BREAKING: Court Blocks FinCen Reporting Requirement for Small Businesses

Earlier this year, HAAR shared the Alabama REALTORS® Guide to the Corporate Transparency Act, covering a law which included potentially onerous reporting requirements for small businesses to take effect in 2025.

News was reported Tuesday, December 3rd that a Texas judge issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses.

The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).