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I Went to Bed and the Rules Changed: the Corporate Transparency Act is Back on Hold

Client Alert
December 27, 2024

Yesterday we told you that the Fifth Circuit had reinstated the Corporate Transparency Act’s filing requirements, overturning the prior injunction [read the article here].

Now the Court has reversed course, overturned its decision from 3 days ago, and reinstated the nationwide injunction.

The United States Court of Appeals for the Fifth Circuit ordered on December 26, 2024 that in an effort to “preserve the constitutional status quo” while it considered the Federal Government’s appeal, it vacated the prior order for a stay of the nationwide injunction pending appeal entered on December 23, 2024, and reinstated the preliminary injunction enjoining enforcement of the CTA and its corresponding Reporting Rule.

What to do now?

As of this morning, the FinCEN website had not been updated to reflect the December 26, 2024 order. With all of the back-and-forth orders and updates, a measure of caution should be applied: proceed as-if the law could change in a matter of days. That is, if you have not complied with the CTA and its corresponding Reporting Rule, have all of your information ready in case the preliminary injunction is lifted again.

For guidance on complying with these updated requirements, business owners should reach out to their BMD legal advisors or contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency Actbusiness and corporate lawBeneficial Ownership Information Reporting
Client Alert

Telemedicine Flexibilities Extended to March 31, 2025

December 26, 2024The American Relief Act of 2025 extends key telehealth flexibilities through March 31, 2025, originally enacted during the COVID-19 Public Health Emergency (PHE). These flexibilities remove geographic and originating site restrictions for Medicare patients, expand the list of qualified practitioners, and allow for audio-only services and telehealth mental health care without in-person requirements. Although this extension is temporary, it provides continued access to essential healthcare services. Congress will need to pass permanent legislation to solidify these changes beyond March 2025.Client Alert

Corporate Transparency Act Is Back in Effect: Are You Ready?

December 26, 2024On December 23, 2024, the Fifth Circuit Court of Appeals reinstated the filing requirements under the Corporate Transparency Act (CTA), overturning a prior injunction. Businesses now have updated deadlines to file initial beneficial ownership information reports with the Financial Crimes Enforcement Network (FinCEN), based on their registration date. Affected companies must comply with these new deadlines, which vary depending on when the company was created or registered.Client Alert

Checklist of Legal Considerations for a Med Spa

December 23, 2024Checklist of key legal considerations for a med spa providing a broad overview of certain state and federal legal requirements.Client Alert

Understanding Ohio House Bill 660: A Game-Changer for Student-Athletes

December 13, 2024Ohio House Bill 660 is set to reshape Name, Image, and Likeness (NIL) agreements for student-athletes by allowing direct compensation from universities and providing greater financial opportunities while preserving amateur status. The bill simplifies the regulatory framework, introduces safeguards, and creates challenges and ethical considerations for stakeholders.Client Alert

Effective December 12, 2024: Key Updates to Ohio Medicaid Rules for CPC and CMC Programs

December 12, 2024Ohio Medicaid has amended rules for the Comprehensive Primary Care (CPC) and Comprehensive Maternal Care (CMC) programs, effective December 12, 2024. Key updates include expanded provider eligibility, stricter cultural competency training timelines, new clinical quality metrics, and changes to maternal care requirements.
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