Posted 3/3/2024, 8:13:24 PM
Judge Blocks Treasury From Requiring Small Businesses to Report Owners' Personal Details
- Judge ruled Treasury Dept. cannot require small businesses to report owners' personal details under Corporate Transparency Act
- Act was passed in 2020 to help identify money launderers hiding behind shell corporations
- Requires small businesses share owners' names, addresses, ID documents
- Judge sided with critics who view it as congressional overreach, despite good intentions
- Ruling prevents enforcement against plaintiff; govt. expected to appeal to restore reporting rules