Share on LinkedInShare on LinkedIn

ARTICLE · 26 MARCH 2024

Corporate Transparency Act Compliance Reminder

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
Contributor
Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

Founded more than 40 years ago as a boutique law firm servicing the entertainment and arts...

View firm profile
Explore more from Frankfurt Kurnit Klein & Selz PC

In October 2023, we issued a Corporate Alert for clients pertaining to the Corporate Transparency Act ("CTA"), a new federal law that took effect as of January 1, 2024.

United StatesCorporate/Commercial Law

In October 2023, we issued a Corporate Alert for clients ("New Laws Will Require Certain Companies to Disclose Formerly Anonymous 'Beneficial Owners'") pertaining to the Corporate Transparency Act ("CTA"), a new federal law that took effect as of January 1, 2024.1

On March 1, 2024, the U.S. District Court for the Northern District of Alabama, Northeastern Division, issued a memorandum opinion concluding that the CTA is unconstitutional, at least as applicable to the plaintiffs in that case (the National Small Business Association and one of its individual members), and temporarily enjoined the U.S. Treasury Department from enforcing the CTA's beneficial ownership reporting requirements against the plaintiffs in that case.2 It is unclear at this time whether and to what extent this decision will apply to other parties and what the ramifications of this case for other parties will be. We anticipate that the U.S. government will appeal the Alabama District Court's

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

See more popular content from