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As of January 1, 2024, domestic and foreign businesses must comply with new federal regulations under the Corporate Transparency Act (the “CTA”). These new CTA rules require that business entities file Beneficial Owner Information reports that include the details as to their “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”).
Throughout 2024, FinCEN has periodically provided updated guidance and clarification on how businesses can ensure they are in compliance with the CTA. This guidance is provided in the form of a comprehension Frequently Asked Questions document, which was last updated by FinCEN in July 2024.
WHAT YOU NEED TO KNOW.
The primary obligation placed on businesses who must comply with the CTA, is the filing of a Beneficial Owner Information (BOI) report with the FinCEN. In this alert, we will review the essential elements of the regulations and guidance issued by FinCEN, including:
- Does your business have to comply with the CTA?
- What steps does your business need to take to comply with the CTA?
- How does your business file a Beneficial Owner Information (BOI) report?
- How do you ensure your business is in compliance with the CTA?
$5.4 Million Jury Verdict Awarded in Child Victims Act Case
Numerous media outlets have reported on the $5.4 million jury verdict that attorneys from Lipsitz Green Scime Cambria recently obtained on behalf of their client, who is a victim of childhood sexual assault.
Attorneys Amy C. Keller and Gregory P. Krull represented the victim in this case. ABC News affiliate WHAM 13 spoke with Amy Keller regarding the case. NBC News affiliate WHEC and News Radio WHAM 1180 also reported on the jury verdict.
To maintain his privacy, the victim is identified as “LG 55 Doe” in court filings for this matter. LG 55 Doe is an adult in his 30s, who was sexually assaulted as a child. As a minor, LG 55 Doe attended middle school at Siena Catholic Academy in Brighton, NY, from 2002-2004. While attending Siena Catholic Academy, LG 55 Doe met Joseph A. Grasso, a Catholic Priest who served as Principal of the school. Joseph Grasso used his position as a priest and school Principal of Siena Catholic Academy to pull LG 55 Doe out of his classes and sexually assault him.
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Paul J. Cambria, Jr. Named to 2024 Edition of Buffalo Business First’s Power 250 List
The law firm of Lipsitz Green Scime Cambria LLP is proud to announce that Paul J. Cambria, Jr. has been named to the 2024 edition of Buffalo Business First’s Power 250 List.
Power 250 is an annual list of Western New York’s 250 most influential business and community leaders. The list is generated by the editors, reporters, and staff of Buffalo Business First. Leaders from throughout the eight-county region of Western New York are evaluated for the recognition. Mr. Cambria has been named to Buffalo Business First’s Power 250 annually, since 2014.
Paul J. Cambria, Jr. is recognized as one of the nation’s preeminent attorneys. He focuses his practice in the areas of criminal trials, criminal appeals, constitutional law, First Amendment law, zoning and land use, antitrust, and professional licensing defense. Mr. Cambria has built a strong reputation for successfully representing individuals and businesses in complex, high-profile cases at all levels of the courts, including state, federal, and the United States Supreme Court.
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