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Corporate Transparency Act Update

Client Alert

For a more detailed overview on the CTA, and the changes business owners should expect at the turn of the calendar, click here. A webinar providing further explanation can be viewed here, which was presented December 7.

The Corporate Transparency Act (“CTA”), with an effective date of January 1, 2024, is set to impose strict reporting guidelines on business owners throughout the country.  The below provides a brief update on two aspects of the CTA ahead of its effectiveness next week.

Access and Safeguards Final Rule

On December 21, 2023, the Financial Crimes Enforcement Network issued the final rule setting forth the access and security guidelines (the “Access Guidelines”) related to the CTA.

The Access Guidelines detail six categories of authorized recipients who may access the beneficial ownership reporting information reported by business owners pursuant to the CTA (collectively, “BOI”): (i) federal agencies engaged in national security, intelligence, or law enforcement activity; (ii) state law enforcement agencies; (iii) foreign law enforcement agencies; (iv) financial institutions facilitating compliance with customer due diligence requirements under applicable law; (v) federal functional regulators assisting financial institutions under (iv) above; and (vi) Department of Treasury officers and employees.

Even if an agency is an “authorized recipient” under the Access Guidelines, that agency must satisfy several security and confidentiality requirements to ensure the proper protection of BOI after its receipt.  These recipient agencies are then further prohibited from re-disclosing BOI, unless one of eight enumerated circumstances is present.  Disclosure in violation of the Access Guidelines carries civil penalties in the amount of $500 for each day a violation continues or has not been remedied, and criminal penalties of not more $250,000 or imprisonment for not more than 5 years, or both.

Trend Amongst Service Professionals

Throughout the rulemaking process, it has become clear that the varying levels of analysis required for a given business’ compliance with the CTA is the “practice of law.”  Ohio Revised Code § 4705.07(A)(3) prohibits any person who is not licensed to practice law in the State of Ohio from committing any act that is deemed to be the practice of law.  Actions in contravention of R.C. § 4705.07 carry steep civil penalties.

Recognizing the legal components of the CTA, numerous professional associations throughout the country, including the American Institute of Certified Public Accountants, the Ohio Society of CPAs, and the BDO Alliance USA, have advised their membership to consider speaking with legal counsel for their liability risks associated with CTA reporting.

Service providers should direct their clients to consult with an attorney concerning their reporting obligations under the CTA to avoid any liability for the unauthorized practice of law.

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

 


Parental Consent May Soon Be Required for Minor Mental Health Services in Ohio

HB 172 proposes repealing a provision in Ohio law that allows minors age 14 and older to consent to limited outpatient mental health services without parental involvement. The bill would require parental consent for all such care and remove related language from other sections of the Ohio Revised Code.

Community Behavioral Health Providers - Supervisor Pricing Changes Begin July 1 [Corrected Date]

Effective June 16, community behavioral health providers wishing to receive reimbursement at the supervisor rate must add the HP or HT Modifier to fee-for-service (FFS) claims. Find out about the new guidelines.

CMS Rescinds EMTALA Guidance for Emergency Abortions

On June 3, 2025, CMS withdrew its 2022 guidance on emergency abortion care under EMTALA, eliminating federal protection for providers in states with abortion restrictions. This policy change could significantly impact how hospitals handle emergency care involving pregnancy complications.

Supreme Court Eliminates Higher Burden for Majority-Group Plaintiffs in Title VII Claims

In Ames v. Ohio Department of Youth Services, the U.S. Supreme Court unanimously ruled that all Title VII plaintiffs, whether from majority or minority groups, must meet the same evidentiary standard. The decision eliminates the “background circumstances rule” and reinforces equal treatment in workplace discrimination claims.

Understanding Reasonable Fear vs. Credible Fear Interviews: A Critical Guide for Immigrants Facing Removal

In his latest article, Immigration Attorney and former Immigration Judge Rob Ratliff offers a clear breakdown of Reasonable Fear vs. Credible Fear Interviews—key procedures for noncitizens seeking protection from persecution or torture. Citing Judge Brian Murphy’s recent ruling on unlawful deportations to South Sudan, Ratliff connects these critical legal standards to current judicial developments. Read the full article at www.removal-defense.com.