National Small Business Administration Press Release, November 20, 2023 Huntsville, AL – Today, Nov. 20, at 10:00 a.m., oral arguments in National Small Business Association v. Yellen will begin at the Huntsville United States District Court. The case is a challenge to the constitutionality of the Corporate Transparency Act (CTA) and specifically the law’s beneficial ownershipreporting requirements. The law would require nearly every American who runs or wants to form a corporation or LLC to give the Financial Crimes Enforcement Network (FinCEN)deeply personal information of its owners like date

The National Small Business Association (NSBA) on November 9, 2023, published a survey it conducted of small businesses regarding the Corporate Transparency Act.  The most startling statement in the survey is “The average small-business owner is looking at compliance costs for CTA of nearly $8,000 in the first year alone.” Here are some of the interesting findings discussed in the survey: 47% of small business owners are unaware of the CTA. 48% said their business has only one beneficial owner. 52% said their business has two or more beneficial