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The Corporate Transparency Act Is Here! Now that the Corporate Transparency Act ("CTA") is here to stay, find out what the requirements are and how it can affect your association/company. Our Attorney Libby Vassmer delves into the specifics of this Federal law. Follow the link below to learn more. https://lnkd.in/gguTZRT5

We are excited to share that associate Julia Santo's article on the Corporate Transparency Act has been published by the New York State Bar Association. The article explores the Act's effects on Elder Law practitioners and their clients, addressing key aspects of the new reporting requirements. Congratulations Julia! Check out the article here: https://lnkd.in/gii5Ukju #AbramsFensterman #CorporateTransparencyAct #ElderLaw

This past week, there have been some interesting developments for U.S. business owners with regard to the Corporate Transparency Act. The Corporate Transparency Act, effective January 1, 2024, introduced federal reporting requirements for virtually every business entity in the United States. The new law is very broad: Business entities such as LLCs and corporations are now required to report personal identifying information about the individuals who ultimately own or control them to the federal government. Failure to report is a crime punishable by hefty fines and/or federal prison. The stated purpose of these requirements is to assist national security, intelligence, and law enforcement efforts to counter money laundering, the financing of terrorism, and other illicit activities.  The law has been controversial, as the requirements apply to so many business entities and the reporting regime is strict and potentially difficult to comply with. Since individual identity documents such as drivers' licenses are required to be provided to a federal government database, cybersecurity has also been a concern. However, as of this past week, the federal government’s right to enforce the brand-new law is very much in question. On March 1, a federal judge ruled that the new requirements are unconstitutional. The plaintiffs challenging the law had argued that since Congress’s power is limited to its enumerated powers under the Constitution, and none of those enumerated powers were related enough to the law’s purpose to justify its breadth, the law was outside Congress’s power to enact. The judge agreed with this argument and prohibited FinCEN, the government agency charged with enforcing the new law, from enforcing it against those plaintiffs. On Monday of this week, FinCEN confirmed they will comply with the judge’s order and will not currently be enforcing the law against the plaintiffs, including all members of the National Small Business Association (an industry group for small business owners with over 65,000 members). Therefore, if your company is a member of the NSBA, you may not need to report under the CTA—for now. An appeal by the federal government is expected. The next stop for this case is the 11th Circuit, and from there, assuming a further appeal, the Supreme Court. In the meantime, it’s always possible that FinCEN could release an additional statement pausing enforcement for a larger group, or indeed, for everyone. It will be important for companies and business owners to keep abreast of developments on the law in this area. Further information on these developments can be found in this article: https://lnkd.in/eRMmjRju For FinCEN’s statement: https://lnkd.in/e-Nw2YSk

We are excited to share that Abrams Fensterman, LLP Associate Julia Santo's article on the Corporate Transparency Act has been published by the New York State Bar Association. The article explores the Act's effects on Elder Law practitioners and their clients, addressing key aspects of the new reporting requirements. Congratulations Julia! Check out the article here: https://lnkd.in/eNxPQv2D #AbramsFensterman #CorporateTransparencyAct #ElderLaw

The Corporate Transparency Act (CTA) is starting to face legal challenges and litigation. In a limited holding, one Court has found the CTA to be unconstitutional. What does that mean for businesses? Check out the article below from Pat Shriver, Brad Hutter, and Rob Fafinski to learn more. #corporatetransparencyact

Corporate Transparency Is Here: The Effects on Elder Law Practice https://lnkd.in/eNxPQv2D

📜 Check out our latest blog post: "The Impact of Post-Settlement Funding on Legal Industry Dynamics" Discover how post-settlement funding is reshaping the legal landscape and providing crucial support to plaintiffs and attorneys alike. From easing financial burdens to accelerating case resolution, learn about the significant role this funding option plays in the legal industry. Read the full article here: https://lnkd.in/gQVdJ5Ud #PostSettlementFunding #LegalIndustry #FinancialSupport

Discover the lifecycle of law firms and unravel the reasons behind their success or failure.  Read more: https://lnkd.in/g5Z43-WT #LawFirmLifecycle #LegalIndustry #BusinessStrategy #ProfessionalInsights #CareerAdvice

Law Firms Should Remember To Back Up Data - Above the Law https://buff.ly/4b0GbkL #datasec #infosec #dataprotection #lawfirm #lawoffice #lawyer #attorney #legaltech

"The term 'fiduciary' can seem like intimidating legal jargon when it’s tossed around, but what does it truly mean? Why does it matter if someone has a fiduciary duty, and how does it impact both everyday people and businesses? Today, we’ll take a look at this important legal concept to demystify the concept of fiduciaries and the responsibilities they bear." To learn more about fiduciaries and their fiduciary duties, read the recent LegalFix blog post 👇.