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Corporate Transparency Act Update 3/14/24

Client Alert

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.


Charitable Planning: A Menu of Options

Find out ways you can take advantage of charitable planning to minimize the amount of estate taxes due. Here are some of the popular charitable planning techniques, their uses, and some general advice regarding their formation.

Nationwide Ban on Non-Compete Agreements: Requirements and Texas Court Decision Explained

Watch this Employment Law After Hours video to find out about the Federal Trade Commission’s (FTC) groundbreaking Final Rule that bans non-compete agreements nationwide. This video also explores the recent decision by the Northern District of Texas to enjoin and delay the implementation and enforcement of the Final Rule banning non-compete agreements nationwide.

Parental Approval Mandate for Diagnosing Gender-Related Conditions in Minors under Ohio House Bill 68

Ohio House Bill 68, effective August 6, 2024, introduces strict guidelines for mental health professionals diagnosing and treating minors with gender-related conditions. The law mandates parental or guardian consent before any diagnosis or treatment can proceed. Additionally, professionals must first screen for other comorbidities and assess for any history of abuse. Failure to adhere to these requirements can result in disciplinary action for unprofessional conduct.

Navigate the Latest Employment Law Changes with Confidence

BMD Partner and Co-Chair of the Employment & Labor Law Group, Bryan Meek, presented this webinar on trending HR topics. Topics include the new Fair Labor Standards Act changes for exempt employees and Federal Trade Commission's nationwide ban on non-competes. Discover how these groundbreaking changes will impact organizations nationwide and what they need to do to ensure compliance.

Planning for Wealth: Lessons from Athletes, Entertainers, and Executives

The financial challenges and strategies used by high-income earners like Donovan Mitchell, Taylor Swift, and Jamie Dimon are not just for the wealthy—they can apply to anyone managing significant assets. This article delves into essential wealth management techniques, from leveraging tax exemptions to navigating major liquidity events, providing valuable insights to help you achieve financial stability and preserve your wealth.