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Corporate Transparency Act Ruling from the U.S. Supreme Court

Client Alert
January 24, 2025

Over the past several weeks, the federal judiciary has provided numerous rulings on the enforceability of the Corporate Transparency Act (“CTA”), which took effect on January 1, 2024. For a more detailed overview on the CTA, click here.

Most recently, on December 26, 2024, the United States Court of Appeals for the Fifth Circuit reinstated a previous injunction barring enforcement of the CTA’s filing requirement for entities throughout the country.

Yesterday, the U.S. Supreme Court granted the government’s appeal of the Fifth Circuit’s December 26 decision, lifting the nationwide injunction. While many interpreted this ruling to reinstate the CTA’s reporting requirement, recent guidance from the Financial Crimes Enforcement Network (“FinCen”) makes clear that enforcement of the CTA’s filing requirement is still barred nationwide.

While the U.S. Supreme Court lifted the injunction on appeal before the Fifth Circuit, a separate nationwide injunction issued by a different federal judge on January 7, 2025 (Smith v. U.S. Department of the Treasury, Case No. 6:24-cv-336-JDK) remains in effect. FinCen continues to accept voluntary reporting, but as of this publication, businesses are not required to comply with the CTA’s filing requirements.

For guidance on complying with these updated requirements, business owners should reach out to their BMD legal advisors or contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency ActBusiness & Corporate LawBlake R. GerneyMichael SneeringerNathan AltstadtJacob R. Davis
Client Alert

Marijuana Reclassification and APRN/PA Prescribing

May 7, 2024Marijuana is expected to be reclassified by the Drug Enforcement Administration (DEA) from a Schedule I controlled substance to a Schedule III controlled substance as a result of efforts by the Biden administration.Client Alert

Federal Trade Commission Voids Non-Compete Agreements Nationwide

April 30, 2024On April 23, 2024, the U.S. Federal Trade Commission (“FTC”) issued its Final Rule containing regulations impacting non-compete agreements across the country for all employees. The Final Rule implements some of the most impactful changes to employment law during this century. The Final Rule will take effect 120 days from its publication in the Federal Register, which we expect to occur within the next few weeks.Client Alert

Department of Labor Finalizes Rule with Substantial Salary Increases for White-Collar Overtime Exemptions

April 30, 2024On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule that will significantly impact overtime eligibility for white-collar employees under the Fair Labor Standards Act (FLSA). This rule implements a dramatic increase in the minimum salary level required for an employee to be exempt under the FLSA’s administrative, executive, and professional exemptions (the so-called “white collar exemptions”) as well as the FLSA’s highly compensated employee exemption.Client Alert

Chemical Dependency Professionals Board Rule Changes: Part 2

April 1, 2024New rule changes for Certification of Chemical Dependency Counselor Assistants (CDCA)Client Alert

Board of Pharmacy Rule Changes

April 1, 2024Board of Pharmacy made changes to rules effective on March 4, 2024
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