Decision By United States District Court To Stay Its Prior Order Reinstitutes the Enforcement of Corporate Transparency Act (CTA)
On February 18, 2025, the United States District Court for the Eastern District of Texas stayed its order dated January 7, 2025 resulting in the reinstitution of the enforcement of the Corporate Transparency Act (CTA) and its deadlines. As explained in more detail here, the CTA requires new and existing companies to disclose to the …
UPDATE: Preliminary Injunction Suspending Enforcement of Corporate Transparency Act Reinstated by the Fifth Circuit
On December 26, 2024, the Fifth Circuit of the U.S. Court of Appeals issued an order that reinstates the U.S. District Court’s preliminary injunction suspending the enforcement of the Corporate Transparency Act (CTA) nationwide (vacating part of an order the same Court issued earlier that week). In its order, the Fifth Circuit stated that …
UPDATE: Preliminary Injunction Suspending Enforcement of Corporate Transparency Act Stayed by the Fifth Circuit Pending Appeal
On December 23, 2024, the Fifth Circuit of the U.S. Court of Appeals issued an order that effectively reinstitutes the Corporate Transparency Act (CTA) deadlines. As explained in more detail here, the CTA requires new and existing companies to disclose to the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department certain beneficial ownership information …
Preliminary Injunction Suspends Enforcement of Corporate Transparency Act
Earlier this week, a U.S. District Court in Texas granted a preliminary injunction suspending the enforcement of the Corporate Transparency Act (CTA) nationwide prior to the upcoming January 1, 2025 compliance deadline. As explained in more detail here, the CTA requires new and existing companies to disclose to the Financial Crimes Enforcement Network (FinCEN) …
New Pennsylvania Annual Reporting Requirement for Businesses
In 2022, Governor Tom Wolf signed Act 122 of 2022 into law, which requires domestic and foreign business filing associations to file an annual report beginning in calendar year 2025. This annual reporting requirement applies to all: Domestic filing entities (which include Pennsylvania business and nonprofit corporations, limited liability companies, limited partnerships, and business trusts), …
End of Year Deadline Approaching for Beneficial Ownership Information Reporting
In 2021, Congress enacted the Corporate Transparency Act (CTA) to prevent money laundering and the financing of terrorism. The CTA requires certain new and existing companies (Reporting Companies) to disclose information about their beneficial owners (those individuals who ultimately own or control the company) to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department …
Estate Tax Implications of the use of Life Insurance to Fund a Business Redemption
The U.S. Supreme Court in Connelly v. United States held that the value of a company, for estate tax purposes, is increased by the proceeds that the company receives from a life insurance policy which are used to redeem (purchase) an owner’s interest in the company. In this case, the company received proceeds from a …
The Corporate Transparency Act: An Overview for Business Owners
Beginning January 1, 2024, various companies nationwide will be required to submit beneficial ownership reports to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of Treasury. The Corporate Transparency Act (CTA) was created to give certain governmental authorities and financial institutions access to beneficial ownership information to assist with the …
Importance of Due Diligence in Commercial Real Estate Transactions
Whether you are an experienced real estate developer or considering your first investment property, it’s important to know that there are legal implications in commercial real estate transactions that differ from residential property transactions. You’ll want to ensure you have all the pertinent information you need to help guide decision-making and potentially mitigate risks. …
Navigating Easements in Commercial Real Estate Transactions
Commercial real estate transactions are typically complex transactions that require all parties to do their due diligence to avoid future problems. Whether you are a commercial property owner or a prospective buyer, it is imperative that you understand how the existence of an easement impacts the real estate and your ownership and use thereof. What …