There has been a recent development that could impact the enforcement of the Corporate Transparency Act (“CTA”).On March 1, 2024, U.S. District Court Judge Liles C. Burke (Northern District of Alabama) ruled that the CTA is unconstitutional because it “exceeds the Constitution’s limits on the legislative branch” and fails the “necessary and proper” test.This isn’t the end, and actually, it’s not even the beginning. It appears the injunction only applies to the plaintiffs in that case; the two members of the National Small Business Association who sued in November 2022, seeking a permanent injunction against the implementation of the CTA and reporting rules.At present, we have no direction as to whether the Federal government will continue to enforce the CTA against the 32 million other impacted small businesses that are not parties to the lawsuit, or what other impact this ruling will have on those business entities’ obligation to continue to comply with the CTA’s reporting requirements. So, while it appears to be “business as usual” for any other business entity required to file with FinCEN, except for the two in Alabama, there will likely be developments over the coming weeks and months, and we will continue to closely monitor developments.