Ownership Reporting Requirements Are UnconstitutionalA district court held that the Corporate Transparency Act (CTA), enacted by Congress in 2021 to require entities incorporated under state law to disclose beneficial ownership and applicant information to the Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024, is unconstitutional. The court found that the CTA exceeds the Constitution's limits on the legislative branch and lacks a sufficient nexus to any enumerated power to be a necessary or proper means of achieving Congress's policy goals. National Small Business Association, et al. v. Yellen, 2024 PTC 62 (N.D. Ala. 2024).
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