The U.S. Supreme Court voted 8–1 on Jan. 23 to allow the federal government to enforce an anti-money laundering law that a lower court blocked late last year.
Justice Ketanji Brown Jackson dissented from the new ruling.
The statute at issue, the federal Corporate Transparency Act (CTA), required millions of business entities to file information returns about their owners by Jan. 1, 2025.
An estimated 33 million small businesses face fines of as much as $591 per day should they fail to comply with the new rule, according to.a Treasury website.
Businesses with upwards of 20 employees, $5 million in annual sales, and a U.S. office qualify for exemptions from CTA reporting requirements….