Corporate Transparency Act – LIMITED Enforcement?
March 14, 2025 | Barna, Guzy & Steffen, Ltd.
If you have been following the “life” of the Corporate Transparency Act (CTA), an anti-money laundering law passed by Congress under the first Trump administration, you’ll have noticed the court challenges and on again, off again status. Those court challenges are likely moot at this point, as the Treasury Department announced on Sunday, March 2 that it will not enforce penalties or fines related to the CTA against US Citizens or domestic reporting companies. The CTA is a federal law that went into effect on January 1, 2024. The initial reporting deadline was December 31, 2024, with approximately 6.5 million filings made by that date. Estimates of the number of companies that should be filing exceed 30 million. Large companies and those in already regulated industries are exempt from filing. The actual filing is fairly simple, and the information is not public. Reporting has not been viewed as burdensome, although some companies have objected to being required to disclose ownership. At this time, FinCEN is still accepting filings, but we anticipate that few domestic companies will now elect to make the required filings. However, if your company has any foreign owners or is not a domestic (US) created entity, penalties and fines will still apply if the filing is not made. Further action…
Read MoreUpdating Your Estate Plan for the New Year
February 5, 2025 | William F. Huefner
The new year is the perfect time to reflect on the last 12 months and set new goals for the future. This also makes it an ideal time to update your estate plan. Much can change in a year, and your estate planning documents should reflect your current circumstances. Keep reading to learn some common life changes that may warrant updating your estate plan. Life Changes that May Affect Your Estate Plan Marriage or divorce: Many people appoint their spouse as a beneficiary, executor, or trustee. If your marital status changes, you should update your estate plan to reflect this. A new child or grandchild: You may wish to add a new family member as a beneficiary or set aside assets for them in a trust. Your Last Will and Testament should also include guardianship provisions for your minor children or dependents in the event that you pass away. The loss of a beneficiary: Losing a loved one is a tragedy, especially when it’s someone to whom you planned to bequeath your legacy. Updating your estate plan to reflect this loss is a heartbreaking but necessary step. A change in trustees or executors: Life moves quickly, and people’s health and priorities can change. Take some time to review the people you have nominated…
Read MoreMA-EPD Law Updates Expand Eligibility for Coverage
December 17, 2024 | Cathryn Reher
We are nearing one year since the Minnesota Department of Human Services expanded those persons with disabilities who may qualify for Medical Assistance for Employed Persons with Disabilities (MA-EPD). Persons with disabilities participating in MA-EPD must have an earned monthly income of $65.01 or more. This program provides for not only state plan health coverage but also waivered services through CADI, CAC, BI, and DD waivers. The 2024 law change removed any asset limit to qualify. For self-employed persons, there was a mid-year law change that self-employment tax filings suffice as proof of appropriate tax withholdings. The most amazing aspect of the 2024 law changes is that MA-EPD became available to persons residing in skilled nursing facilities (nursing homes) as well as community-based settings. Our firm has successfully converted several clients from community-based MA-EPD to MA-EPD while residing in a skilled nursing facility. As an example, a long-term CADI client needed more care and entered a nursing home. His MA-EPD premium was $68. We assisted with his conversion to a nursing home on MA-EPD, where his monthly obligation remained $68. The client was not required to pay the alternative long-term care income spenddown, which would have been approximately $1,526. The reserved income is being used to pay for a private room as well!…
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