Delano Law Offices - Springfield, Illinois

Free speech 101 - Springfield Business Journal The principle of free speech is a cornerstone of American democracy, enshrined in the First Amendment to the U.S. Constitution. It guarantees that “Congress shall make no law … abridging the freedom of speech,” basically protecting an individual’s right to express ideas, opinions and beliefs...

Do you own a business entity like a corporation or LLC? If so, you need to be aware of the Corporate Transparency Act. Here's a short update on its status:

The Corporate Transparency Act (CTA), enacted at the Federal level in 2021 to combat illicit financial activities by requiring businesses to disclose their beneficial ownership information, has experienced significant legal developments recently. Here's what you need to know:

Supreme Court Decision: On January 23, 2025, the U.S. Supreme Court lifted a previous injunction, allowing the CTA to be enforced while the Fifth Circuit Court reviews the law.

Treasury Department's Stance: Despite the Supreme Court's decision, on March 3, 2025, the U.S. Treasury Department announced it will not enforce the CTA's reporting requirements on domestic small businesses, aligning with concerns that the law imposes excessive burdens on low-risk entities.

Current Status: As of today, the CTA remains legally enforceable; however, the Treasury Department has suspended enforcement for domestic companies. This means that while the law is in effect, domestic small businesses are not currently required to file beneficial ownership information reports. The focus of enforcement has shifted towards foreign reporting companies.

Looking Ahead: The situation is evolving, with ongoing discussions about potential amendments to the CTA to balance the goals of preventing illicit financial activities and minimizing regulatory burdens on small businesses. Business owners should stay informed about future developments to ensure compliance when enforcement policies are updated.

🌟 Not just a room full of lawyers - a strong community! 🌟

Our meeting in last week was an opportunity for us to build bridges, exchange ideas, and forge lasting partnerships that transcend borders. Engaging in meaningful discussion, gaining new insights and designing future projects is what we loved most about the meeting.

We are grateful to the representatives of all the 𝟯𝟬 𝙚𝙨𝙩𝙚𝙚𝙢𝙚𝙙 𝙡𝙖𝙬 𝙛𝙞𝙧𝙢𝙨 who attended the reunion, coming from far and wide.

All of us treasured every moment and encounter and are returning home with a wealth of inspiration from fellow attorneys as well as top-notch speakers.

We take this opportunity to extend our deepest thanks to Carruthers & Roth, P.A., to LNA Board Director Mike Allen and their entire team for being such gracious and generous hosts. Thank you, Margaret Enders Bacon, for your exceptional efforts!

See you all next year!
PS: To all our friends who attended and were not captured in our group photo, we promise to do right by everybody next time. 🙏