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.
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...
New Federal Rule Regarding Disclosing Business Owner Information
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 ownership information under the Corporate Transparency Act (the “CTA”).[1] The final rule...
Attorney Anne Chapman Earns Board Certification in Labor and Employment Law
PRESS RELEASE: Attorney Anne Chapman Earns Board Certification in Labor and Employment Law Expanding the Total to Seven Florida Bar Board Certified Attorneys at Blalock Walters Bradenton-Sarasota, Fla. (October 17, 2023) – The law firm of Blalock Walters, P.A. is...
Consider Your IRA When Making Charitable Bequests
As most people know, funds distributed from a traditional, non-Roth, Individual Retirement Account (IRA) are subject to income tax, and this also applies to inherited IRAs. Using your IRA to fulfill your charitable goals is often a good strategy both to achieve...
Changes Coming To Condominium, Coop Unit Contracts
Springtime is often considered to be a time of change, and this year it has brought changes for our Florida Far-Bar residential contracts. Condominium and cooperative building associations, sellers and real estate agents will need to be aware of these changes as all...
New Year, New Developments In Employment Law
Employment law is an area of law that is subject to constant changes and refinements in response to workplace issues and trends. Below are some of the recent developments that employers should be mindful of when addressing workplace issues. NON-COMPETE...
Will Your Heirs Fight Over Your Castle?
Do you intend to leave a piece of property to your children or family members after you pass? Or, maybe you are an heir who has inherited a piece of property. In either case, that’s great news! Who wouldn’t want to receive a beloved childhood home, a vacation house or...
New Federal Rule Requires Disclosing Business Owners
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its final rule on the reporting requirements of beneficial ownership information under the Corporate Transparency Act (CTA)* on September 29, 2022. The final rule will become...
Changes to Real Estate Law Affecting Condominium & Cooperative Units
Springtime is often considered to be a time of change, and this year it has brought forth a set of changes for our Florida “Far-Bar” residential contracts. Condominium and cooperative building associations, sellers, and Realtors will need to be aware of these changes...
Taylor Falkner Elected to Manatee County Bar Association Board of Directors – Young Lawyers Division
PRESS RELEASE: Bradenton-Sarasota, Florida (April 26, 2023) – Blalock Walters is pleased to announce that the Manatee County Bar Association, an organization focused on improving the administration of justice and service to the public, has elected land use and local...
