On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated the enforceability of the Corporate Transparency Act (CTA). The preliminary injunction previously issued against enforcement of the CTA has been lifted, effective immediately, resulting in the reinstatement of mandatory compliance with the CTA by non-exempt reporting companies. What This Means: The reporting deadline (previously December 31, 2024) for non-exempt companies formed before January 1, 2024 is again in effect, however, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) extended the deadline to January 13, 2025. Any reporting companies that have not yet filed …
Federal District Court in Texas Has Ruled Corporate Transparency Act (CTA) Likely Unconstitutional; Nationwide Preliminary Injunction Issued
— This ruling has been updated. Click here to see the new update. — A Federal District Court in Texas has ruled that the Corporate Transparency Act (CTA) is probably unconstitutional and issued a nationwide preliminary injunction that precludes its enforcement. Click here for a copy of the decision of Judge Amos Mazzant in Texas Top Cop Gun Shop, Inc. v. Merrick Garland, Attorney General of the United States, Case No. 4:24-CV-478 (E.D. Tex). Congress enacted the CTA as an anti-money laundering effort, and the Act requires most small businesses to disclose beneficial ownership information (including social security numbers and …
Jordan Staley selected into Dayton Bar Association’s 2024-2025 Leadership Development Class
Jordan Staley, an attorney in the firm’s Corporate and Real Estate Departments, has been selected into the Dayton Bar Association’s 2024-2025 Leadership Development Class. This nine-month program provides leadership and professional development for attorneys who have practiced under five years. Selected attorneys have demonstrated their passion for the profession and community engagement, a commitment to the DBA, and an interest in building relationships with a broad cross-section of lawyers and other leaders in Dayton. Learn more about Jordan: https://www.coollaw.com/people/jordan-staley/
The Corporate Transparency Act – What You Should Know
**UPDATE** Federal District Court in Texas Has Ruled Corporate Transparency Act (CTA) Likely Unconstitutional; Nationwide Preliminary Injunction Issued Original Article: WHAT IS THE CORPORATE TRANSPARENCY ACT? In 2021, Congress enacted the Corporate Transparency Act (CTA) to combat certain financial crimes, such as money laundering. After many revisions and updates, the rules went into effect in 2024. The CTA requires certain businesses to report ownership and other information to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) for inclusion in FinCEN’s database. Beginning in 2024, many small businesses are now required to report this information, referred to as …
New Associate Michael Ruffolo Joins Coolidge Wall
Dayton, Ohio – Coolidge Wall Co., L.P.A. is pleased to announce that Michael Ruffolo has joined the firm as an associate in its Corporate & Business, Estate Planning and Probate, and Tax Departments. Within corporate/business, Michael provides services to clients pertaining to mergers and acquisitions, corporate formations, business and operations, general business counsel, and corporate governance. In tax, he assists clients on federal, state, and local tax issues. Michael’s estate planning practice includes assisting clients in all aspects of the preparation and administration of estates. Michael graduated from the University of Dayton School of Law in 2023 with a certified concentration in …
Coolidge Wall Receives 2024 Best Law Firms First-tier Ranking
Dayton, Ohio – Coolidge Wall Co., L.P.A. has received first-tier metropolitan ranking in 10 practice areas by U.S. News & World Report and Best Lawyers in the 2024 “Best Law Firms” list. Achieving a top tiered ranking signals a unique combination of quality law practice and breadth of legal expertise among ranked law firms. The 10 areas for which the firm received Tier 1 ranking are Commercial Litigation, Corporate Law, Employment Law-Management, Labor Law-Management, Litigation-Labor & Employment, Litigation-Real Estate, Real Estate Law, Tax Law, Trusts & Estates Law, and Workers’ Compensation Law-Employers. To be eligible for a ranking, a firm …
New Associate Jordan Staley Joins Coolidge Wall
Dayton, Ohio – Coolidge Wall Co., L.P.A. is pleased to announce that Jordan Staley has joined the firm as an associate in its Real Estate and Corporate/Business Departments. Specializing in commercial real estate, Staley brings comprehensive legal counsel to both corporations and individuals. His experience encompasses the spectrum of commercial real estate transactions, from acquisitions and sales to project development and financing. Within the firm’s Corporate Department, Jordan services includes corporate formations, mergers and acquisitions, regulatory compliance, and collections. Before joining Coolidge, Jordan worked for a Dayton-based law firm, concentrating in real estate, municipal law, and business litigation. While finishing …
Greg Ewers, Coolidge Wall Shareholder, Congratulates Centric Consulting on First Acquisition
Coolidge Wall is happy to offer congratulations to our client, Centric Consulting, a prominent international business and technology consulting firm, on their first acquisition. Centric Consulting recently acquired The Mako Group, a leading cyber risk management firm. Greg Ewers, a shareholder in the Coolidge Wall’s Corporate/Business Department, worked with Centric Consulting on this acquisition, which will allow them to offer clients a holistic suite of services, combining cyber risk management with existing business and technology services.
Is Your Business Experiencing a Cash Flow Shortage?
Running a business is hard. There will be times that every business owner will face an aggravated customer, an uncooperative vendor, a disgruntled employee or a difficult economic challenge. All of these situations are manageable, and the challenges can be overcome. Economic Distress Can be Managed and Overcome It is not uncommon for businesses to experience times of economic distress and cash shortfalls. A cash flow shortage could be caused by late paying customers, a need for increased inventory to support growth or a structural imbalance between revenue and expenses. A cash flow shortage can be extremely stressful to a …
Telling Your Employees You Have Sold the Business!
“Don’t confuse ‘strict confidentiality’ with ‘keeping employees in the dark.’ Private is useful. Secretive is deceptive.” Stacy Feiner – from her book Talent Mindset. The quote by Stacy Feiner is appropriate for working with employees in the day-to-day operations of a business, but what about when the owner of a business is ready to realize their exit strategy? Business owners are generally passionate about what they have created and nurtured, but there comes a time when the business owner needs to take their chips off the table. When is the “right” time to tell employees that the business has been …