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Shortly before 4:00 p.m. ET on December 27th, FinCEN issued an alert, stating that businesses are not currently required to file a Beneficial Ownership Information (BOI) report.
What Happened:
- As stated in Lipsitz Green Scime Cambria’s earlier alert, on December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit, issued a ruling which reinstated requirements and obligations for business owners under the Corporate Transparency Act (CTA).
- On December 26, 2024, the merits panel of the Fifth Circuit of the U.S. Court of Appeals, issued an order, vacating the Court’s December 23rd decision.
- The U.S. Court of Appeals’ December 26th ruling, reinstates a nationwide preliminary injunction on enforcing the CTA, which was initially issued by a U.S. District Court on December 3rd.
- Due to the December 26th Court ruling, FinCEN has announced that businesses are not currently required to file a BOI report and are not subject to liability if they fail to do so.
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The U.S. Court of Appeals has reinstated the enforcement of the Corporate Transparency Act (CTA).
What Happened:
- As detailed in Lipsitz Green Scime Cambria’s previous alert, on December 3, 2024, a U.S. District Court Judge in Texas, imposed a nationwide preliminary injunction on the enforcement of the CTA.
- The U.S. Department of Justice filed on appeal of the December 3rd decision.
- On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit, issued a ruling, which lifted the preliminary injunction on the enforcement of the CTA.
- FinCEN has announced that due to the various court rulings, the BOI filing deadline that had been set for January 1, 2025, has been extended to January 13, 2025.
New York State Issues Guidance for 2025’s Paid Prenatal Leave Law
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Effective January 1, 2025, employers in New York State will be mandated to comply with the Paid Prenatal Leave Law. This law will give covered employees, which includes pregnant employees as well as employees receiving fertility and in-vitro services, the ability to take paid leave for any pregnancy-related medical appointment.
The goal of Paid Prenatal Leave is to ensure covered employees receive health care needed to address all pregnancy related care, to create healthy outcomes without jeopardizing their employment or finances. This is the first policy of its kind in the United States.
Paid Prenatal Leave was included in New York State’s 2025 budget, as amendment to New York State’s existing Paid Sick Leave Law (Section 196-b of New York Labor Law). The budget was signed by Governor Kathy Hochul on April 10, 2024.
With the January 1, 2025 implementation date fast approaching, New York State recently released formal guidance on specific requirements and enforcement of the Paid Prenatal Leave Law.
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CTA Enforcement Suspended After Federal Court Ruling
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A U.S. District Court issued a ruling this week, which ordered the federal government to suspend the enforcement of the Corporate Transparency Act (CTA) nationwide.
What Happened:
- On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, which temporarily precludes the enforcement of the CTA.
- The ruling was granted in a lawsuit, which challenged the constitutionality of the CTA, Texas Top Cop Shop, Inc., et al. v. Merrit Garland, Attorney General of the United States, et al.
- In its ruling, the Court granted the nationwide preliminary injunction on the grounds that the CTA is “likely unconstitutional.”
Updated Guidance on Requirements and Obligations for Business Owners Under the Corporate Transparency Act
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As of January 1, 2024, domestic and foreign businesses must comply with new federal regulations under the Corporate Transparency Act (the “CTA”). These new CTA rules require that business entities file Beneficial Owner Information reports that include the details as to their “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”).
Throughout 2024, FinCEN has periodically provided updated guidance and clarification on how businesses can ensure they are in compliance with the CTA. This guidance is provided in the form of a comprehension Frequently Asked Questions document, which was last updated by FinCEN in July 2024.
WHAT YOU NEED TO KNOW.
The primary obligation placed on businesses who must comply with the CTA, is the filing of a Beneficial Owner Information (BOI) report with the FinCEN. In this alert, we will review the essential elements of the regulations and guidance issued by FinCEN, including:
- Does your business have to comply with the CTA?
- What steps does your business need to take to comply with the CTA?
- How does your business file a Beneficial Owner Information (BOI) report?
- How do you ensure your business is in compliance with the CTA?
$5.4 Million Jury Verdict Awarded in Child Victims Act Case
Numerous media outlets have reported on the $5.4 million jury verdict that attorneys from Lipsitz Green Scime Cambria recently obtained on behalf of their client, who is a victim of childhood sexual assault.
Attorneys Amy C. Keller and Gregory P. Krull represented the victim in this case. ABC News affiliate WHAM 13 spoke with Amy Keller regarding the case. NBC News affiliate WHEC and News Radio WHAM 1180 also reported on the jury verdict.
To maintain his privacy, the victim is identified as “LG 55 Doe” in court filings for this matter. LG 55 Doe is an adult in his 30s, who was sexually assaulted as a child. As a minor, LG 55 Doe attended middle school at Siena Catholic Academy in Brighton, NY, from 2002-2004. While attending Siena Catholic Academy, LG 55 Doe met Joseph A. Grasso, a Catholic Priest who served as Principal of the school. Joseph Grasso used his position as a priest and school Principal of Siena Catholic Academy to pull LG 55 Doe out of his classes and sexually assault him.
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Paul J. Cambria, Jr. Named to 2024 Edition of Buffalo Business First’s Power 250 List
The law firm of Lipsitz Green Scime Cambria LLP is proud to announce that Paul J. Cambria, Jr. has been named to the 2024 edition of Buffalo Business First’s Power 250 List.
Power 250 is an annual list of Western New York’s 250 most influential business and community leaders. The list is generated by the editors, reporters, and staff of Buffalo Business First. Leaders from throughout the eight-county region of Western New York are evaluated for the recognition. Mr. Cambria has been named to Buffalo Business First’s Power 250 annually, since 2014.
Paul J. Cambria, Jr. is recognized as one of the nation’s preeminent attorneys. He focuses his practice in the areas of criminal trials, criminal appeals, constitutional law, First Amendment law, zoning and land use, antitrust, and professional licensing defense. Mr. Cambria has built a strong reputation for successfully representing individuals and businesses in complex, high-profile cases at all levels of the courts, including state, federal, and the United States Supreme Court.
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$5.55 Million Obtained for Man Injured in a Motor Vehicle Accident by a Negligent Tractor-Trailer Driver
William P. Moore recently obtained at $5.55 million settlement on behalf of his client, who was seriously injured in a motor vehicle accident, due to the negligence of a tractor-trailer operator.
Tractor-Trailer Accident
Mr. Moore’s client, who was a professional tree-trimmer at the time of the accident, was the passenger in a car that was taking him to work. The automobile, which was traveling on a highway in a rural community in Western New York, was being closely followed by a commercial tractor-trailer. As the victim’s vehicle slowed for a roadway condition, the tractor-trailer operator, who was not maintaining a proper distance, rear-ended the automobile. The force of the impact was so great that it propelled the victim’s vehicle nearly thirty feet and scattered debris along the roadway.
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