The Supreme Court has paved the way for the enforcement of the Corporate Transparency Act, a law aimed at curbing the illicit use of anonymous shell companies. The decision comes after a federal judge in Texas blocked the law, arguing that Congress lacked the authority to pass it. The 5th U.S. Circuit Court of Appeals had kept the law on hold pending its review of the judge's ruling. Small business groups have expressed concern about the uncertainty and potential burden of the registration requirements, while pro-transparency groups have welcomed the court's decision.
A freeze warning and a rip current statement are in effect for Duval, Coastal, Inland, and St. Johns, Coastal, and Inland Regions. A band of snow is seen in the satellite image across Florida's panhandle into Georgia. Clouds remain over Peninsular Florida where no snow accumulations were reported from the January 22, 2025, historic snowstorm. This Week in Jacksonville: Business Edition - What’s a ‘missing middle’? A housing development problem in the River City.
Read full article: This Week in Jacksonville: Business Edition - What’s a ‘missing middle’? A housing development problem in the River City. Sheriff Waters backs DeSantis’ immigration proposals ahead of special session, pledges to ‘take care of the city’. Read full article: Sheriff Waters backs DeSantis’ immigration proposals ahead of special session, pledges to ‘take care of the city’. The justices granted an emergency plea made by the Justice Department in the waning days of the Biden administration to allow enforcement of the Corporate Transparency Act, enacted in 2021 to crack down on the illicit use of anonymous shell companies. Owners and part-owners of an estimated 32.6 million small businesses must register personal information with Treasury's Financial Crimes Enforcement Network, or FinCEN. The information includes photo IDs and home addresses. The registration requirement was blocked by a federal judge in Texas, who ruled that Congress lacked the authority to pass the corporate transparency law in the first place. It was kept on hold by a panel of the 5th U.S. Circuit Court of Appeals pending its review of the judge's ruling. “This decision creates even more uncertainty for the millions of small businesses we represent,” said NSBA President and CEO Todd McCracken. “I cannot stress enough what a major problem this back-and-forth is and the massive uncertainty it creates for the millions of small businesses across this country.” Karen Kerrigan, president & CEO, Small Business & Entrepreneurship Council, said the order likely isn’t the end of the “go-stop-go story” of the reporting requirement. “At this point in time and with the cloud of uncertainty still hanging over CTA’s legality, we are urging President Trump to step in and provide immediate penalty relief for late filers, of which there are likely millions of small business owners,” she said. “The CTA confusion and chaos continues, and Congress really needs to step up and repeal the mandate.” A coalition of labor, environmental and other progressive organizations that support the law praised the court for paving the way for its enforcement. “For years, police and prosecutors have tried to combat a flood of dirty money associated with often violent crimes, but that can’t happen if they run into a wall of shell companies and secrecy,” Ian Gary, executive director of the FACT Coalition, said in a statement. “Today’s order is a reminder of the urgency of opening the money trail so our law enforcement officials can crack down on criminals who abuse the system.” Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission
CORPORATE TRANSPARENCY ACT SHELL COMPANIES SMALL BUSINESSES SUPREME COURT LAW ENFORCEMENT
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