The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. The deadline for most reporting companies to file initial reports has been extended until March 21, 2025....
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Latest News from Shields Legal Group
Corporate Transparency Act Update: Reporting under the CTA is still paused due to a second nationwide injunction. FinCEN clarifies that it cannot currently enforce BOI reporting, making filing of BOI reports voluntary at this time.
On Friday, January 24, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued the following Alert regarding the current state of filing requirements under the CTA: In light of a recent federal court order, reporting companies are not...
President Biden’s Last Minute Executive Order on Cybersecurity Faces Uncertain Future
On January 16, 2025, during his final days in office, former President Joe Biden signed Executive Order 14144, “Strengthening and Promoting Innovation in the Nation’s Cybersecurity.” EO 14144 introduces cybersecurity standards for federal...
Texas Federal Court Halts Implementation of Corporate Transparency Act
In a preliminary victory for privately held companies, the United States District Court for the Eastern District of Texas, Sherman Division, has ruled that Congress lacks the power to essentially override state laws that permit nondisclosure of...
Notice Regarding Corporate Transparency Act
Dear Friends and Clients, We are reaching out to inform you about a significant change in federal law impacting certain private or small businesses in the United States. The Corporate Transparency Act (“CTA”) requires certain private companies...
Texas Business Court’s Supplemental Jurisdiction Rules Invite Risks of Satellite Litigation: Contract Drafting Issues and Recommendations
Background On September 1, 2024, the court established under Texas HB 19[1] (the “Texas Business Court”) was authorized to begin hearing cases in a new court system designed to promote efficient, reliable, and expedited adjudication of business...
The Modern-Day Family Office: Personal Investment Versus Trade or Business
With the enactment of the Tax Cuts and Jobs Act (TCJA), deductions for miscellaneous itemized expenses under Section 212 have been suspended for tax years 2018 through 2025. This change has significant implications for family offices because a...
Celebrating National Volunteer Month 2024
At Communities Foundation of Texas, volunteerism is at the heart of our work with businesses — bringing together individuals and teams across every sector who share a commitment to serving their communities and enriching the lives of others. While...
Shields Legal’s Founder is also an Author
Jim Shields, successful attorney, entrepreneur, and founder, is now an author. Jim’s book, "Wealth that Lasts: 10 Principles of Legacy Wealth", shares the wisdom he has gained from the experiences, opportunities, and choices throughout his life and...
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