In an earlier post, we reported on the Corporate Transparency Act (CTA). The CTA requires that certain companies file a Beneficial Ownership Information report with the Financial Crimes Enforcement Network (“FinCEN”). See, https://spelusolawoffice.com/wp-admin/post.php?post=2126&action=edit.

On March 1, 2024, the U.S. District Court of the Northern District of Alabama ruled that the CTA is unconstitutional and enjoined FinCEN from implementing the CTA. The injunction, however, applies only to members of the National Small Business Association (NSBA), the plaintiffs in the suit.

A copy the Court’s decision can be found at: https://spelusolawoffice.com/wp-content/uploads/2024/03/USCOURTSalnd-5_22-cv-01448-0pdf