Ranchers-Cattlemen Action Legal Fund (R-CALF) USA joined a lawsuit challenging the Corporate Transparency Act.
The suit alleges the act is an unconstitutional imposition on private information.
“This law was intended to identify those who already don’t follow the law when it comes to money laundering, terrorism funding and other illicit financial activities,” said R-CALF USA CEO Bill Bullard in a statement. “Rather than put money or time into law enforcement or detective work to find these alleged criminals, the government chose instead to place a significant burden on law-abiding small business owners.”
The legislation went into effect this January and requires certain businesses to submit a beneficial ownership information report to the government.
