Within one month of each other, two federal judges ruled that a law passed by Congress is “likely unconstitutional” and ruled in favor of small businesses.
At issue is the Corporate Transparency Act, which Congress passed in 2021, overriding a veto issued by then President Donald Trump. The law requires entities incorporated under state law to disclose the personal information of their stakeholders, including current address, identification documents, and other sensitive information, to the Department of the Treasury’s Financial Crimes Enforcement Network.
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