In the News

Key Takeaways The U.S. Department of the Treasury has suspended enforcement of the Corporate Transparency Act (CTA) for U.S. citizens and domestic reporting companies. A recent federal court ruling found certain provisions of the CTA unconstitutional. Treasury will issue a proposed rulemaking to limit the CTA’s applicability to foreign re…

We share your frustration with the uncertainty over this requirement, but the enforceability of the Corporate Transparency Act (CTA) has been reinstated.  The CTA imposed a requirement for many U.S. business entities to file Beneficial Ownership Information Reports (BOIR) with the Financial Crimes Enforcement Network (FinCEN). In response to com…

In response to recent administrative orders eliminating Diversity, Equity and Inclusion initiatives, the United States Equal Employment Opportunity Commission (EEOC) is quickly making changes at the federal level, including the removal of preferred pronouns from EEOC email communications and forms, as well as a review of workplace postings. The EEO…

Source: Law360 The Corporate Transparency Act, which was enacted in 2021 and went into effect in 2024, introduced a new set of compliance challenges for businesses and their legal counsel. In late 2023, during a meeting of our CTA working group, we grappled with the implications of assisting clients with these filings. The CTA’s severe penalt…

Source: Law360 The U.S. Supreme Court heard oral arguments on Jan. 22 in Cunningham v. Cornell University, a case that should resolve a circuit split on the pleading standards participants must meet when asserting prohibited transaction and excess fee claims against Employee Retirement Income Security Act retirement plan fiduciaries. The justices s…

For those business owners and legal professionals new to working with Washington state’s taxation system, the controlling interest transfer rules and the Real Estate Excise Tax (REET) liability can come as a nasty surprise in business ownership contract of changes. We checked in with Brett T. Sullivan, Fennemore Spokane for insights on Washington…