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Unconstitutionality of Corporate Transparency Act affects limited businesses

Advocacy News – March 14, 2024 

What’s the latest? After the Alabama Federal District Court ruled the Corporate Transparency Act (CTA) “unconstitutional” earlier this month, it was noted by MI Chamber member Butzel, that unlike previous years, the Court did not issue guidance or a prohibition on the CTA in other areas of the country.

Zoom In: Because of the limited scope, businesses should not assume that that the CTA will no longer apply to them.

  • Rather, according to the Financial Crimes Enforcement Network (FinCEN) they will no longer enforce the CTA on those that fell within the scope of the case (the National Small Business Association and its members as of March 1 or any reporting company for which Isaac Winkles is a beneficial owner or applicant.)

  • Confusion around the country and the limited scope of the ruling leaves the future of the CTA in question.

For more: Check out Butzel’s article detailing what the ruling really means for businesses. For questions, please contact Leah Robinson at LRobinson@michamber.com.

Advocacy News – March 14, 2024 

What’s the latest? After the Alabama Federal District Court ruled the Corporate Transparency Act (CTA) “unconstitutional” earlier this month, it was noted by MI Chamber member Butzel, that unlike previous years, the Court did not issue guidance or a prohibition on the CTA in other areas of the country.

Zoom In: Because of the limited scope, businesses should not assume that that the CTA will no longer apply to them.

  • Rather, according to the Financial Crimes Enforcement Network (FinCEN) they will no longer enforce the CTA on those that fell within the scope of the case (the National Small Business Association and its members as of March 1 or any reporting company for which Isaac Winkles is a beneficial owner or applicant.)

  • Confusion around the country and the limited scope of the ruling leaves the future of the CTA in question.

For more: Check out Butzel’s article detailing what the ruling really means for businesses. For questions, please contact Leah Robinson at LRobinson@michamber.com.