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.
Coronavirus Tax Relief
The U.S. Department of the Treasury has recently issued a series of Notices which grants automatic relief to taxpayers. Due to COVID-19, the traditional April 15 deadline for filing and paying federal taxes has now been extended to July 15, 2020.
Prompt Assistance for Business Under the Families First Coronavirus Response Act
The IRS has announced that guidance will be released next week providing that eligible employers who pay employees under the new requirements for paid sick time or child care leave under the new Law will be entitled to retain payroll taxes due to the IRS in an amount equal to the amount of the qualifying paid sick time and child care leave that they paid, rather than deposit those amounts with the IRS.
Estate Planning During Coronavirus
Thanks to technology, our firm is fully operational during the COVID-19 pandemic and has already assisted clients with the “new temporary normal” of sheltering in place.
New Law Requires Employers to Provide Paid Sick Leave to Employees Impacted by Coronavirus
Yesterday evening, President Trump signed an emergency bill, the Families First Coronavirus Response Act, expanding the family and medical leave provisions under federal law. The act provides for Emergency Leave related to caring for children as well as additional...
Centers for Medicare and Medicaid Services Broadens Telehealth Services Amid COVID-19
In response to COVID-19, the Centers for Medicare and Medicaid Services (CMS) has significantly broadened access to Medicare reimbursable telehealth services.
Reduced Sales Tax on Commercial Leases
Effective January 1, 2020, the general Florida sales tax due on commercial leases will be reduced from the current 5.7% rate to 5.5%. This reduction in sales tax is applicable only to rental payments that are for a lease period that is on or after January 1, 2020....
Thinking About Buying a Franchise? Here is What to do Before Making Your Investment
Many people dream about someday owning their own business. Being personally responsible for one’s own destiny, rather than having a job that’s subject to the vicissitudes of a company’s stock price, is both empowering and frightening at the same time. Owning a...
Is an Electronic Will a Practical Estate Planning Tool?
In July 2020 Floridians will be able to create “electronic wills” expressing how they wish their property to be distributed upon death, audio and videotaping the entire process. One must read several chapters of the Florida statutes dealing with Wills, Notary Publics,...
Limited Exemption from Non-Compete Agreements for Some Florida Physicians
Earlier this year, Florida’s statute governing non-compete agreements was revised to prohibit the enforceability of non-compete provisions against some Florida physicians. Specifically, Florida Statute 542.336 was enacted to provide that a restrictive covenant entered...
Home Mortgage Disclosure Act Proposes Fewer Financial Institutions Should Be Subject to Disclosure Requirements
The Home Mortgage Disclosure Act (the “HMDA”) requires certain types of financial institutions (e.g., banks, credit unions, savings associations, and other types of for-profit financial institutions) to collect and report specific loan-level information regarding home...
