Insights
Federal Court Issues Injunction on Corporate Transparency Act Beneficial Ownership Reporting Requirements
With less than a month until the December 31, 2024 deadline for millions of small businesses throughout the U.S. to file their FinCEN beneficial ownership interest report, a Federal Court in Texas has issued a preliminary injunction against the enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements, citing constitutional concerns. The Court’s decision, at least for the time being, halts the enforcement of CTA requirements, which mandate that certain businesses report information regarding their beneficial ownership to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Please note that the Court’s order is a preliminary injunction only and not a final decision. The Court’s order temporarily pauses enforcement of the CTA on a nationwide basis, but enforcement could resume if the Court’s order is overturned on appeal, or the Government ultimately prevails on the merits.
We will continue to monitor the developments in this case. In the meantime, if you have any questions regarding this recent ruling or how this effects your business, please contact one of our corporate attorneys at 941.748.0100. To learn more about FinCEN, please refer to What You Need To Know About FinCen Reporting prepared by business and corporate attorneys Jenifer Schembri, Matthew Lapointe, and Michael Huckle.
Will Robinson Earns Florida Bar Board Recertification in Real Estate Law
The law firm of Blalock Walters, P.A. is pleased to announce that attorney William C. Robinson, Jr. has earned board recertification in Real Estate Law from The Florida Bar. Robinson has been board certified since 2013 and is one of only 450 attorneys...
From ‘Pay To Play’ To ‘Paid For Play’
What is NIL? Name, Image, and Likeness (NIL) is a legal concept derived from the Right of Publicity and generally refers to an individual’s right to control and profit from the commercial use of their personal brand. Historically, the National Collegiate Athletic...
Am I Responsible For My Deceased Loved One’s Debts?
A common question probate administration attorneys are asked is whether the surviving family members are responsible for the debts of the deceased individual. The short answer is no. This article will provide a more in-depth answer to this question under Florida law...
Why Can’t I Talk To My Local City and/or County Commissioner About a Development Project?
There are generally two types of land use proceedings before a local government, legislative and quasi-judicial. Legislative decisions are those in which the local government is tasked with formulating policy rather than applying specific rules to a particular...
What You Need To Know About FinCen Reporting
By Jenifer S. Schembri, Esq., Matthew J. Lapointe, Esq., and Michael R. Huckle, Esq. On September 29, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule on the reporting requirements of beneficial...
Department Of Labor Finalizes Rule Significantly Increasing Salary For Overtime Exemption
Effective July 1, 2024, the required annual salary for a worker to be exempt from the overtime requirements of the FLSA increases to $43,888 (or $844 weekly). Thereafter, effective January 1, 2025, the annual salary requirement will increase to $58,656 (or $1,128...
Employment Law Update: Ban On Employee Non-Competes, Salary Increase For Exempt Employees
FTC Issues Final Rule Barring Non-Compete Agreements Nationwide After publishing its proposed rule last year, the Federal Trade Commission (FTC) issued a Final Rule banning employee covenants not to compete in a 3-2 vote on April 23, 2024. The Rule requires employers...
Understanding an Asset Purchase Agreement
There are two basic ways to sell a business: a stock deal or an asset deal. In a stock deal, the owners of the selling company sell their equity interests to the buyer, whereas in an asset deal the seller business entity sells all its assets to a buyer entity. After...
Department of Labor Finalizes Rule Significantly Increasing Salary for Overtime Exemption
Effective July 1, 2024, the required annual salary for a worker to be exempt from the overtime requirements of the FLSA increases to $43,888 (or $844 weekly). Thereafter, effective January 1, 2025, the annual salary requirement will increase to $58,656 (or $1,128...
Federal Trade Commission Issues Final Rule Barring Non-Compete Agreements Nationwide
Update: In the original post, below we noted that the precise effective date of the FTC rule was unclear. The final rule was published in the Federal Register on May 8, 2024 meaning that the expected effective date is now September 4, 2024. This date is the deadline...
