BIRMINGHAM, Ala.—The Department of Justice has filed a notice of appeal in the Eleventh Circuit over a ruling that found the Corporate Transparency Act (CTA) is unconstitutional.
The earlier ruling had been made in the U.S. District Court for the Northern District of Alabama (Northeastern Division)/
The lower court’s decision determined that the CTA does not fall within Congress’s enumerated powers and is therefore unconstitutional, JD Supra reported.
“Because the lower court’s decision is limited to only plaintiffs in that matter, all other parties subject to the CTA should prepare to comply with the law,” stated JD Supra. “Absent further developments, reporting entities formed in 2024 should register with FinCEN within 90 days of formation, and reporting entities formed prior to 2024 should continue to be prepared to register with FinCEN by December 31, 2024.”
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