For those of you who regularly read our newsletters, you likely read our article last month about the Corporate Transparency Act (“CTA”), which highlighted what is required and what must be done to ensure compliance. Many of you have also heard us and others say, there is no rush to file your documents just yet! We are here to remind you that our opinion remains the same!
In fact, a United States District Court Judge ruled on March 1, 2024, that the CTA exceeds the constitutional limits on the legislative branch. In other words, the judge ruled the CTA is unconstitutional. This ruling calls into question whether compliance with the CTA will be required at the end of 2024 (although presently, that answer is yes for any entity not part of the action at issue). The government has appealed this ruling as of March 11, 2024. Depending on how the appellate court rules, we could even find this issue being presented to the United States Supreme Court.
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