Monthly Archives: April 2025

🎓Protecting Your College-Aged Child: The Importance of Powers of Attorney 🎓

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With high school graduations just around the corner, it’s a great time of year to take stock of just how much changes when our children turn eighteen. Whether you have a child preparing to head off to college for the first time, enter the workforce, or coming home for the summer, they are considered adults upon turning eighteen years of age. As their parents, you are no longer able to access or assist with their medical or financial decisions without the proper documents in place. A Healthcare Power of Attorney (and HIPPAA release) and Durable Power of Attorney allows your child to legally appoint you as their health care and financial agents. This enables you to step in on their behalf – whether it’s to speak with doctors about medical decisions/appointments or assisting with tuition payments, banking and other personal financial matters. Having these documents executed can make all the difference when it matters most, providing the ability to act quickly in an emergency situation and offering peace of mind especially when your child is away at school and/or traveling.

🚨Corporate Transparency Act Update: What You Need to Know in April 2025 🚨

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Since our last update in January 2025, there have been pivotal changes regarding the Corporate Transparency Act (CTA) along with its current rules. On March 2, 2025, the U.S. Treasury Department announced that CTA requirements for U.S. citizens and domestic reporting companies will come to a halt regarding its enforcement. This means that, until further notice, domestic entities are not required to submit Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN). Subsequently, on March 21, 2025, FinCEN issued a final ruling that exempts all domestic reporting companies and their beneficial owners from the BOI reporting requirements. As of right now, this ruling narrows the overall scope of the CTA to apply only to foreign entities registered to do business in the U.S. while enforcement is put on a pause for domestic entities.
While this ruling is in effect, no penalties will be imposed for noncompliance with BOI reports for domestic entities (e.g., LLCs, corporations, similar entities, etc.). Despite all of this, it is important to note that this is not a repeal of the law and it’s essential to stay informed in light of potential future changes. FinCEN has indicated that they plan to announce public comments in connection with potential revisions to the existing BOI reporting requirements later this year. With that being said, ultimately if the CTA is upheld businesses may be required to comply according to limited timeframes and criteria.