A recent Texas federal court ruling has issued a nationwide preliminary injunction against the Corporate Transparency Act (CTA), which required business entities to report stakeholder information to the Treasury Department. The court found the act exceeded Congress’s regulatory authority under the Constitution’s Commerce Clause.
While this is a legal matter, not an accounting issue, we want to ensure our clients remain informed about significant regulatory changes. We recommend monitoring developments, as the ruling may still face appeals or revisions. For specific guidance, please consult your legal counsel.