Late last night, December 26, 2024, a Fifth Circuit Panel has reinstated the nationwide injunction blocking the enforcement of the Corporate Transparency Act (the “CTA”). In the order, the Court stated that “in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments, that part of the motions-panel […]
Yesterday afternoon, December 23, 2024, we learned that the United States Court of Appeals for the Fifth Circuit revived the immediate enforceability of the Corporate Transparency Act (CTA). The Fifth Circuit’s decision stayed the preliminary injunction issued on December 3, 2024, and allows the federal government to continue enforcing the CTA while litigation in Texas […]
Following last week’s enjoinment of the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) has announced that reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. Reporting companies may, however, continue […]
Late Tuesday afternoon (December 3, 2024), we learned that the U.S. District Court in Texas has enjoined the enforcement of the Corporate Transparency Act (the “CTA”) in part due to the question of whether the CTA is constitutional and beyond the powers instilled to Congress. For reference, this was decided in a case titled Texas […]
Richard Bar, Rachel Amster Non-compete agreements, especially for high earners, remain in use and enforceable in most states despite a recent federal public policy debate which seems to disfavor them. The FTC’s Notice of Proposed Rulemaking earlier this year called into question the durability of certain restrictive covenants, including non-compete agreements. However, expectations about the […]
DOL Seeks Comment on Proposed Rule for Classifying Contractors and Employees The Department of Labor (DOL) is seeking comments regarding a proposed rulemaking that would make it more difficult for corporations and associations to classify some workers as independent contractors. The proposed rule would consider a number of factors in assessing workers’ roles, including whether […]
This year, 2022, may be the last year in which most aircraft acquisitions will qualify for 100% bonus depreciation. In order to qualify for 100% bonus depreciation, used aircraft and some new aircraft will need to be placed in service before the end of this year. Special rules, however, extend the placed-in-service deadline for many […]
The IRS announced in June and October of 2021, in Revenue Ruling 2021-11 and Revenue Ruling 2021-19, respectively, that alternative Standard Industry Fare Level (“SIFL”) rates can be used for the first half and second half of 2021 due to the COVID-19-related impacts on the standard SIFL rates. Generally, when business aircraft are made available […]
On December 9, 2021, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and Department of State’s Directorate of Defense Trade Controls (DDTC) implemented new export control restrictions on Cambodia. These actions come approximately one month after the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Cambodian military […]
On Monday, October 11, 2021, Keith Swirsky will be presenting “Are You Prepared for an IRS Audit?” at the 2021 NBAA Business Aviation Convention & Exhibition (NBAA-BACE) in Las Vegas, NV. This session covers issues that frequently result in IRS audits (i.e. 100% bonus); a review of real-world audit scenarios; and what common themes/best practices are successful in defending audits. […]