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
Toledo, OH Kayla L. Henderson, Partner at RCO Law, is a dedicated advocate for the Toledo community, demonstrated by her active involvement in several local and professional organizations. Currently, Kayla serves as president of Board of Directors fo ...
Findlay, OH Dylan J. Krendl, Associate Attorney at RCO Law, is deeply engaged in the Findlay community through leadership roles in several organizations. The Children’s Museum of Findlay is a nonprofit dedicated to building community through explorat ...
Sylvania, OH Kimberly A. Conklin, Senior Attorney at RCO Law, dedicates her time outside of work to serving the Sylvania community through her involvement on the Sylvania Board of Education and the Sylvania Community Services Board. The Sylvania Boa ...