Trust Pointe Tax and Financial Advisory

On March 1, 2024, a federal district court in Alabama declared the Corporate Transparency Act (CTA), a piece of legislation aimed at combating money laundering, unconstitutional. CTA generally required corporations and limited liability companies (LLCs) and similar entities to disclose beneficial ownership information (BOI) to the government. However, the court’s ruling only applies to those who filed the case challenging the CTA.