MGD Law, LLC

We are very excited to launch "Insights" on the MGD Law website. Check out https://mgdlawfirm.com to read about important estate planning topics and updates! We'd love to hear what you'd like to learn more about when it comes to estate planning. We'll keep it in mind as an option for future posts. Be sure to follow us on LinkedIn and Facebook if you want to be notified of new posts. The choice of a lawyer is an important decision and should not be based solely on advertisements.

Important Corporate Transparency Act Update! On Sunday, March 2, the US Treasury released the following statement, which in summary, states their intention to effectively limit the reporting requirement to foreign reporting companies: "The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest." Please see a link in the comments to the statement. We will continue to share any relevant updates.

Important Corporate Transparency Act Update! On February 18, 2025, the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al 6:24-cv-00336 (E.D. Tex.) lifted the nationwide injunction that was in place, meaning compliance with the Corporate Transparency Act is required again for most businesses. FinCEN released a statement extending the deadline for compliance for most businesses to March 21, 2025.?FinCEN noted in its announcement that additional updates may be coming over the next 30 days. We will continue to monitor for updates, so be sure to follow our page. Please find a link to the announcement: https://lnkd.in/gUTje2Hh

FinCEN has released an important statement regarding the Corporate Transparency Act: “On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit.” We will continue to monitor for updates.

Should Auld Estate Plans Be Revised And Probate Never Brought to Mind Should Auld Estate Plans Be Revised Since They Were Signed Auld Lang Syne Wishing you a Happy New Year, and may this be the year you follow through on that resolution to prioritize creating or updating your estate plan! Remember, the choice of a lawyer is an important decision and should not be based solely on advertisements.

Important Corporate Transparency Act Update as of December 26, 2024. On December 26, 2024, the merits panel of the 5th Circuit Court of Appeals VACATED the December 23, 2024 decision by the motions panel that lifted the nationwide injunction, effectively reinstating the nationwide injunction on FinCEN's ability to enforce the BOI report filing deadline. FinCEN has updated their site noting that submission of BOI reports is voluntary while the order remains in effect. A link to the decision and FinCEN site is in the comments. Please be sure to follow us for more updates.

Happy Holidays from MGD Law!

Important Corporate Transparency Act Update! On December 23, the 5th Circuit Court of Appeals lifted the nationwide injunction that temporarily halted mandatory compliance with the January 1, 2025 Beneficial Ownership Information Report filing deadline. Shortly after the decision, FinCEN released a statement extending the compliance deadline for entities created prior to 2024 to January 13, 2025. We will continue to share updates on our website! https://lnkd.in/gX_JRuZc

On Friday, December 6, 2024, FinCEN issued a response to the nationwide preliminary injunction halting the enforcement of the Corporate Transparency Act (CTA). For the time being, filings are voluntary rather than mandatory, deadlines are suspended, and penalties will not be enforced due to ongoing litigation. Please see our article for more information. MGD Law will continue to monitor developments and provide updates. Please be sure to follow our page to stay informed. https://lnkd.in/gX_JRuZc

Yesterday, December 3, 2024, a Texas federal district court provided the entire country with nationwide temporary injunctive relief from having to comply with the January 1, 2025 deadline to file certain Beneficial Ownership Information (BOI) Reports required by the Corporate Transparency Act (CTA). See the link below, in the comments, for more discussion on the nationwide injunction. MGD Law is monitoring developments and will provide further guidance to MGD clients.