Federal Court Rules BOI Reporting Is Unconstitutional

On March 1, 2024, in the case of National Small Business United v. Yellen, a federal district court in Alabama ruled that the Beneficial Ownership Information (BOI) Reporting Rule of the Corporate Transparency Act (CTA) is unconstitutional.  The court...

New Disclosure Requirements for Most Small Companies

Background and Purpose In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information (BOI) reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide...