The Financial Crimes Enforcement Network (FinCEN) has indicated that reporting certain stakeholder information under the Corporate Transparency Act (CTA) is currently voluntary. However, Judge Amos L. Mazzant of the Eastern District of Texas has expressed concerns in a recent opinion, suggesting that the law may be unconstitutional. This ruling comes amid ongoing discussions about the enforcement of the CTA, which has been temporarily stayed following a nationwide injunction. The injunction was issued just weeks before a key reporting deadline set for January 1, 2025. Small and medium-sized businesses are particularly affected, with tens of millions required to file 'Beneficial Ownership Information Reports' or risk fines of up to $10,000 and potential prison sentences. In addition, the IRS is implementing new income reporting rules for freelancers and small businesses using payment platforms like Venmo and PayPal, with income thresholds expected to decrease over the coming years. This change aims to enhance compliance and oversight in financial transactions.