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.
Department of Labor Expands Definition of Healthcare Providers to Related to Exemption from Paid Leave
On March 28th, the Department of Labor (“DOL”) expanded the definition of “healthcare provider” for the purpose of determining who is exempt from the leave mandates set forth in the Families First Coronavirus Response Act (“FFCRA”). The FFCRA exempts employers from...
How Can Blalock Walters Help Your Business During COVID-19?
On March 27, 2020, the U.S. House of Representatives passed and President Trump signed into law the COVID-19 stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides much needed assistance for small businesses. ...
Restrictions on Vacation Rentals During COVID-19
On March 27, 2020, Governor Ron DeSantis put restrictions on vacation rentals by Executive Order 20-87. The Order prohibits vacation rentals from making any new reservations or bookings during the period ending April 10, 2020. It also prohibits vacation rentals...
SBA Liquidity Assistance for Businesses – In the Form of Forgivable Loans and Non-Forgivable Disaster Loans
On March 27, 2020, the U.S. House of Representatives passed the COVID-19 stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), which provides much needed assistance for small businesses.
Governor DeSantis and the Florida Department of Revenue Issue Actions Regarding Property and Sales Tax Deadlines
On March 26, 2020, Governor DeSantis and the Florida Department of Revenue have issued two actions regarding property and sales tax deadlines.
Certain Permits and Development Orders May be Extended Due to Florida’s State of Emergency for COVID-19
On March 9, 2020, Florida Governor Ron DeSantis issued Executive Order 20-52 declaring a state of Emergency in Florida for the Novel Coronavirus Disease 2019 (COVID-19).
Employee Rights: DOL Releases Required Families First Coronavirus Response Act Notice to be Posted in Workplaces
The Department of Labor released the notice required by the Families First Coronavirus Response Act (FFCRA) to be posted in the workplace beginning April 1, 2020.
Proposed Stimulus Package…Big Help is on the Way
Lawmakers have spent the past several weeks negotiating a package which will boost our economy and, while most of us were sleeping last night, Senate leaders announced a bipartisan deal to the tune of $2.2 Trillion.
Frequently Asked Questions – Families First Coronavirus Response Act
On March 18, 2020, Congress passed, and President Trump signed, the Families First Coronavirus Response Act (“FFCRA”).
Emergency Bridge Loan for Small Businesses Impacted by COVID-19
While the Senate is in the midst of debating a stimulus plan proposed by the Trump Administration, Governor Desantis has activated the Florida Small Business Emergency Bridge Loan Program (the “Program”) to provide support to small businesses that experience economic injury from COVID-19.
