Severiano Ortiz is quoted in an article related to the recent decision of the U.S. District Court for the Nothern District of Alabama. The court ruled that the Corporate Transparency Act (“CTA”) exceeds the power of Congress, and the court enjoined the government from imposing the CTA on the Plaintiffs in the case. It’s important to note that this ruling is limited in its current application to the Plaintiffs of this case, i.e., the National Small Business United, doing business as the National Small Business Association. The CTA is still in effect for everyone else and full compliance with the CTA is required. For all new domestic entities formed in the U.S. (or foreign entities registered to do business in the U.S.) in 2024, this means such entities still only have 90-days from formation/registration to fully comply with the CTA. Tax Notes. March 5, 2024. Download
3/2024 Publications