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

Another Drug Manufacturer Pursues Rebate Program as 340B Alternative

December 11, 2024Some of the nation’s largest drug manufacturers are forging ahead to implement rebate programs for 340B drugs, even after the federal government has called these programs illegal. While it is unclear how these federal courts will rule, this could threaten the sustainability of safety net providers and their patients.Client Alert

Hurry Up, STOP. . .Has CTA Been Struck Down By Courts?

December 5, 2024Following a recent case in Texas, uncertainty has arisen regarding whether clients should file "beneficial owners" reports. This is a result of the Federal Government enjoined from enforcing the CTA. Contact your BMD Member Blake Gerney to find out how this affects you.Client Alert

DEA and HHS Issue its Third Extension of Telemedicine Flexibilities through 2025

December 2, 2024The DEA and U.S. Department of Health and Human Services (HHS) have extended telemedicine flexibilities for prescribing controlled medications through December 31, 2025. This extension builds on temporary exceptions made in 2020 due to COVID-19, allowing providers to prescribe Schedule II-V controlled substances based on a telemedicine evaluation alone. The extension ensures continued patient access to necessary prescriptions and provides time for providers to comply with future regulations.Client Alert

Medicare Making Changes to Improve Behavioral Health Care Access

November 26, 2024The Centers for Medicare & Medicaid Services (CMS) has introduced changes to Medicare’s behavioral health coverage, including allowing Marriage and Family Therapists and Mental Health Counselors to enroll independently, increasing reimbursements for crisis psychotherapy and substance use treatment, and expanding services via community health workers. These updates address gaps in care and improve access to mental health services for Medicare beneficiaries.Client Alert

The Ohio Department of Medicaid Announces Four Next Generation MyCare Plans

November 11, 2024On November 1, 2024, the Ohio Department of Medicaid (ODM) announced four managed care organizations that will become ODM’s Next Generation MyCare plans starting January 2026. MyCare Ohio is a managed care program that supports Ohioans across 29 counties enrolled in both Medicare and Medicaid.
Older posts
Newer posts