Supreme Court Allows Law Requiring Small Businesses to Report Ownership Information

Contact Your Elected Officials
The Epoch Times Header

The high court lifted a Fifth Circuit ruling from Dec. 23 that halted the beneficial ownership reporting requirement.

The U.S. Supreme Court voted 8โ€“1 on Jan. 23 to allow the federal government to enforce an anti-money laundering law that a lower court blocked late last year.

Justice Ketanji Brown Jackson dissented from the new ruling.

The statute at issue, the federal Corporate Transparency Act (CTA), required millions of business entities to file information returns about their owners by Jan. 1, 2025.

An estimated 33 million small businesses face fines of as much as $591 per day should they fail to comply with the new rule, according to.a Treasury website.

Businesses with upwards of 20 employees, $5 million in annual sales, and a U.S. office qualify for exemptions from CTA reporting requirements.

The law provides that affected corporate entities must file reports with the federal government about their beneficial owners, which means individuals with substantial control over the entity or who own or control 25 percent of the entity.

Entities are required to provide the government with the names of their beneficial owners, along with their birthdates, addresses, and identifying information such as passport or driverโ€™s license numbers.

The CTAโ€™s reporting requirement was put on hold on Dec. 5, 2024, when the U.S. District Court for the Eastern District of Texas sided with challengers, granting a nationwide preliminary injunctionโ€”also known as a universal injunctionโ€”against the CTA.

The court found that the challengers would likely succeed with their claim that the act was unconstitutional.

On Dec. 13, 2024, the U.S. Department of Justice, acting on behalf of the Financial Crimes Enforcement Network (FinCEN), a federal agency, asked the U.S. Court of Appeals for the Fifth Circuit to stay the injunction.

The agency argued the law was constitutional and that the challenge to it would probably fail in the end.

The circuit courtโ€™s motions panel granted the governmentโ€™s request on Dec. 23, 2024, and suspended the injunction pending appeal. FinCEN then extended the filing deadline for corporate entities to Jan. 13, 2025.

Byย Matthew Vadum

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

ChatGPT Goes Biblical about End Times!

There are some truly outstanding internet content creators, or...

Bangkok Indians: โ€˜You Are Lucky Manโ€™

In Bangkok, friendly prostitutes outside โ€œmassageโ€ shops tell me Iโ€™m โ€œso handsome man.โ€ Indian men prowling those streets tell me Iโ€™m โ€œlucky man.โ€

Epsteinโ€™s Niece Exposes the Illuminati!

There is a shocking interview by the podcaster Shaun Attwood, an English former ecstasy trafficker turned YouTube podcaster, speaker, activist, and author.

When Gynocrats Attack: Innocent Locker Room Talk Interrupted By Rabid Karen

The question posed: โ€œWho do you think has a...

Obamaโ€™s Treason is a Betrayal of American Democracy and Demands Real Accountability

Few scandals have cast a longer shadow than the 2016 Russia investigationโ€”the manufactured crisis by President Obama designed to cripple Trump's presidency.

Trumps America: Welpโ€ฆ that backfired.

The official @TheDemocrats account posted chart with the caption โ€œTrumpโ€™s Americaโ€ โ€” but didnโ€™t seem to notice how their own graph actually works.

Education Department to Release Billions in Withheld Grant Money for Schools

Dept. of Education said OMB completed a review of 2025 public education allocations โ€œand will begin dispersing funds to the states next week.โ€

Judge Maintains Nationwide Block on Trumpโ€™s Birthright Citizenship Order

A federal judge in Massachusetts has maintained his nationwide block on President Donald Trumpโ€™s policy restricting birthright citizenship.

COVID-19 Pandemic Accelerated Brain Aging Even in People Who Didnโ€™t Get Virus: Study

Brain aging appears to have accelerated by months during COVID-19 pandemic, even in people who did not get sick from the virus, according to study.

Ex-DOJ Officials File Lawsuit Against Bondi Over Terminations

Former DOJ officials filed lawsuit against AG Bondi and the fed. govt, saying they were terminated for work on cases related to Jan. 6 Capitol breach.

Odds of U.S.-EU Trade Deal Are 50โ€“50 Ahead of Tariff Deadline: Trump

President Donald Trump said thereโ€™s a 50โ€“50 chance that the United States will finalize a trade deal with the European Union before an Aug. 1 deadline.

Trump Pulls Habbaโ€™s Nomination for New Jerseyโ€™s Top Prosecutor, Making Her Acting US Attorney

President Trump withdrew his nomination of Alina Habba to serve as NJโ€™s top federal prosecutor, making her Acting US Attorney.

Trump Says He Wants Muskโ€™s Companies to โ€˜Thrive Like Never Beforeโ€™

On Thursday, President Trump said, โ€œI want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!โ€
spot_img

Related Articles