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Corporate Transparency Act Reporting Deadline: December 31

Client Alert

The Corporate Transparency Act (“CTA”), which became effective January 1, 2024, imposes strict reporting guidelines on small business owners throughout the country. The deadline for non-exempt businesses to submit reporting is December 31, 2024.

The civil penalty for failing to file reporting required under the CTA if $591 per day, up to a total of $10,000. Also note that criminal penalties are authorized for any person who willfully (i) provides or attempts to provide false/fraudulent information or (ii) fails to report and/or update a report previously made.

If you are the beneficial owner of an entity formed pursuant to a filing with a state secretary of state’s office (i.e., an LLC or a corporation), your entity must report. There are a few exemptions to this reporting requirement. If an entity meets an exemption, it does not need to presently report.  However, if an exemption ever becomes inapplicable to the entity, the entity then has 30 days to report. 

Completed reports are not public record; reporting is maintained by the financial crimes wing of the Department of the Treasury in a database that’s only accessible by state and federal law enforcement.

To avoid facing a potential steep fine to kick of your 2025 fiscal year, or to better understand whether your entity needs to report, please do not hesitate to contact BMD Attorney Jacob R. Davis (jrdavis@bmdllc.com).

For a more detailed overview on the CTA, click here.


Parental Approval Mandate for Diagnosing Gender-Related Conditions in Minors under Ohio House Bill 68

Ohio House Bill 68, effective August 6, 2024, introduces strict guidelines for mental health professionals diagnosing and treating minors with gender-related conditions. The law mandates parental or guardian consent before any diagnosis or treatment can proceed. Additionally, professionals must first screen for other comorbidities and assess for any history of abuse. Failure to adhere to these requirements can result in disciplinary action for unprofessional conduct.

Navigate the Latest Employment Law Changes with Confidence

BMD Partner and Co-Chair of the Employment & Labor Law Group, Bryan Meek, presented this webinar on trending HR topics. Topics include the new Fair Labor Standards Act changes for exempt employees and Federal Trade Commission's nationwide ban on non-competes. Discover how these groundbreaking changes will impact organizations nationwide and what they need to do to ensure compliance.

Planning for Wealth: Lessons from Athletes, Entertainers, and Executives

The financial challenges and strategies used by high-income earners like Donovan Mitchell, Taylor Swift, and Jamie Dimon are not just for the wealthy—they can apply to anyone managing significant assets. This article delves into essential wealth management techniques, from leveraging tax exemptions to navigating major liquidity events, providing valuable insights to help you achieve financial stability and preserve your wealth.

The Ohio Department of Medicaid Amends Fraud, Waste, and Abuse Rules

Ohio Department of Medicaid has updated definitions of fraud, waste, and abuse as well as given specificity and clarity to the list of examples.

Ohio Department of Medicaid Proposes Changes to Dental Reimbursement and Coverage Rule

The Ohio Department of Medicaid is proposing amendments to Ohio Administrative Code. There will be a hearing on the proposed rule changes August 12, 2024.