Reporting Requirements for U.S. Companies and U.S. Persons On March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a new rule that eliminates Corporate Transparency Act (CTA) reporting requirements for U.S. companies and U.S. persons. This marks a significant shift from earlier guidance and deadlines that had many businesses preparing to file. What Changed? U.S. companies and Read More
BAKER JENNER CLIENT ALERT! FIFTH CIRCUIT COURT DECISION CREATES UNCERTAINTY FOLLOWING CORPORATE TRANSPARENCY ACT REPORTING DEADLINE
The Fifth Circuit Court of Appeals recently issued a ruling that vacates the Corporate Transparency Act (CTA) reporting requirements as implemented by FinCEN. This decision has significant implications for businesses, particularly those located in the Fifth Circuit (Louisiana, Mississippi, and Texas), even though the January 13, 2025, compliance deadline has already passed. For background on the CTA’s reporting Read More
BAKER JENNER CLIENT ALERT! REPORTING DEADLINE REINSTATED AND EXTENDED TO JANUARY 13, 2025 UNDER THE CORPORATE TRANSPARENCY ACT
Following a recent appellate court decision, the reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. The Financial Crimes Enforcement Network (FinCEN) has extended the compliance deadline for entities created before January 1, 2024, to January 13, 2025. For background on the CTA and its original reporting requirements, see our earlier Read More
FTC Non-Compete Ban Blocked Nationwide
On August 20, 2024, the U.S. District Court for the Northern District of Texas in Ryan, LLC v. FTC, held that the Federal Trade Commission’s non-compete rule is unlawful and ordered that the FTC’s non-compete rule would not take effect on September 4, 2024, or thereafter. The ruling prevents the FTC from enforcing the rule against any company nationwide. Also in August, a Florida court issued an order prohibiting Read More
BAKER JENNER CLIENT ALERT! REPORTING DEADLINE LOOMS UNDER THE CORPORATE TRANSPARENCY ACT
The below is merely informational and does not communicate, whether intentionally or otherwise, any legal, compliance or other advice. As previously shared in our March 2024 article, The Corporate Transparency Act: A New Era For Business Reporting, January 1, 2025 marks a looming deadline for businesses to disclose “beneficial ownership information,” or BOI, to the Financial Crimes Enforcement Network (FinCEN). Read More
BAKER JENNER CLIENT ALERT! WHAT YOU NEED TO KNOW – FTC ISSUES FINAL RULE ON NON-COMPETES, SUBSTANTIALLY ALTERING THE RELATIONSHIPS ON WHICH BUSINESSES DEPEND
The below is merely informational and does not communicate, whether intentionally or otherwise, any legal, compliance or other advice. In our February 2023 Client Alert, we advised that the Federal Trade Commission (“FTC”) had issued its proposed rule prohibiting non-competes nationally, an early policy initiative of the Biden Administration. Over a year later, on April 23, 2024, the FTC issued its 570-page Final Read More
The Corporate Transparency Act: A New Era for Business Reporting
The below is merely informational and does not communicate, whether intentionally or otherwise, any legal, compliance or other advice. Ostensibly intended as an anti-money laundering tool, the Corporate Transparency Act (CTA) constitutes a significant intrusion by the federal government into the affairs of domestic and foreign corporate entities otherwise excluded from U.S. public disclosure requirements. Effective Read More
FEDERAL COURT RULES THE FEDERAL CORPORATE TRANSPARENCY ACT IS UNCONSTITUTIONAL
BAKER JENNER CLIENT ALERT! The below is merely informational and does not communicate, whether intentionally or otherwise, any legal, compliance, or other advice. In our blog article, to be released later this month, we discuss the Corporate Transparency Act or “CTA,” which became effective January 1 of this year. The CTA is a sweeping piece of federal anti-money laundering legislation that, if it stands – Read More
BAKER JENNER ALERT: FTC Proposes New Rule Banning Noncompete Clauses
In our August 2021 BAKER JENNER ALERT, we advised our clients and colleagues about the Biden Administration’s new policy initiative, centered on eliminating noncompete restrictions applicable to many aspects of the American workplace. Following, on January 5 and 19, 2023, the Federal Trade Commission (FTC) unrolled its sweeping new proposed rule that would ban noncompete restrictions on workers and others. A copy of Read More
Biden’s Executive Order Targeting Non-Competes—How Scary is its Bite?
With consolidation looming large in health care, tech, social media, internet platform providers, and other industries, non-compete agreements are receiving renewed scrutiny at the political and regulatory levels. This renewed scrutiny coincides with recent bad press concerning some national employers’ injudicious uses of non-competes to restrict low-wage and rank-and-file employees. President Biden has now Read More
