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US Government Appeals Alabama Judge’s Beneficial Ownership Injunction

In a case that could either limit or uphold the Corporate Transparency Act, lawyers representing the Treasury Department argued in an appeal that a federal judge in Alabama overrode well-established powers of Congress in a ruling last month that the law violates the Constitution. Enacted in January 2021, the CTA requires limited liability companies, or LLCs, limited partnerships and other entities capable of functioning as shell companies that obscure finances to share the names of any individual who holds 25 percent or more of their shares or controls their operations to Treasury's Financial Crimes Enforcement Network, or FinCEN. On March...

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