On March 1, 2024 a federal district court in Alabama ruled that the Corporate Transparency Act (CTA) is unconstitutional. The CTA, as implemented, requires certain entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
The ruling permanently enjoined the government from enforcing the CTA – but only as to the plaintiffs to that case, specifically. This is not a nationwide injunction. While we suspect this may prompt litigation and precedent for other jurisdictions, FinCEN has made it clear that everyone else still must comply.
Unless and until the United States Supreme Court or an Ohio federal court makes a similar ruling on the issue, entities subject to the CTA reporting requirements must comply. We will continue to follow this and provide updates on any new developments.
To discuss the CTA and how it applies to your business, contact Attorneys Mike Messenger, Marissa Fitzpatrick, or Josh Kin, at RCO Law, 419-249-7900.
Latest News
RCO Law welcomes Kevin J. Kenney as Of Counsel to the Firm, practicing in the areas of probate and estate planning, business transactions, and real estate. Kevin, who brings over four decades of sophisticated legal experience, will continue to serve ...
By Marissa K. Fitzpatrick, Partner, RCO Law As holidays approach and families start getting together, it’s not uncommon to start noticing some changes in our elderly loved ones’ health. As individuals age and face differing health challenges, it can ...
Congratulations to RCO Law Associate Attorney Natalie Sullivan Baker who was sworn on Monday, November 17, at the United States Federal Court House in Toledo by Judge Jeffrey J. Helmick.Sullivan Baker earned her undergraduate degree at Cornell Univer ...