The United States District Court for the Northern District of Alabama has issued a ruling (opinion) that the Corporate Transparency Act is unconstitutional. The Act introduced the new beneficial ownership reporting requirements that came into effect on 1 January 2024. According to the Court, the requirements introduced by the CTA exceeded the power of Congress and therefore are unconstitutional. The ruling only applies to the plaintiffs in the case, including the National Small Business Association (NSBA) and small business owner Isaac Winkles, and is likely to be appealed. Click the following link for a release from the NSBA on the...