Evansville, IN – July 8, 2022 – Gutwein Law, a full-service business law firm focused on helping innovative companies grow through high-level legal counsel, has added Spencer Tanner to its Evansville, IN office. He joins Gutwein Law from Stoll Keenon Ogden PLLC, a large regional law firm, where he brings years of experience practicing in the areas of general commercial litigation and bankruptcy/creditor's rights.
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%20will%20require%20small%20businesses%20to%20file%20information%20about%20themselves%20and%20the%20individuals%20who%20formed,%20own,%20and%20control%20them%20with%20the%20United%20States%20Treasury%20Department.%20Failure%20to%20follow%20the%20CTA%20may%20result%20in%20civil%20and%20criminal%20liability%20for%20business%20owners,%20including%20civil%20fines%20of%20$500%20a%20day%20and%20criminal%20fines%20up%20to%20$250,000%20and%20up%20to%20five%20(5)%20years%20in%20prison.%20Congress%20enacted%20the%20CTA%20as%20part%20of%20the%20Anti-Money%20Laundering%20Act%20of%202020.%20On%20December%207,%202021,%20the%20United%20States%20Department%20of%20the%20Treasury’s%20Financial%20Crimes%20Enforcement%20Network%20(“FinCEN”)%20proposed%20regulations%20seeking%20to%20implement%20the%20“beneficial%20ownership%20information”%20requirement%20of%20the%20CTA.%20A%20key%20provision%20of%20the%20CTA%20requires%20certain%20business%20entities%20to%20disclose%20to%20FinCEN%20their%20“beneficial%20owners”%20and%20other%20identifying%20information.%20The%20CTA%20is%20designed%20to%20prevent%20individuals%20from%20abusing%20legal%20entities%20to%20conceal%20proceeds%20of%20corrupt%20criminal%20acts,%20including%20money%20laundering.%20A%20driving%20factor%20behind%20the%20proposed%20regulations%20is%20for%20the%20United%20States%20to%20be%20aligned%20with%20international%20anti-money%20laundering%20standards.)
As of now, beginning on January 1, 2024, a new United States regulatory requirement is scheduled to take effect, impacting millions of new and existing businesses. The Corporate Transparency Act (“CTA”) will require small businesses to file information about themselves and the individuals who formed, own, and control them with the United States Treasury Department. Failure to follow the CTA may result in civil and criminal liability for business owners, including civil fines of $500 a day and criminal fines up to $250,000 and up to five (5) years in prison.
Congress enacted the CTA as part of the Anti-Money Laundering Act of 2020. On December 7, 2021, the United States Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed regulations seeking to implement the “beneficial ownership information” requirement of the CTA. A key provision of the CTA requires certain business entities to disclose to FinCEN their “beneficial owners” and other identifying information. The CTA is designed to prevent individuals from abusing legal entities to conceal proceeds of corrupt criminal acts, including money laundering. A driving factor behind the proposed regulations is for the United States to be aligned with international anti-money laundering standards.
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People often ask me if they should share their estate plan with their kids. My answer is
yes, but… The "but" portion relates to
how you share the information with your family. I do not recommend that you simply give your kids a copy of your plan documents. That really isn't very productive.
You want to share your message, not just your plan, in a way that will be understood. You want to head off any animosity that might be inadvertently caused by misunderstandings or poor communication. We're happy to discuss these things with you and help you think about how you might communicate with your own family.
Our client posted this piece about their own family meeting recently. I think it is great and hope you will enjoy it.
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You want to share your message, not just your plan, in a way that will be understood. You want to head off any animosity that might be inadvertently caused by misunderstandings or poor communication. We're happy to discuss these things with you and help you think about how you might communicate with your own family.
Our client posted this piece about their own family meeting recently. I think it is great and hope you will enjoy it.
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With the end of the Spring semester suddenly upon us, many law school graduates are preparing for one more final exam -- the bar exam. While these students have spent the past couple years preparing for this very moment, many undoubtedly will experience lots of stress over the next several weeks.
With that in mind, what can a soon-to-be licensed attorney do to ease their nerves and increase their odds of passing the bar exam? We don't promise to have all the answers, but we asked some of our attorneys who have been there for their best bar prep tips.
Here's what they had to say…
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Minneapolis, MN, March 1, 2021 – Gutwein Law announced today Josh Schaub is one of the Minneapolis St. Paul Business Journals 2021 40 Under 40 honorees. To view the complete article, visit: https://bizj.us/1q8xo0.
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