In December, we hosted an online webinar on the Corporate Transparency Act (CTA). The presentation focused on the details of the Corporate Transparency Act and its reporting requirements. Recently, there has been an update to this new legislation.
In National Small Business v. Yellen, the U.S. District Court for the Northern District of Alabama ruled that the CTA exceeded Congress’ constitutional authority and stopped the Treasury Department from enforcing the CTA with regard to the plaintiffs in that case.
What does this mean for you? If you were a plaintiff in that case, then the CTA does not apply to you at this time. However, if you were not a plaintiff in that case, the requirements of the CTA remain in force and the reporting requirements still apply.
Additionally, as of March 11, 2024, the case has been appealed to the U.S. Court of Appeals for the Eleventh Circuit. This means that even though the CTA was deemed unconstitutional, the government is appealing that decision.
Sinclair Prosser Gasior will continue to monitor these developments. In the meantime, the requirements of the CTA remain in place.
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