Perspectives

It’s official-U.S. businesses are off the hook when it comes to the Corporate Transparency Act (CTA). In a major development, the Financial Crimes Enforcement Network (FinCEN) has announced an interim final rule that eliminates the requirement for U.S. companies to file a Beneficial Ownership Information (BOI) report. Instead, only entities formed under foreign laws must comply.

What Happened?

The CTA, which took effect in 2024, originally mandated that most U.S. businesses disclose ownership details to FinCEN as part of an effort to combat illicit financial activities. However, ongoing legal challenges questioning the constitutionality of the CTA led FinCEN to reconsider its stance. Rather than engaging in prolonged litigation, FinCEN has effectively withdrawn the requirement for U.S. businesses, leaving only foreign-formed entities subject to compliance.

What This Means for Employers and Business Owners

If you were preparing to submit a BOI report, you can take that off your to-do list. However, this doesn’t mean compliance requirements in other areas are going away. Employers and businesses should stay vigilant aout other regulatory obligations, such as tax filings, employment laws, and industry-specific reporting requirements. 

What’s Next? 

While this ruling brings relief to many businesses, regulatory landscapes can shift quickly. FinCEN may revisit aspects in the future or introduce alternative reporting measures. WFJ will continue monitoring any updates to keep business owners informed. 

For now, U.S. companies can breathe easier knowing they are not required to comply with the CTA. If you have any questions about corporate compliance, WFJ’s legal team is here to help. Stay informed, stay compliant and focus on what you do best-running your business. 

For financial professionals, securing payment starts long before an invoice becomes overdue. Implementing proactive lien and bond protections can mean the difference between getting paid or writing off a loss. Here’s how you can set yourself up for success and avoid unnecessary risks.

Start with Strong Documentaion

To file a lien or bond claim effectively, you need a solid foundation of documentation. Missing even one critical piece of information can cause delays or jeopardize your rights. Key documents include:

Contract: Defines the scope of work, payment terms, and lien rights.

Job Level Tracking: Ensures accurate documentation of labor and materials.

 Credit Supplement Sheet: Verifies financial details and customer information.

Notices: Preserve lien rights and establish compliance with state laws.

Invoices & Proof of Delivery: Confirm amounts owed and that materials were delivered to the job site.

Understand State-Specific Lien and Bond Requirements

Lien laws vary by state, and missing deadlines or filing incorrectly can cost you your claim. For example:

Utah: A preliminary notice must be filed within 20 days of first furnishing or lien rights are waived.

Missouri: A 10-day Notice of Intent must be served before filing a lien. If your attorney receives the lien request too late, you may lose your rights.

Being aware of state-specific requirements ensures you never miss a deadline.

Verify Ownership and Delivery Details

A lien is only as strong as the accuracy of your filings. Make sure:

The correct property owner is listed-incorrect ownership details can invalidate your lien.

You have proof of delivery to the site, not just a customer’s warehouse or rigger’s yard.

Work Within Key Deadlines

Timing is everything when filing liens and bond claims. To avoid last-minute rushes:

• Request supporting documentation from brances at least 20 days before the deadline. 
• Engage WFJ for lien/bond assistance at least 14 days prior to the deadline. 

Get Expert Guidance

When in doubt, consult a legal expert. WFJ’s lien and bond attorneys are here to help answer your questions and ensure your filings are compliant. Whether you need an opinon letter or help navigating complex lien laws, our team is ready to assist.

Don’t Wait Until It’s Too Late

By establishing proactive lien and bond protections now, you can prevent financial losses and ensure that your company is paid for the work and materials it provides. Contact WFJ today to discusss how we can help you streamline your process and secure your receivables.

In today’s complex business environment, having access to comprehensive legal and consulting services is essential for success. Wagner, Falconer and Judd offers a suite of Business and Legal Consulting Services designed to support organizations in navigating challenges and achieving their goals.

Overview of Services

WFJ provides a wide range of services tailored to meet the diverse needs of businesses:

Compliance: Offering attorney advice, consultation, research, document review, and assistance with safety issues related to OSHA and DOT, ensuring businesses remain compliant with state and federal laws.

Business Support: Providing attorney consultations and advice, document reviews, sample forms and agreements, guidance on corporate formations, governance strategies, and advice on vendor and lease agreements.

Human Resources: Delivering expert answers to HR-related questions via our securte portal, attorney advice and consultation, sample forms, policies, agreements, wage and hour compliance, hiring and firing, and benefits consultation.

Collections: Assiting with attorney consultation, providing Mechanic’s Lien and Payment Bond resources and filing assistance, facilitating escalation to attorneys for enforcement, and offering document reviews and sample agreements.

Who Would Benefit from These Services

WFJ’s services are ideal for:

Small to Mid-Sized Businesses: Companies seeking affordable and accessible support to manage and service their growing workforce can benefit from WFJ’s comprehensive suite of services.

Organizations lacking In-House Legal Departments: Businesses without dedicated legal teams can rely on WFJ for outsourced legal services, ensuring proactive legal support tailored to their unique needs.

Companies Needing Specialized Expertise: Organizations requiring assistance with compliance, HR, collections, or business support can access WFJ’s specialized knowledge to navigate complex issues effectively.

Secure Portal Ticketing System

A standout feature of WFJ’s services is their secure portal and ticketing system, which offers:

Easy Access: Clients have hotline access to HR professionals and legal support, ensuring timely assistance.

Efficient Issue Tracking: The ticketing system within our portal allows clients to track and monitor issues from a single, user-friendly location, streamlining communication and resolution processes.

By partnering with WFJ, businesses can focus on their core operations, confident that their legal and consultation needs are in expert hands. WFJ’s commitment to personalized services and support empowers organizations to navigate challenges and sieze opportunities with assurance.

When it comes to legal disputes, time is not always on your side. The statute of limitations sets a deadline for how long you have to bring a lawsuit after an event occurs. Once this period expires, you may lose your right to take legal action entirely. At Wagner, Falconer & Judd, we want to help individuals and businesses understand this crucial legal concept so they can protect their rights and make informed decisions.

What is a Statue of Limitations?

A statute of limitations is a law that establishes the maximum amount of time a party has to initiate legal proceedings after an incident. These deadlines vary based on the type of claim and the jurisdiction where the case is filed. The primary purpose of statutes of limitations is to ensure fairness by preventing claims from being brought too long after the fact, when evidence may be lost, and memories may fade.

Why Does the Statute of Limitations Matter?

If you wait too long to take legal action, you could permanently lose your ability to seek compensation or justice. Courts strictly enforce these deadlines, and missing them-even by a single day-can mean your case is dismissed before it even starts. This is why it is crucial to understand and track relevant time limits.

Common Statutes of Limitations

While every state has its own laws governing statutes of limitations, here are some general timeframes for common legal claims:

• Personal Injury- Typicially 2-3 years from the date of the injury
• Contract Disputes- Typically 4-6 years for written contracts and 2-4 years for oral contracts
• Property Damage- Usually 3-6 years
• Medical Malpractice- Often 2-4 years, sometimes from the date of discovery
• Debt Collection- Varies, but typically 3-6 years depending on the type of debt
• Employment Discrimination- Often requires filing a claim with the EEOC within 180-300 days
• Worker’s Compensation Claims- Usually requires reporting an injury within days or weeks of filing a claim within 1-2 years

Exceptions and Tolling the Statute of Limitations

In some cases, the statute of limitations may be extended or “tolled”. Common reasons for tolling include:

• The injured party was a minor at the time of the incident
• The defendent lef the state, preventing legal action
• The injury was not discovered until later (e.g., in cases of medical malpractice)
• Fraud or concealment delayed the discovery of the issue

What Should You Do if You Think You Have a Legal Claim?

If you believe you may have a legal claim, the best course of action is to consult with an attorney as soon as possible. Here’s what you should do:

Determine When the Clock Starts: The deadline typically begins the date of the incident or the date you became aware of the harm.

Gather Evidence: Preserve any documents, photos, or other relevant evidence.

Contact an Attorney: A lawyer can help assess your claim, calculate deadlines, and guide you through the legal process.

Don’t Wait Until the Last Minute: Legal claims take time to prepare, and waiting too long could mean missing your opportunity to take action.

Let Us Help You Navigate Deadlines and Legal Options

Understanding the statute of limitations is essential for protecting your legal rights. At Wagner, Falconer & Judd, we help individuals and businesses navigate legal deadlines, evaluate potential claims, and take timely action. If you have questions about whether you still have time to file a claim, contact our team today. We’re here to provide guidance and ensure you don’t miss critical legal guidelines.

Don’t let time run out on your legal rights-reach out to us today!

For credit managers, mitigating risk is a top priority. Late payments, customer defaults, and financial instability can create serious cash flow issues and increase the risk of non-payment. One of the most effective tools available to credit professionals is the performance bond – a crucial form of protection that ensures obligations are met and payments secured.

Understanding Performance Bonds

A performance bond is a type of surety bond issued by an insurance company or bank to guarantee that a party will fulfill their contractual obligations. If they fail to do so, the surety company steps in, either to ensure completion or to compensate the affected party for losses incurred.

Performance bonds play a key role in various industries. They are commonly used in manufacturing, serving contracts, supply agreements, and large-scale transactions to provide financial security and guarantee performance.

Why Credit Managers Should Pay Attention to Performance Bonds

1. Mitigating Payment Risk-Businesses experiencing financial difficulties may struggle to pay suppliers or service providers. A performance bond provides security that obligations will be met, reducing the likelihood of unpaid invoices.
2. Ensuring Contract Completion-If a bonded company defaults, the surety ensures that an alternative solution is in place, protecting all parties involved.
3. Enhancing Credit Decisions-When evaluating credit applications, knowledge of performance bonds can help gauge financial security and business viability.
4. Supporting Collections Efforts– If a contract is breached and payments go unpaid, knowing how to leverage a performance bond claim can help recover funds.

How Performance Bonds Work in the Payment Process

Credit managers should be familiar with the three key parties involved in a performance bond:

• Obligee (Project Owner or Contracting Party)-The entity requiring the bond, often a company or government agency.
• Principal (Contracted Party)- The business obligated to fulfill the contract.
• Surety (Bonding Company)- The entity guaranteeing performance andstepping in if the principal defaults.

A performance bond is often issued alongside a payment bond, which ensures supplilers and service providers are paid even if the contracting party fails to meet financial obligations. These two bonds together provide a comprehensive layer of financial protection in contractual agreements.

Identifying Red Flags in Troubled Business Relationship

Credit managers should watch for early warning signs of financial distress to act proactively. These include:

• late or irregular payments from clients or customers
• increased disputes over contractual obligations
• companies struggling to obtain new credit lines
• delays in product or service delivery
• business restructuring, leadership changes, or talk of acquisition

Steps to Protect Your Business

Verify Bond Coverage-Before extending credit, ensure the contracting party has an active performance bond in place.

Understand Claim Deadlines-Each bond has specific notice and filing deadlines. Missing these could result in lost recovery opportunities.

Track Payment Timelines- If payments become inconsistent, invesitgate whether a bond claim may be necessary.

Work with Legal Counsel-A knowledgeable legal team can help navigate the complexities of bond claims and ensure compliance with filing requirements.

Performance bonds serve as a critical safety net across industries, offering credit managers an additional layer of protection against non-payment and contract failure. Understanding how they work and how to leverage them effectively can make all the differenece in managing risk and securing payment.

If you have concerns about payment security or need assistance with bond rights and enforcement, our team at Wagner, Falconer & Judd is here to help. Contact us to ensure your business is fully protected.

As you are aware, the Corporate Transparency Act (CTA) has been the subject of ongoing legal challenges and regulatory developments. Recent announcements from the Financial Crimes Enforcement Network (FinCEN) and the Treasury Department have further impacted the enforcement and reporting obligations under the CTA. Given these updates, we want to provide clarity on what this means.

Key Developments

• On February 27, 2025, FinCEN announced it will not be enforcing the beneficial ownership information (BOI) reporting obligations under the CTA until a forthcoming interim final rule takes effect.
• On March 2, 2025, the Treasury Department further confirmed that FinCEN will not impose penalties or fines for failing to file BOI reports, both under the existing deadlines and once the new rule is in place.
• The anticipated rule changes will likely narrow the CTA’s scope, requiring only foreign reporting companies to submit BOI reports, thereby exempting most U.S. businesses.
• These announcements follow a court decision in Smith, et al. v. U.S. Department of the Treasury, which initially reinstated CTA reporting obligations but was subsequently addressed by FinCEN’s decision to delay enforcement.
• FinCEN has committed to issuing an interim BOI Reporting Rule by March 21, 2025, and will open a public comment period for potential revisions.

What This Means for Compliance

For now, compliance with the CTA’s BOI reporting requirements is voluntary, and businesses can decide whether to submit their reports by the current deadline or wait for further regulatory clarity. However, businesses should still consider:

• Preparing the necessary BOI information in case reporting becomes mandatory under the final rule.
• Monitoring further regulatory updates, as the scope of required compliance could shift again.

Next Steps

While waiting for further guidance, businesses should take this opportunity to ensure their internal records and policies are current:

• Review corporate records – Confirm that corporate formation documents, ownership records, and governance materials are up to date.
• Assess contracts and agreements – Ensure business agreements are aligned with the most recent regulatory requirements.
• Update compliance policies – Verify internal compliance procedures remain effective and adaptable to potential changes.
• Organize beneficial ownership records – Maintain accurate ownership details to streamline future compliance efforts.

WFJ will continue monitoring developments and will provide updates as more details emerge. If you or your clients have any questions about CTA compliance, or if you would like assistance in preparing for potential obligations, please reach out.

Wagner, Falconer & Judd remains committed to ensuring that you and your clients are informed and prepared to navigate these evolving regulatory requirements.

Your credit report plays a crucial role in your financial well-being. It can impact your ability to secure loans, rent an apartment, and even land a job. To ensure that consumer credit information is accurate, fair, and private, the federal government enacted the Fair Credit Reporting Act (FCRA). Understanding your rights under this law can help you protect your financial reputation and take action if inaccuracies arise.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting ACt is a federal law designed to promote the accuracy, fairness, and privacy of consumer information held by consumer reporting agencies, commonly known as credit bureaus. The three major consumer reporting agencies in the U.S. are Equifax, Experian, and TransUnion.

Key Consumer Rights Under the FCRA

Here’s a breakdown of your most important rights under the FCRA:

You Must Be Notified if Information in Your Report is Used Against You: If a company or lender denies your application for credit, insurance, employment or other benefits based on information in your credit report, they must notif you. They are also required to provide the name, address, and phone number of the credit bureau that supplied the information.

You Have the Right to Know What’s in Your Credit File: You are entitled to one free credit report every 12 months from each of the three major credit bureaus. To accesss your free reports, visit AnnualCreditReport.com. You may also request a free report it:

• You’ve been denied credit due to your report
• You are a victim of identity theft
• Your file contains fraudulent or inaccurate information
• You are on public assistance

You Can Dispute Inaccurate or Incomplete Information: If you find errors on your credit report, you have the right to dispute them. The credit bureau must investigate your claim unless they determine it to be frivoulous. If the information is incorrect, the agency must correct or delete it, usually within 30 days.

Outdated Negative Information Cannot be Reported: Consumer reporitng agencies are prohibited from reporting negative credit information beyond a certain timeframe:

• Most negative information: Cannot be reported after seven years
• Bankruptcies: Cannot be reported after 10 years

Employers Must Have Your Permission to Access Your Credit Report: If an employer wants to check your credit report for hiring or employment purposes, they must obtain your written consent before doing so.

You Have the Right to Seek Action Against Violators: If a credit bureau, lender, or company violates the FCRA, you may have the right to sue in state or federal court. This could allow you to recover damages for any harm caused by incorrect or improperly shared information.

Take Control of Your Credit Health

Your credit report is a vital financial tool, and errors can have serious consequences. By regularly reviewing your credit reports and understanding your FCRA rights, you can take proactive steps to ensure your financial reputation remains intact.

If you believe your FCRA rights have been violated or need assisstane disputing inaccuracies, consider reaching out to a trusted legal professional to guide you through the process. Don’t hesitate to seek legal counsel if you believe your credit report has been unfairly used against you.