Corporate Transparency Act Ruled Unconstitutional (from the Federal Tax Updates podcast)
The Accounting Podcast
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The Implications of the Upcoming CTA Appeal
The upcoming appeal in the CTA case will take time, possibly beyond the deadline at the end of the year for entities formed before the last year. This raises the question of whether businesses should file now to avoid potential fines or non-compliance, even if the law may eventually be deemed unconstitutional or changed. Many have been advised to wait for potential modifications or clarification, especially in light of severe penalties for non-filing, which can lead to criminal charges and jail time. The issue of whether money launderers would comply with these requirements is also questioned.
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