As soon as late 2022, a new United States regulatory requirement could 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.

It's no secret every business wants to increase their brand recognition and generate more revenue. But being a "business" isn't always what you think of in a “brick and mortar" sense. Take celebrities, influencers, and athletes, for instance, using their name, image, and likeness (NIL) to generate income. In many communities, especially college towns, some of the most recognizable members are NCAA student athletes. However, up until recently, these student athletes were not permitted to monetize their NIL and instead solely relied on scholarships from their respective schools.

But on July 1, 2021, the NCAA made the decision to grant student athletes the right to monetize their NIL -- a decision that created a new industry, new marketing opportunities, and new legal agreements to navigate.

Internships are exciting, nerve-wracking, and can change the course of your career in a few short months. I accepted a three month internship at Gutwein Law expecting a challenging summer while working closely with my coworkers learning more about the practice of law. Then the COVID-19 pandemic began and changed my expectations completely. I was hopeful to still have an internship or some semblance of one. I am grateful to be one of the lucky individuals to have had a full internship at an incredible firm as most of my peers had their internships canceled.

In continuation of our recent commentary on the COVID-19 pandemic, we're examining the latest litigation risks for employers in today's blog post. Because of COVID-19, employers of all sizes have been forced to make difficult decisions regarding employment. These decisions have led to furloughs, increased sick leave, productivity concerns, pay cuts, and termination of employees, all of which ultimately raise litigation concerns.

The boundary between termination and retention is more blurred than ever before. And this lack of distinction naturally leads to contract claims. Additionally, termination can raise non-compete issues if an employee is subject to a non-compete covenant, as well as wrongful termination issues.