Frantz Ward Partner Matt Kadish Quoted in "Tax Notes Federal"

Frantz Ward Partner Matthew Kadish was quoted in an article by Lee Sheppard March 11 in Tax Notes Federal about the recent ruling in NSBA v. Yellen by the Federal District Court for the Northern District of Alabama holding the Corporate Transparency Act unconstitutional.

“Unfortunately by its terms, the district court judgment provides injunctive relief only to the plaintiffs in the case. There is some authority suggesting the relief may apply more broadly,” said Matthew Kadish of Frantz Ward and CEO of the Small Business Council of America (for example, Mann Construction Inc. v. United States, 651 F. Supp. 3d 871 (E.D. Mich. 2023), rev’d as moot 86 F.4th 1159 (6th Cir. 2023); and GBX Associates LLC v. United States, 130 A.F.T.R. 2d 2022-6440 (N.D. Ohio 2022) (universal vacatur not necessary to afford complete relief)). 

“FinCEN should announce a complete suspension of CTA beneficial ownership information reporting until the question of the CTA’s constitutionality is  resolved,” Kadish said. “Unless/until the court’s opinion is reversed, everyone else is left with uncertainty on whether the government can (or will) continue to enforce the CTA. For example, are new entities formed after the date of the decision still required to file a beneficial owner information report, despite the CTA having been declared unconstitutional.”

Quoted in: "Beneficial Ownership Reporting and the Constitution"
Tax Notes Federal
March 11, 2024

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