Bruce Ely Quoted in 1819 News on Alabama Federal Judge Pushback of the Corporate Transparency Act

1819 News

Media Mention

Bradley partner Bruce Ely was quoted in 1819 News on a North Alabama federal judge’s ruling that the Corporate Transparency Act as “unconstitutional.”

Ely told 1819 News that most attorneys and CPAs are still advising their clients to comply with the Corporate Transparency Act despite the ruling on Friday.

"I was surprised by their announcement yesterday afternoon. There’s no doubt the federal government will appeal the ruling and we expected the DOJ to ask the court to impose a temporary stay on the ruling until the 11th Circuit Court of Appeals issues its ruling or possibly the U.S. Supreme Court weighs in," Ely said. The CTA has received pushback from small-business owners since the original ruling on January 1, 2021.

"Since this case was not a class action it only directly affects those who were NSBA members as of March 1 plus the individual plaintiff who was also a member. We expect several copycat lawsuits to be filed now and I’ll bet at least one of them will seek nationwide class certification. In the meantime, I understand that most attorneys and CPAs are advising their clients to continue to comply with the Act. The appeal process could take years and this ruling literally only applies to particular businesses and investors located in the Northern District of Alabama," Ely added.

The full article, “Alabama federal judge rules Corporate Transparency Act unconstitutional,” was published in 1819 News on March 5, 2024.