Credit: Africa Studio/stock.adobe.com Firms Are Stuck With Abiding by New Anti-Secrecy Law, Even Though Judge Ruled It Unconstitutional
"Treasury's targets are those dubious LLCs without operations and employees that are holding shell companies hiding assets," said Snežana Gebauer, a partner at the compliance consulting firm StoneTurn.
April 16, 2024 at 07:24 AM
6 minute read
Regulation
What You Need to Know
- Congress passed the Corporate Transparency Act in December 2020, and it went into effect this year.
- An Alabama judge last month ruled that by imposing a litany of reporting requirements on businesses, lawmakers exceeded their authority.
- But rather than providing relief to the 33 million businesses covered under the law, the ruling merely added to the confusion surrounding it.
Companies anticipating a reprieve from the Corporate Transparency Act's reporting requirements may be celebrating prematurely.
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