Legal Battle Over Beneficial Ownership Rule Intensifies as GOP States Defend Injunction

Article excerpts:

“The attorneys general for 25 Republican-led states have filed a brief with the U.S. Supreme Court defending a court injunction against enforcement of the Corporate Transparency Act and the law's requirements that businesses, including farms, file Beneficial Ownership Information reports with the Department of Treasury.

The states' filing comes after the Biden administration asked the U.S. Supreme Court to overturn the injunction and allow reporting requirements to go into effect.

The Corporate Transparency Act (CTA), passed by Congress in 2021, would require businesses nationally to provide their Business Ownership Information (BOI) to the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") by Jan. 1, 2025. The law was created to curb financial crimes such as money laundering.”

Link to article: HERE