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Corporate Transparency Act: Business Owners Must Act Now

Client Alert

The Corporate Transparency Act (CTA) has been in effect since January 1, 2024. It is vital for reporting companies to file their beneficial ownership information (BOI) report before the year ends. Reporting companies formed prior to January 1, 2024, have less than six (6) months left to file. It is important to act now in order to avoid facing steep penalties for failing to comply with the CTA. Business owners should identify whether their company must report and if so, which individuals within the business entity are required to disclose the personal information designated under the CTA.

The CTA requires reporting companies to file a BOI report. Reporting companies must provide information regarding their entity, beneficial owners, and in some cases, the professional advisor(s) that helped form the entity. Reporting companies must submit the information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Domestic reporting companies include corporations, LLPs, LLCs, and other similar entities that were formed through a filing with the secretary of state or similar office under the law of a state. Foreign reporting companies are those formed under the law of another country and are registered to do business in any U.S. state through filing with a secretary of state or any similar office under the law of a state.

Under the CTA, reporting companies that were formed prior to January 1, 2024, have one (1) year to comply and file their beneficial ownership information report. Reporting companies formed in 2024, must file their report within ninety (90) days of their formation. Reporting companies formed on or after January 1, 2025, will have only thirty (30) days to file their report following their formation.

The purpose of the CTA is to safeguard the U.S. financial system from fraud, money laundering, and other illegal activities. There has been a concern in recent years that the U.S. has become a jurisdiction of choice for bad actors to create shell companies that hide the ultimate beneficiaries. Through the CTA, a national registry will be created that will allow the U.S. to obtain all relevant ownership information regarding reporting companies. The registry will enable the U.S. to crack down on illegal activity such as tax fraud, money laundering, terrorist financing, and more.

There are harsh penalties for reporting companies that fail to file a timely report to FinCEN. Civil and criminal penalties may result in fines up to $10,000, imprisonment for up to two (2) years, or both. Any person who (i) willfully provides or attempts to provide false/fraudulent information, or (ii) fails to report and/or update a report previously made, may be subject to the aforementioned penalties.

For more information about the CTA or how to comply, please contact BMD Member Blake Gerney at

New Medicare Billing Rules: What MFTs, MHCs, and IOP Providers Need to Know

Starting January 1, 2024, Medicare began covering services provided to Medicare beneficiaries by marriage and family therapists, mental health counselors, and Intensive Outpatient Program (IOP) services. With this change, Medicare has become the primary payer for these services.

Chevron Doctrine No More: What the Supreme Court’s Ruling Means for Agency Authority

On June 28, 2024, the Supreme Court invalidated the Chevron doctrine, nearly 40 years after it first took effect.

Ohio Board of Pharmacy Update: Key Regulatory Changes and Proposals You Need to Know

The Ohio Board of Pharmacy (BOP) has rescinded certain OAC rules (OAC 4729:5-18-01 through 4729:5-18-06), removing regulations on office-based opioid treatment (OBOT) clinics. The rescissions took effect on June 3, 2024. The BOP also published a new rule, OAC 4729:8-5-01, which sets explicit reporting guidelines for licensed dispensaries and became effective on June 7, 2024.

LGBTQIA+ Patients and Discrimination in Healthcare

In early April, the Kaiser Family Foundation released a study outlining the challenges that LGBT adults face in the United States related to healthcare. According to the study, LGBT patients are “twice as likely as non-LGBT adults to report negative experiences while receiving health care in the last three years, including being treated unfairly or with disrespect (33% v. 15%) or having at least one of several other negative experiences with a provider (61% v. 31%), including a provider assuming something about them without asking, suggesting they were personally to blame for a health problem, ignoring a direct request or question, or refusing to prescribe needed pain medication.”

Ohio Recovery Housing Overhaul: New Standards and Certification Requirements Reshape Sober Living Spaces