In a recent development, a Texas federal court has issued an order halting the nationwide enforcement of the Corporate Transparency Act (CTA). The controversial legislation mandated that businesses disclose confidential information regarding their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). However, the court determined that the law is potentially unconstitutional, deeming it as intrusive and encroaching on states’ rights.
Key points from the text include:
– Texas federal court blocks government from enforcing the CTA nationwide
– CTA required businesses to share private information about beneficial owners with FinCEN
– Court deems law as likely unconstitutional and a threat to states’ sovereignty
You can read this full article at: https://geracilawfirm.com/texas-court-blocks-corporate-transparency-act-enforcement/(subscription required)
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