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The Accounting Podcast
Earmark Media Presents: Corporate Transparency Act Ruled Unconstitutional (Federal Tax Updates)
Mar 18, 2024
Explore the recent court ruling deeming the Corporate Transparency Act unconstitutional, legal challenges in Alabama and Arizona, debates on reporting requirements for small businesses, navigating compliance complexities, and discussions on challenges and loopholes in money laundering disclosure requirements.
17:02
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Quick takeaways
- The court ruling found the Corporate Transparency Act unconstitutional for exceeding legislative branch limits and lacking connections to enumerated powers.
- The podcast highlights challenges with the Corporate Transparency Act, such as compliance issues for small businesses and the lack of clarity on substantial control definitions.
Deep dives
Court Rules Corporate Transparency Act Unconstitutional
A recent court ruling found the Corporate Transparency Act unconstitutional due to exceeding the Constitution's limits on legislative branch, lacking connections to enumerated powers, and being outside Congress's authority to regulate non-commercial interstate activities. The judge's decision affects the National Small Business United group and their plaintiff Isaac Winkles, exempting them from reporting, leading to uncertainty and potential legal challenges.
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Discover
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