BPL Newsletter: Reminder to Comply with the Corporate Transparency Act Before the Year Ends
Burner Prudenti Law, P.C.
Excellence. Compassion. Integrity. Your full service boutique Trusts & Estates, Elder Law and Real Estate law firm
BPL has an important update regarding the Corporate Transparency Act (CTA). The CTA, which took effect on January 1, 2024, mandates entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). The CTA, designed to combat money laundering, required companies to disclose ownership details to the federal government. In certain circumstances, trustees, beneficiaries, and other individuals who receive a financial advantage from a business or entity may need to be disclosed as well.
?However, in Texas Top Cop Shop v Garland et al. on December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a preliminary injunction. This decision has halted the enforcement of the CTA compliance requirements due to concerns about its impact on small businesses and its constitutionality.
?What does this mean for you? If you have not yet completed the filing under the CTA, this decision puts on hold your requirement to do so. While the Court's ruling has temporarily halted the CTA's enforcement, further court proceedings may reinstate the need to register with FinCEN. Note that if this decision is overturned, entities that have not filed may need to act quickly to be in compliance with the law.?If you have already filed with FinCEN, there is no action needed beyond tracking the outcome of this case.
?The fate of the CTA and the filing requirements are unknown. Stay tuned for more updates as they unfold!
This past week’s Giving Tuesday is a great reminder to review your estate plan and consider how you can support your favorite organizations or causes. Charitable giving can play a meaningful role in both your lifetime and legacy planning.
There are several ways one can make a charitable gift as part of their estate plan. First and foremost, you can always give during life. This can be done through a one-time or recurring donation to a charitable organization that qualifies as tax-exempt under 501(c)(3) of the Internal Revenue Code.
Many charitable organizations have campaigns on Giving Tuesday in which a corporate sponsorship allows for any amounts donated on that day to be matched, providing a more substantial impact for your favorite cause while allowing you to receive the allowable deduction on your annual income tax returns.
At death, gifting through your estate plan can take many forms. Visit our blog post to explore four common ways to include charitable gifts in your estate plan: specific bequests, residuary distributions, the "Santa Clause" provision, and beneficiary designations.
December 16 / 1 PM
Virtual Event:
2025: The Year of Trusts
Presented by Shelter Island Public Library
This presentation will be available on Zoom.
As 2025 is upon us, have you considered a trust as part of your Estate Plan?
Join Britt Burner, Esq. as she discusses the anatomy of trusts, the types of trusts used in Estate and Medicaid planning and how they can benefit you and your loved ones.
领英推荐
New Year, New Plan: Estate Planning Essential for 2025
January 8 / 11 AM
Smithtown Library - Kings Park Building
Community Room
1 Church Street
Kings Park, NY 11754
January 9 / 7 PM
Hampton Bays Public Library
Helen Gould Room
52 Ponquogue Ave.
Hampton Bays, NY 11946
Start 2025 off right with a resolution you can complete!
?Join us to discuss the basic estate planning documents that everyone should have in place, including wills, advance directives, and more. We will also discuss new changes in 2025 that could impact your estate plan, and provide insight into whether you should be revisiting your existing plan under the current administration.
The holiday season is here, and Westhampton Beach is ready to shine!
Mark your calendar for the Fourth Annual Holiday Stroll, hosted by the Westhampton Beach Performing Arts Center (WHBPAC).
When: Friday, December 6th
Time: 6:00 PM – 9:00 PM
Where: Main Street and Sunset Avenue
This magical evening is the perfect opportunity to shop local, connect with neighbors, and soak in the festive spirit—all while supporting our cherished WHBPAC.
Enjoy a night of holiday cheer, community connection, and meaningful celebration.