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.
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