The Fifth Circuit on Monday overturned a lower court’s injunction against the Corporate Transparency Act (CTA) which passed into law in late 2024. It is designed to combat illegal activity by forcing U.S. companies to provide federal authorities with names and addresses of individuals who run U.S. businesses in an effort to curtail tax evasion and other financial crimes. Conveniently, 23 types of businesses are exempted from abiding by the CTA, including banks, credit unions, insurance companies, and any bussiness that employs more than 20 full-time employees in the United States, has an operating physical office in the U.S. and has reported more than $5 million in gross receipts or sales on its tax forms for the previous year.https://activistpost.com/2024/12/millions-of-companies-must-register-w-massive-u-s-database-by-jan-1-due-to-last-minute-court-ruling.htmlhttps://www.investopedia.com/corporate-transparency-act-8413903
>>1370965>https://activistpost.com/Not a valid news source.
>it won't apply to rich people>any business that employs more than 20 full-time employees in the United States, has an operating physical office in the U.S. and has reported more than $5 million in gross receipts or sales on its tax forms for the previous year.So...shell companies aren't exempt? How would this not apply to rich people? Seems like it nukes shell company anonymity. That seems like the point of the lawPoor people don't own shell companies.
>>1370965https://www.investopedia.com/corporate-transparency-act-8413903#toc-the-corporate-transparency-act-cta-an-overview
