Important CTA Update: Federal District Court Rules Corporate Transparency Act Is Unconstitutional

By WealthCounsel Staff on Mar 4, 2024 4:45:01 PM

Corporate Transparency Act-Regulations for New Businesses in 2024

Developments: On Friday, March 1, 2024, in National Small Bus. United v. Yellen, Judge Liles C. Burke of the United States District Court for the Northern District of Alabama ruled via memorandum opinion that the Corporate Transparency Act (CTA)1 , enacted in 2021, is unconstitutional because Congress lacks the authority to require companies to disclose personal stakeholder information to the Financial Crimes Enforcement Network (FinCEN), the criminal enforcement arm of the US Department of the Treasury. The National Small Business Association (NSBA), an Ohio nonprofit organization representing more than 65,000 businesses from all 50 states, and Issac Winkles, an NSBA member and owner of two small businesses, brought suit against the US Department of the Treasury and Treasury Secretary Janet Yellen, alleging that the mandatory disclosure requirements imposed by the CTA exceeded Congress’s authority under Article I of the US Constitution and violated the First, Fourth, Fifth, Ninth, and Tenth Amendments.   

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Leveraging Artificial Intelligence in the Trust and Estate Practice

By WealthCounsel Staff on Mar 1, 2024 10:00:00 AM

Leveraging AI-Blog

By Mary E. Vandenack, JD, ACTEC, COLPM®, CAP®, Accredited Estate Planner® (Distinguished) Nominee

Artificial intelligence (AI) is generally defined as “the capacity of computers or other machines to exhibit or simulate intelligent behaviour; the field of study concerned with this.” While artificial intelligence has recently been in the forefront of the media due to the rapid evolution of new applications and use of the technology, the concept has been around for a long time.  

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Tips to Enhance Your Cybersecurity and Protect Clients’ Data

By WealthCounsel Staff on Apr 28, 2023 10:11:16 AM

Protecting Clients Data-Blog

Modern technological tools make estate planning easier, but they present new responsibilities to keep your clients’ data safe. Because cybercriminals aim 43 percent of their attacks at small businesses, your law firm may be vulnerable without proper cybersecurity measures in place. A constant battle occurs in which hackers attack and IT professionals defend data and financial assets. Keep reading to learn helpful tips to safeguard your clients’ private information.

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