While federal legislative and regulatory authorities digest and plan their responses to the March 1, 2024 ruling in the U.S. District Court for the District of Alabama that held the federal Corporate Transparency Act (the CTA) unconstitutional, New York is moving...
Corporate & Securities
Federal District Court in Alabama Deems Corporate Transparency Act Unconstitutional
The U.S. District Court for the Northern District of Alabama (District Court) declared the Corporate Transparency Act (the CTA), which became effective on January 1, 2024, unconstitutional in the case styled National Small Business Association v. Yellen. The effects...
Important Corporate Transparency Act Law Update: U.S. Beneficial Ownership Information Filing System is Now Open
New federal reporting requirement that may affect your business is now effective. The Corporate Transparency Act (the CTA) is officially in effect. You should confirm now whether your company has any reporting obligations. The CTA requires certain entities to report...
Embracing A.I. in Law: The Ethical Integration of Technology in Legal Practice
Chief Justice John Roberts focused his 2023 Year-End Report on the Federal Judiciary on technology and the inevitable disruptive force it will have on lawyers and judges alike. While he stops short of concluding that judges (and lawyers, for that matter) will become...
Significance of Comma Placement, Word Selection, and Grammar Rules in the Legal World
It is time to thank our high school English teachers. They were right when they said, “watch your language,” and that grammar counts in the “real world.” In the real world of real estate leases, easements and other commercial agreements, this principle is well...
FinCEN Proposes to Extend Filing Deadline for Beneficial Ownership Information in 2024
Key Takeaways The Financial Crimes Enforcement Network (FinCEN) issued a proposal to amend the beneficial ownership information (BOI) reporting rule, which would extend the deadline for certain reporting companies to file their BOI reports. FinCEN is proposing to...
FinCEN Releases Small Entity Compliance Guide
Key Takeaways Starting in 2024, many entities that are created in or registered to do business in the United States will be required to file BOI reports with FinCEN. With the effective date fast approaching, criticism surrounding treatment of small businesses, who may...
SEC Adopts New and Burdensome Cybersecurity Disclosure Rules
The Securities and Exchange Commission (SEC) recently adopted rules requiring public companies to quickly disclose “material cybersecurity incidents” and to annually disclose material information regarding a company’s cybersecurity risk management, strategy, and...
Artificial Intelligence Allows IRS to Increase Scrutiny of High-Earners & Partnerships
The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny results from the additional funding obtained...
What to Know When Buying or Selling a Cannabis Business
As more states legalize cannabis and the industry experiences ongoing growth, we are witnessing a rising trend of acquisitions and sales within this sector. While buying and selling a business is a complex process for any industry, there are unique considerations to...