Blog
Compliance Chaos: Corporate Transparency Act Reporting Requirements as of January 24, 2025
February 13, 2025
By: Jay Phillips
On January 23, 2025, the Supreme Court an Order granting an application for stay in Texas Top Cop Shop, Inc. v. McHenry (formerly Texas Top Cop Shop v. Garland), in a win for the Department of the Treasury. However, additional developments in other federal court cases continue to leave reporting companies navigating uncertain terrain regarding their obligations under FinCEN’s beneficial ownership reporting requirements.
Medical Marijuana and Gun Ownership
February 1, 2025
By: Jonas Bastien
Kentucky’s medical marijuana program kicked off on January 1, 2025. While the overwhelming support and excitement across the Commonwealth for this new program is clear, Kentuckians may be unaware of the implications that could result from their participation in the medical marijuana program. The issue stems from the impact of U.S. federal law, which still classifies marijuana as a Schedule I drug (meaning it is illegal under federal law) and Kentucky’s medical marijuana program which allows medical marijuana patients, or cardholders, to purchase and possess medical marijuana.
Tax-Free Gifts in 2025
January 27, 2025
By: Martha Griffin
For many, the Lunar New Year (January 29, 2025) brings to mind images of cash tucked into bright red envelopes along with excitement (or anxiety) over the amount of anticipated annual gifts. Whether you are planning to make gifts in January or waiting until later in the year, have you considered whether you will be required to file a federal gift tax return and/or pay federal gift tax?
Corporate Transparency Act 4
January 20, 2025
By: Jay Phillips
Flip Flop Top Cop: Navigating Beneficial Ownership Reporting Requirements Amid Recent Legal Developments
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Additionally, these companies are not subject to liability for failing to file such information while the court order remains in effect. However, reporting companies may still choose to voluntarily submit beneficial ownership information reports. Below is an overview of the current legal landscape and its implications for businesses:
Corporate Transparency Act Injunction
December 11, 2024
By: Jay Phillips
Corporate Transparency Act Injunction: A Critical Development from the Eastern District of Texas
The Eastern District of Texas recently issued a national injunction that temporarily halts the enforcement of certain provisions of the Corporate Transparency Act (CTA), marking a significant turning point for businesses across the United States. This ruling adds complexity to an already controversial statute aimed at combating financial crimes such as money laundering and terrorist financing.
CTA Reporting Deadline Approaching
November 11, 2024
By: Jay Phillips
As of January 1, 2024, the Corporate Transparency Act (CTA) came into effect and imposed strict reporting requirements on many small businesses relating to “Beneficial Ownership Information”. The Act was introduced as part of the Anit-Money Laundering Act of 2020, which was part of the National Defense Authorization Act. The CTA aims to prevent individuals from concealing ownership of U.S. entities which facilitate financial crimes.
Reporting Requirements
The act imposes a requirement to file a Beneficial Ownership Information Report (“BOIR”) by January 1, 2025 for entities formed before January 1, 2024. Entities formed after January 1, 2024 face a 90 day reporting deadline and entities formed after January 1, 2025 face a 30 day reporting deadline.
Copyright Trolls
November 04, 2024
In the digital age, small businesses are more vulnerable than ever to the predatory tactics of copyright trolls. These opportunistic entities exploit copyright laws to intimidate, harass, and extort money from unsuspecting entrepreneurs. Understanding the threat of copyright trolls and knowing how to defend your business against them is crucial for safeguarding your intellectual property and financial well-being.
Medical Cannabis
October 16, 2024
By: Jonas Bastien
Navigating Kentucky’s Medical Cannabis Industry: A Guide for Doctors and APRNs Seeking to Prescribe Medicinal Cannabis.
