Insights
Corporate Transparency Act Enforcement Paused Again – Here’s What You Need to Know
The required December 31, 2024 compliance deadline for the Corporate Transparency Act (CTA) has been influx again this week. Here is a timeline and where compliance with the CTA is as of today, December 31, 2024:
- December 3, 2024: The Federal District Court for the Eastern District of Texas issued a preliminary injunction against the enforcement of the CTA’s beneficial ownership reporting requirements, citing constitutional concerns.
- December 23, 2024: An order from the Federal Fifth Circuit Court of Appeals essentially lifted the preliminary injunction. Shortly after this ruling, new deadlines were announced for businesses to report beneficial ownership information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), including: (i) all entities in existence as of January 1, 2024 have a deadline of January 13, 2025; (ii) entities created between December 3, 2024 and December 23, 3024 have an additional twenty one (21) days added to their existing ninety (90) day filing period; (iii) any entities qualifying for disaster relief will continue to have those applicable disaster relief rules; and (iv) any entities filed after January 1, 2025 will have thirty (30) days to file their beneficial interest report.
- December 26, 2024: A separate panel of the Federal Fifth Circuit Court of Appeals reinstates the preliminary injunction while the Court considers the government’s appeal. This decision once again halts the enforcement of the CTA requirements of reporting beneficial ownership interest to FinCEN.
Please note that in certain areas of Florida the extensions granted due to Hurricane Milton remains in effect. For those entities in a designated FEMA disaster zone because of Hurricane Milton, the following applies:
- Existing Entities (formed before 2024):
- Original Deadline: January 1, 2025
- New Deadline with Extension: July 1, 2025
- New Entities (formed in 2024 or later):
- Original Deadline: Ninety (90) days following the entity’s formation
- New Deadline with Extension: If your entity’s beneficial ownership information report deadline falls between October 4, 2024, and January 2, 2025, there is an additional six (6) months added to original filing deadline.
If you have any questions regarding where your business’ filing requirements currently stand, please contact our office at 941-748-0100.
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...
Blalock Walters Hires Real Estate Attorney Laura Smidt
PRESS RELEASE: SARASOTA-BRADENTON, FL, April 26, 2023 ––The law firm of Blalock Walters, P.A. is pleased to welcome attorney Laura Smidt to its real estate and leasing practice groups. Smidt has experience in commercial and residential transactions, including...
Blalock Walters Sponsors Tidewell Foundation Signature Luncheon
The firm of Blalock Walters was a proud Visionary Sponsor of the Tidewell Foundation Signature Luncheon. This year's luncheon was a tribute to U.S. military veterans and featured keynote speaker, former Army Major and Bronze Star recipient, Dr. Sudip Bose., Dr. Bose...
Taylor Falkner Nominated for Manatee Young Professionals Award
Taylor Falkner, land use and local government attorney was nominated Manatee Young Professionals (MYP) MVP Awards. The 2023 MYP Awards celebrates professionals in Manatee County ages 21-40 who demonstrate initiative and excellence in their careers, contribute time and...
Charitable Giving Can Lower Estate Tax Burden
Under the Tax Cuts and Jobs Act, in 2026, the basic exclusion amount will drop to less than half of the current amount, so plan wisely Under the current tax laws, it is easy to forget that the imposition of an estate tax could drastically reduce the amount you plan to...
Who Inherits My Assets If I Have No Will?
As estate planning attorneys we are often asked, “Who will inherit my assets if I die without putting a will in place?” Many people believe that without a last will and testament (a will), the state of Florida will automatically become the beneficiary of their estate...
Should Employers Implement a Jury Trial Waiver?
Employers should consider requiring jury trial waivers for employees. Arbitration agreements in the employment context have been used by employers for years to avoid having to publicly litigate employment related claims filed against them by employees. Mandatory...
What Is Going To Happen To Your Vacation Home? Planning Makes All the Difference
Planning makes all the difference. Leaving the vacation property to each of your children in equal shares, without addressing all of the complexities of co-ownership, maintenance costs and the potential for serious disputes among the owners is not a plan. Somebody...
Two Recent Ordinance Amendments Revise Local Land Use Regulations
The Manatee County Board of County Commissioners voted November 2, 2022 to approve two ordinances that amended the language of the Manatee County Land Development Code (LDC). The first ordinance, No. 22-67, amends the LDC as it relates to half dwelling units and an...
