On March 1, the federal district court of the Northern District of Alabama found that the Corporate Transparency Act (“CTA”), and the new FinCEN Beneficial Ownership Interest reporting requirement unconstitutional. The federal district court judge opined on the constitutional deficiencies in the drafting and enactment of the statute by Congress which rendered the CTA unconstitutional. Importantly, Court held the Justice Department is enjoined only from enforcing the CTA against the plaintiffs, the National Small Business United, d/b/a the National Small Business Association and its members.
So what does this mean for your filing requirements?
Unless you are a member of the National Small Business Association, you are still required to comply with the Beneficial Ownership Interest reporting requirement.
We at Sousa Marujo will continue to monitor the current legal landscape regarding the CTA and the new challenges to its constitutionality, and, importantly, what that means for your filing requirements.
If you have questions or concerns, please reach out to Louis A. Sousa, Esq. at lasousa@sousamarujo.com or Sandra Sousa-Marujo, Esq., at ssousa@sousamarujo.com.