The U.S. Supreme Court has temporarily reinstated the Corporate Transparency Act (CTA) at the federal government’s request while legal challenges continue. The law requires millions of businesses to disclose owner information to combat financial crimes. Justice Ketanji Brown Jackson was the lone dissenter.
Passed in 2021, the CTA mandates small business owners submit personal details to the Financial Crimes Enforcement Network (FinCEN). The Biden-era Justice Department urged the court to uphold it, despite past opposition from Trump’s administration.
Business groups continue to challenge the law, seeking delays. For now, the Supreme Court’s ruling keeps the CTA in effect as the legal battle moves through lower courts.
