UPDATE: Deadlines Resume for Beneficial Ownership Information Reporting
Please be aware of this important update regarding the mandatory reporting deadline for reporting entities. On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the injunction entered by the U.S. District Court for the Eastern District of Texas to halt enforcement of the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the Corporate Transparency Act (CTA). This means that the reporting deadlines were paused before, and now they have resumed.
read more...Blog Update: Beneficial Ownership Information Reporting
Please be aware of this important update regarding the mandatory reporting deadline for reporting entities. On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA) that established the Beneficial Ownership Information Reporting requirements. This means the Financial Crimes Enforcement Network (FinCEN), a Bureau within the Treasury Department, cannot currently enforce the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the CTA. The lawsuit asserted that the CTA is outside of Congress’ power to regulate under the Commerce Clause and is therefore unconstitutional.
read more...Beneficial Ownership Information Reporting
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Starting in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity.
read more...UNDERSTANDING TYPES OF NON-PROFIT ORGANIZATIONS
The IRS, taxes, Internal Revenue Code, and exemptions are all things that require careful reading and consideration. IRS codes are a language of their own. If you are a non-profit organization in particular, knowing what your company designation is with the IRS is beneficial and important.
read more...Do Really Own Your Manufactured Home? – New Michigan Policies Change the Title Process
In a world where the housing market is at an all-time high, and houses are being sold before hitting the market, showing proof of ownership or good title to your home is paramount as a homeowner.
read more...Contract Validity and Enforceability: Was Jabba the Hutt in the wrong?
A long time ago in a galaxy far, far away… a less-than-reputable cargo transporter known as Han Solo had a debt to pay. Han Solo was hired by Jabba the Hutt, a less-than-reputable businessman, to transport “spices” across the galaxy, but Han Solo failed to deliver the goods. Jabba lost a considerable sum of money on this arrangement and put a hefty bounty on Han Solo’s head. Was this Jabba’s only option?
read more...U.S. Supreme Court Rules Against LGBT Employment Discrimination
The United States Supreme Court significantly expanded civil rights protections for LGBT employees on Monday, June 15, 2020, when it published its opinion in Bostock v Clayton County, Georgia, 590 U.S. __(2020). Before handing down its opinion, the Court heard oral arguments from the three cases at issue on October 8, 2019
read more...Resumption of Manufacturing Work
Governor Whitmer issued Executive Order 2020-77 to extend the duration of the stay-at-home order until May 28, 2020; however, the Executive Order does allow previously suspended manufacturing activities to resume on May 11, 2020, subject to certain minimum safety requirements. This blog describes these safety requirements that manufacturers must follow as to resume business.
read more...Remote Notarization and Witnessing for Estate Planning, Real Estate Closings, and Other Transactions
Remote Signatures for Estate Planning, Deeds, and Other Transactions Last night (April 8, 2020), Governor Whitmer signed Executive Order 2020–41 allowing the use of electronic signatures, remote notarizations, and remote witnessing. Executive Order 2020-41 is effective immediately and continues through…
read more...Loan Assistance for Small Businesses Impacted by COVID-19
The U.S. Small Business Administration is opening their Paycheck Protection Program (“PPP“) to applications beginning April 3, 2020. This program allows employers to receive up to $10 million in low interest loans to cover the cost of two months of…
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