Category: Federal Regulations

Corporate Transparency Act: Part I

February 9, 2023  |  Carole Clark Isakson

An Introductory Overview Congress passed the Corporate Transparency Act (the “CTA”) in 2020 as part of its initiative to crack down on illicit activities, such as money laundering, commonly associated with shell companies. Under the CTA, many entities formed or registered to do business in the United States will be required to report various information concerning beneficial ownership of/decision-makers for, a given company. The Financial Crimes Enforcement Network (“FinCEN”), under the direction of the United States Department of the Treasury, has been tasked with preparing the regulations that will govern the beneficial ownership reporting requirement and provide for enforcement. The reporting obligations under the CTA will impact hundreds of thousands of entities, including corporations, limited liability companies, partnerships, and various non-profit organizations. The most significant impact will be felt by small and mid-size companies, and the individuals who own and operate them, who did not previously have any mandated federal reporting responsibilities. Final regulations under this Corporate Transparency Act were released by FinCEN in September 2022, and go into effect beginning January 1, 2024. Entities and individuals subject to these new regulations will be required to submit a beneficial ownership information report identifying each beneficial owner, decision maker, and company applicant. These individuals will be required to submit information about themselves as part…

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New Federal Regulations for Emotional Support Animals

December 9, 2020  |  Barna, Guzy & Steffen, Ltd.

The federal Department of Transportation has issued their long-awaited final rule regarding transporting emotional and service animals by air. This rule was enacted in response to the difficulties that airlines and other passengers were experiencing with various types of animals designated by the owner as an emotional support animal. The lack of clarity on the rights of individuals utilizing emotional support animals were highlighted in instances where fellow passengers were physically harmed by an unrestrained (and evidently untrained) animal nebulously characterized as an emotional support animal. Read on to learn more about the new federal regulations for emotional support animals as well as service animals. Airline Authority When the final rule goes into effect (30 days after it is published in the federal register), airlines will gain significant authority to regulate emotional support and service animals while flying. Airlines are permitted to treat emotional support animals as pets. Briefly stated, airlines do not need to treat emotional support animals as service animals. Rather, airlines may recognize emotional support animals as pets rather than service animals.  Airlines have also gained the ability to restrict service animals in a number of areas. This final rule defines a service animal as a dog, regardless of breed or type, that is individually trained to do work or…

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