The Supreme Court's decision to allow enforcement of the Corporate Transparency Act sparks mixed reactions. While progressive organizations applaud the move to combat financial crimes, small business owners express concern over registration requirements and potential penalties.
The Supreme Court has allowed the enforcement of the Corporate Transparency Act , a 2021 law aimed at curbing the misuse of anonymous shell companies . This decision, granted in response to an emergency plea by the Justice Department during the final days of the Biden administration, impacts an estimated 32.6 million small businesses .
Owners and part-owners of these businesses will now be required to register personal information, including photo IDs and home addresses, with the Treasury's Financial Crimes Enforcement Network (FinCEN). The requirement had previously been blocked by a federal judge in Texas, who argued that Congress overstepped its authority in enacting the corporate transparency law. This ruling was subsequently put on hold by a 5th U.S. Circuit Court of Appeals panel while they reviewed the initial judge's decision. The decision has sparked mixed reactions. The National Small Business Association (NSBA) expressed deep concern over the continued uncertainty for small businesses, while the Small Business & Entrepreneurship Council (SBEC) urged President Trump to provide immediate penalty relief for late filers who are likely in the millions. Meanwhile, progressive organizations supporting the law lauded the court's decision, emphasizing the importance of transparency in combating financial crimes. They highlighted the challenges faced by law enforcement in tracking illicit funds linked to often violent activities, which are often concealed behind shell companies
Corporate Transparency Act Small Businesses Fincen Shell Companies Financial Crimes
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supreme Court Allows Enforcement of Corporate Transparency ActThe Supreme Court has allowed the Biden administration to enforce the Corporate Transparency Act, a 2021 law aimed at curbing money laundering and other financial crimes by requiring owners of small businesses to register personal information. The decision comes after a federal judge in Texas blocked the law, but the Supreme Court's action allows enforcement while the case continues.
Read more »
Supreme Court Allows Enforcement of Corporate Transparency ActThe 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.
Read more »
Retiring Texas Supreme Court Chief Justice Nathan Hecht reflects on court he helped changeNathan Hecht won six reelections and led the court as chief justice for more than a decade. He retires now not because he’s had enough, but because state law…
Read more »
North Carolina Supreme Court Election Dispute Heads Back to State CourtA federal judge has sent a legal battle over a North Carolina Supreme Court election back to the state's highest court, where it has been blocked. The dispute centers around the election between Democratic Associate Justice Allison Riggs and GOP challenger Jefferson Griffin.
Read more »
Trump asks the Supreme Court to block NY court from sentencing him on FridayRooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
Read more »
Austin leaders urge transparency amid D.O.J. antitrust lawsuit against corporate landlordsLocal leaders are reacting to an antitrust lawsuit brought by the Department of Justice against six of the country's biggest landlords.
Read more »