Lee B Posted March 4 Report Share Posted March 4 Copied from Forbes: "The Corporate Transparency Act (CTA), a burdensome new law that would require some 32 million closely held businesses to file invasive information with the Financial Crimes Enforcement Network (FinCEN), has just been declared unconstitutional in National Small Business United, d/b/a the National Small Business Association (NSBA) vs. Janet Yellen, in her official capacity as Secretary of the Treasury, 2024 Mar 1, 2024, U.S. District Court, N.D. of Alabama. The Court concluded: “The Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’s enumerated powers.” This case was just released, and the Government has not yet responded, so stay tuned! " 3 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 4 Report Share Posted March 4 (edited) Stay tuned is correct! The plaintiffs in the case are the National Small Business Association (NSBA) and one of its members who sued for a permanent injuction. At this time the ruling applies to only the plaintiffs, and it is unclear if the injunction will extend to all ~ 65,000 individual members of the NSBA or to only the association itself. An appeal in the 11th circuit is likely with the U.S. government also seeking an interim stay of the ruling in both the trial and appellate courts. Reporting entities that were not plaintiffs in the Alabama case are still bound by the CTA at this time. There are a number of states that have passed or are planning to pass their own versions of the CTA. Today's ruling would not affect states' ability to pass these similar laws because it is based on U.S. Congress's authority under the U.S. Constitution. The court declined to address different grounds raised by the NSBA that could potentially be used to challenge legislation at the state level. The above are.main points from this law firm's analysis: https://www.akingump.com/en/insights/alerts/federal-district-court-in-alabama-holds-corporate-transparency-act-unconstitutional-and-enjoins-enforcement-against-plaintiffs Edited March 4 by jklcpa Added link 3 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 4 Report Share Posted March 4 We need a clapping hands emoji. Tom Longview, TX 3 Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 4 Author Report Share Posted March 4 37 minutes ago, BulldogTom said: We need a clapping hands emoji. Tom Longview, TX We have a thumbs down emoji Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 4 Report Share Posted March 4 41 minutes ago, BulldogTom said: We need a clapping hands emoji. Tom Longview, TX We have it. Click on the smiley face in the formatting bar of the reply box and a popup box with all of the emojis will appear. You can search for "clapping" from there. Why are we exactly? The CTA still applies for now. 1 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 4 Report Share Posted March 4 35 minutes ago, jklcpa said: We have it. Click on the smiley face in the formatting bar of the reply box and a popup box with all of the emojis will appear. You can search for "clapping" from there. Why are we exactly? The CTA still applies for now. I think it is the first domino to fall. The politicians are going to go to their districts to campaign and they are going to hear about this "overreach" of government, and now a federal judge has given them some cover to back up a bit and take a look at another approach. Just my opinion, but I know a lot of business owners are pretty ticked about the BOI, at least in my neck of the woods. I am hoping that we will see something more targeted and less intrusive for mom and pop companies. One can hope. Tom Longview, TX 1 Quote Link to comment Share on other sites More sharing options...
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