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Supreme Court Allows Corporate Transparency Act for Millions of Businesses, Small Businesses Not Required to Report Ownership Due to Court Order
8 posts•LawBusinessUnited States
The U.S. Supreme Court has ruled to allow the implementation of the Corporate Transparency Act (CTA), which mandates that millions of businesses disclose their beneficial owners. However, a federal agency has stated that small businesses are currently not required to file these reports due to an existing court order that blocks the CTA. As a result, despite the Supreme Court's decision, the reporting requirement remains voluntary for the time being, leaving small-business owners in a state of uncertainty regarding compliance with the law.
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