Category: Federal Regulations
Corporate Transparency Act Beneficial Ownership Reporting: Compliance is Compulsory
November 25, 2024 | Carole Clark Isakson
Update December 19th, 2024 On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc., et al. v. Garland, enjoining the federal government from enforcing the Corporate Transparency Act (CTA) and its reporting deadlines. On December 13, 2024, the Department of Justice (DOJ) filed an Emergency Motion for Stay Pending Appeal in the Fifth Circuit requesting an expedited briefing schedule and a ruling “as soon as possible, but in any event no later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025.” Reporting companies should continue monitoring developments in the coming days in case the January 1, 2025 deadline for filing is reinstated. Ready. Congress passed the Corporate Transparency Act (CTA) in 2020 as part of its initiative to crack down on illicit activities, such as money laundering, commonly associated with shell companies. Under the CTA, many entities formed or registered to do business in the United States will be required to report various information concerning their beneficial owners and decision-makers. The idea behind the law is to unmask the natural persons behind a given entity. The Financial Crimes Enforcement Network (FinCEN), under the direction of the United…
Read MoreCorporate Transparency Act: Part I
February 9, 2023 | Carole Clark Isakson
Update December 19th, 2024 On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc., et al. v. Garland, enjoining the federal government from enforcing the Corporate Transparency Act (CTA) and its reporting deadlines. On December 13, 2024, the Department of Justice (DOJ) filed an Emergency Motion for Stay Pending Appeal in the Fifth Circuit requesting an expedited briefing schedule and a ruling “as soon as possible, but in any event no later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025.” Reporting companies should continue monitoring developments in the coming days in case the January 1, 2025 deadline for filing is reinstated. An Introductory Overview Congress passed the Corporate Transparency Act (the “CTA”) in 2020 as part of its initiative to crack down on illicit activities, such as money laundering, commonly associated with shell companies. Under the CTA, many entities formed or registered to do business in the United States will be required to report various information concerning beneficial ownership of/decision-makers for, a given company. The Financial Crimes Enforcement Network (“FinCEN”), under the direction of the United States Department of the Treasury, has been tasked…
Read MoreNew Federal Regulations for Emotional Support Animals
December 9, 2020 | Barna, Guzy & Steffen, Ltd.
The federal Department of Transportation has issued their long-awaited final rule regarding transporting emotional and service animals by air. This rule was enacted in response to the difficulties that airlines and other passengers were experiencing with various types of animals designated by the owner as an emotional support animal. The lack of clarity on the rights of individuals utilizing emotional support animals were highlighted in instances where fellow passengers were physically harmed by an unrestrained (and evidently untrained) animal nebulously characterized as an emotional support animal. Read on to learn more about the new federal regulations for emotional support animals as well as service animals. Airline Authority When the final rule goes into effect (30 days after it is published in the federal register), airlines will gain significant authority to regulate emotional support and service animals while flying. Airlines are permitted to treat emotional support animals as pets. Briefly stated, airlines do not need to treat emotional support animals as service animals. Rather, airlines may recognize emotional support animals as pets rather than service animals. Airlines have also gained the ability to restrict service animals in a number of areas. This final rule defines a service animal as a dog, regardless of breed or type, that is individually trained to do work or…
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