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RECENT NEWS FROM FINCEN
National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.):
On March 1, 2024, a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power. The court enjoined the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. The Justice Department, on behalf of the Department of the Treasury, filed a Notice of Appeal on March 11, 2024. While this litigation is ongoing, FinCEN will continue to implement the Corporate Transparency Act as required by Congress, while complying with the court’s order. Other than the particular individuals and entities subject to the court’s injunction, reporting companies are still required to comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.
The A-One Team will continue to monitor this case and post updates.
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