Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

Corporate Transparency Act Update 3/14/24

Client Alert
March 14, 2024

For a more detailed overview on the CTA, click here.  A webinar providing further explanation can be viewed here, which was presented December 7, 2023.

On March 1, 2024, a federal district court in the Northern District of Alabama concluded that the Corporate Transparency Act (“CTA”) exceeded Congressional powers and enjoined the Department of the Treasury from enforcing the CTA against the plaintiffs. National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.). On March 11, 2024, the U.S. Department of Justice appealed the district court’s decision to the Eleventh Circuit Court of Appeals.

In a March 11, 2024 statement, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) specified that the district court’s decision enjoined enforcement of the CTA with respect to the plaintiffs of the litigation detailed above. However, aside from these named plaintiffs, FinCEN specifically provides that “reporting companies are still required to comply with the law and file beneficial ownership reports.” Thus, associated fines and penalties are still enforceable against reporting companies while this litigation continues to unfold.

The CTA, which went into effect January 1, 2024, requires certain corporate entities to report identifying information on (i) the business itself; (ii) the beneficial owners of the business; and (iii) in some cases, the professional advisor(s) that helped form the entity. Failure to file as required under the CTA carries steep civil and criminal penalties, including a fine up to $10,000, imprisonment for up to two years, or both, for any person who willfully (i) provides or attempts to provide false/fraudulent information or (ii) fails to report and/or update a report previously made.

For questions regarding the CTA and how your business should complete mandatory reporting, please do not hesitate to contact BMD Member Blake Gerney at brgerney@bmdllc.com or BMD Attorney Jacob Davis at jrdavis@bmdllc.com.

Corporate Transparency ActBusiness & Corporate LawBlake R. GerneyJacob R. Davis
Client Alert

USCIS Policy Change Impacting Work Authorization: Advisory for Employers and Human Resources

December 8, 2025USCIS has issued a policy memorandum pausing immigration benefit processing for individuals from 19 high-risk countries and requiring a re-review of certain previously approved cases. This change may affect work authorization, employment verification, and workforce stability. Employers and HR teams should review impacted employees and update compliance procedures.Client Alert

CMS Releases CY 2026 Medicare Physician Fee Schedule Final Rule with Key Payment and Telehealth Updates

December 4, 2025CMS issued the CY 2026 Medicare Physician Fee Schedule Final Rule on October 31, 2025, with changes effective January 1, 2026. The Final Rule includes increases to the conversion factor, a new efficiency adjustment, updates to practice expense methodology, permanent telehealth policy changes, revised payment for skin substitutes, expanded rules for Part B drugs and biologicals, enhanced policies for Rural Health Clinics and Federally Qualified Health Centers, and new care management and behavioral health services.Client Alert

Ohio Department of Medicaid Updates: Key Changes to Physician Reimbursement Rates in Early Parenthood

December 3, 2025The Ohio Department of Medicaid has proposed amending Ohio Administrative Code Rule related to covered Medicaid reimbursements for physicians. Beginning on January 1, 2026, they are proposing an increase to rates for prenatal care, childbirth, and infant care and provider visits.Client Alert

Name, Image, and Likeness Agreements in Healthcare

November 14, 2025For example, some healthcare providers have begun to utilize "Name, Image, and Likeness" agreements to promote the brand they have created through their healthcare practice.  We have seen the most healthcare NIL activity with longevity and wellness providers, as well as orthopedics.Client Alert

Compounding GLP-1 Drugs - Recent Updates

November 13, 2025Recent guidance from the Ohio Board of Pharmacy (“BOP”) indicates that providers should generally use the FDA approved GLP-1 drug, rather than a non-FDA approved compounded version of the medication. Importantly, if a GLP-1 drug is commercially available, it cannot be copied through compounding. Currently, compounded copies of Tirzepatide and Semaglutide are not permitted.
Older posts