Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

Corporate Transparency Act to be Re-evaluated

Client Alert
February 28, 2025

Over the past several months, the federal judiciary has provided numerous rulings on the enforceability of the Corporate Transparency Act (“CTA”), which became effective January 1, 2024.  For a more detailed overview on the CTA, click here.

On February 20th, we alerted business owners that the reporting required by the CTA was reinstated, as all nationwide federal injunctions had been lifted. However, on February 27th, the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a press release providing that no enforcement actions will be taken against businesses that fail to submit reporting.

The press release provides that FinCEN will be reevaluating the CTA and will provide new guidance and clarity “as quickly as possible.”  Public comment will be solicited by FinCEN during this reevaluation.

Given FinCEN’s new position on the CTA, businesses no longer have any obligation to submit reporting.  A reevaluation of reporting obligations will also be warranted by business owners in the event FinCEN does publish a new final reporting rule, as the impetus for change was a reduction of the regulatory burden on businesses while prioritizing reporting only for those entities that pose the most significant risks.

For further guidance on the changing landscape of CTA reporting, business owners should reach out to their BMD legal advisors or contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency ActBusiness & Corporate LawBlake R. GerneyMichael SneeringerNathan AltstadtJacob R. Davis
Client Alert

Protecting Your Image in the Age of AI-Generated “Deepfakes”

April 8, 2025The rapid evolution of artificial intelligence (AI) has transformed how we create and consume digital content, but it also poses significant risks. Among the most troubling developments in AI is the proliferation of AI-generated fraudulent content, often called “deepfakes”.Client Alert

Tariffs, Market Downturn, and Employment Considerations for Employers

April 7, 2025As tariffs continue to impact various industries, employers must prepare for the ripple effects these economic pressures can have on workforce management. The economic impact can dramatically impact companies’ bottom lines, and companies look to improve finances and save for the future and many will choose to reduce employee count/wages.Client Alert

Corporate Transparency Act Overhauled: U.S. Entities No Longer Required to Report

March 24, 2025The Department of Treasury has issued an interim final rule significantly altering the Corporate Transparency Act (CTA). As of March 21, 2025, all U.S.-created entities and their beneficial owners are exempt from reporting requirements. Only non-U.S. entities registered to do business in the U.S. must still report, but they are not required to disclose U.S. citizen owners. Business owners should stay informed on these changes and consult legal counsel for compliance guidance.Client Alert

ODM to Implement Medicaid Work Requirements: What Providers and Medicaid Expansion Recipients Need to Know

March 21, 2025The Ohio Department of Medicaid (ODM) has submitted a waiver to impose work requirements for Medicaid expansion recipients. If approved, the new eligibility criteria will take effect on January 1, 2026. A federal public comment period is open until April 7, 2025.Client Alert

Ohio Appellate Court Rules in Favor of Gender-Affirming Care

March 19, 2025On March 18, 2025, the 10th District Court of Appeals in Franklin County ruled that Ohio’s House Bill (HB) 68, which restricts puberty blockers and hormone therapy for minors seeking gender-affirming care, violates the Health Care Freedom Amendment and is therefore unenforceable. The court found that the law unlawfully interferes with parental rights and medical decision-making. The case, Moe v. Yost, has been remanded, and Ohio Attorney General Dave Yost intends to appeal.
Older posts