Perspectives

Legal issues can arise when you least expect them-whether it’s a contract you need reviewed, a dispute with a landlord, or simply needing legal advice before making a decision. The good news? With your LegalShield membership, you don’t have to navigate these situations alone or worry about the high cost of hourly attorney fees.

Here’s how the LegalShield membership works, and what kind of support from our team at Wagner, Falconer & Judd you can expect:

Ask Legal Questions Anytime

Have a legal concern or question? With LegalShield you can call your provider law firm or submit your question through the LegalShield app. An attorney will return your call within four business hours to provide guidance and clarity on your situation. Whether it’s a quick question or something more complex, you’ll have experienced legal support just a phone call away.

Recieve Critical Assistance

If you’re dealing with a dispute-say with a contractor, neighbor, or business-our attorneys can step in to help. They can write letters or make phone calls on your behalf, which can often resolve the matter quickly. You’ll also have access to legal templates and documents, giving you the tools you ned to take the right next steps.

Get Feedback on Documents

Need a contract reviewed before signing? You can upload documents directly through the app or online portal, and a WFJ attorney will review them and provide feedback within three buisness days or less. It’s a simple way to make sure you’re protected before you commit to anything in writing.

Hire an Attorney for Less

If your legal needs go beyond what’s included in your membership, you can still access affordable support. LegalSheild members receive at 25% discount off the standard hourly rate for additional services from WFJ-helping you handle more complex legal matters without breaking the bank.

Legal Help that Fits Your Life and Budget

With LegalShield, legal support is no longer out of reach. Whether you’re reviewing a lease, handling a traffic ticket, or navigating a more serious issue, your membership gives you afforable access to trusted attorneys who are ready to help.

Have questions about getting started with your new membership? Contact us to learn more. 

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. 

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.

Just when you thought you could put the Corporate Transparency Act (CTA) on the back burner, it’s back—and it’s enforceable once again. A federal court in Texas recently lifted the nationwide preliminary injunction that had put the CTA on hold, meaning businesses must now prepare to meet their reporting obligations.

New Reporting Deadline: March 21, 2025 The Financial Crimes Enforcement Network (FinCEN), the federal agency responsible for enforcing the CTA, has announced a new deadline for companies to file their beneficial ownership information (BOI) reports:

• Most businesses that existed before January 1, 2024, or had an original reporting deadline on or before March 21, 2025, must now file their BOI report by March 21, 2025.
• Newer businesses—those created on or after January 1, 2024—must still file their BOI report by their original deadline.

FinCEN has hinted at the possibility of extending this deadline further, but for now, businesses should operate under the assumption that March 21, 2025, is the date to meet.

Who Needs to File? The CTA requires most businesses to file a BOI report unless they qualify for an exemption—of which there are 23. In general, corporations, LLCs, and other entities formed by filing paperwork with a state agency are subject to this requirement. It’s estimated that more than 30 million businesses will need to comply.

If your company existed before January 1, 2024, your BOI report must disclose key company details, including:

• Names of all owners
• A photocopy of each owner’s driver’s license or passport

Failure to comply comes with steep penalties—$500 per day for ongoing violations, plus potential criminal charges, including up to two years in prison and fines of up to $10,000.

What’s Next for Your Business? While there’s still some uncertainty surrounding the CTA and its future litigation, businesses should prepare to comply now to avoid severe penalties. Unless an exemption applies, companies should begin gathering the necessary information to file their BOI report by March 21, 2025.

WFJ will continue to monitor legal developments and any potential deadline extensions from FinCEN. In the meantime, if you need guidance on whether your business is subject to CTA reporting requirements or how to prepare, our legal team is here to help.

Need assistance? Contact WFJ today to ensure your business stays compliant and protected.

When a customer files for Chapter 11 bankruptcy, it doesn’t mean they’re going out of business—it means they’re restructuring. Unlike Chapter 7, which liquidates assets to pay creditors, Chapter 11 allows a business to reorganize its debts and continue operations. However, as a creditor, you must take proactive steps to protect your company’s interests and maximize recovery. Here’s your to-do list:

1. Confirm the Filing

Verify the bankruptcy case number, court jurisdiction, and whether it’s a traditional Chapter 11 or a Subchapter V filing (a streamlined process for small businesses). Knowing the type of case will help you anticipate the timeline and procedures.

2. Comply with the Automatic Stay

As with Chapter 7, an automatic stay goes into effect the moment a debtor files for bankruptcy. This legally halts all collection efforts—including calls, emails, lawsuits, and lien enforcement. Violating the automatic stay can result in penalties, so it’s crucial to pause collection activities and reassess your legal options.

3. Obtain the Petition and Mailing Matrix

The bankruptcy petition and mailing matrix list all creditors and their debts. Carefully review these documents to:

• Ensure your company is listed as a creditor.
• Confirm the debt amount and terms are correctly reported.
• Verify your mailing address is accurate so you receive critical notices about the case.

If your debt is missing or incorrect, you may need to take immediate action to assert your rights.

4. File a Proof of Claim

Even though Chapter 11 is a reorganization rather than a liquidation, creditors must still file a proof of claim to preserve their right to repayment. This document outlines how much the debtor owes you and why your claim should be considered valid in the reorganization process. Failing to file on time could mean losing out on potential recovery.

5. Review the Debtor’s First-Day Motions

In Chapter 11 cases, debtors often file first-day motions—requests for court approval of immediate financial decisions, such as:

• Continuing payroll and paying critical vendors.
• Accessing debtor-in-possession (DIP) financing.
• Extending payment terms with certain creditors.

It’s essential to review these motions closely, as they can impact your ability to recover funds. If necessary, consider objecting or negotiating better terms.

6. Assess Critical Vendor Status

Some creditors may qualify as critical vendors, meaning the debtor cannot continue operations without their goods or services. If you provide essential supplies, equipment, or services, you may be able to negotiate priority payment terms to ensure you get paid sooner rather than waiting for a repayment plan.

7. Monitor the Debtor’s Plan of Reorganization

The debtor must eventually submit a plan of reorganization, which outlines how debts will be restructured and repaid over time. This plan can impact how much you recover and when. Key considerations include:

• Are your claims being paid in full, in part, or not at all?
• What are the proposed repayment terms?
• Do secured creditors get preferential treatment?
• Are there unfair advantages given to certain creditors?

As a creditor, you have the right to object if the plan is unfair or fails to adequately address your claim.

8. Confirm Lien and Bond Rights

Unlike Chapter 7, where assets are sold off, secured creditors in Chapter 11 may still have leverage. If your company holds liens on collateral or bond claims, you may have better recovery options than unsecured creditors. Work with legal counsel to ensure these rights are properly enforced.

9. Consider Objecting or Negotiating

If the proposed reorganization plan is unfavorable, you don’t have to accept it as-is. Creditors can:

• Object to unfair repayment terms in court.
• Negotiate better terms before the plan is finalized.
• Vote on the plan if they belong to an affected creditor class.

Strong legal representation can help you maximize recovery and minimize losses in a restructuring case.

Be Proactive – Protect Your Interests

Unlike Chapter 7, where recovery options are often limited, Chapter 11 gives creditors more opportunities to negotiate, object, and secure repayment. But missing deadlines or failing to assert your rights could mean financial losses.

At Wagner Falconer & Judd, we help credit managers and finance professionals navigate the complexities of Chapter 11 bankruptcy with confidence. Contact us today to ensure your business is protected throughout the process.

Trademarks are powerful tools for protecting your brand identity, ensuring your hard work and creativity are safeguarded. Whether you’re launching a new product, starting a business, or simply curious about intellectual property, knowing how trademarks work is essential.

If you’ve ever wondered how trademarks can protect your brand, let’s break it down:

When Should Think about Getting a Trademark?

You should consider trademarks early-ideally when choosing a name. Early planning helps protect your brand and reduces the risk of infringing on other’s trademark rights.

How Long Does it Take to get a Trademark?

The trademark registration process isn’t quick and can vary based on USPTO’s workload and application specifics. Currently, it takes approximately 14-15 months from application to registration.

I am Interested in Getting a Trademark, Where do I Start?

A clearance search is essential when registering a trademark. It checks federal and state databases to ensure your trademark is available. Let us handle this crucial step for you.

Do I Have to be Offering the Product/Service Before Applying for the Trademark?

No, you can file on an Intent-To-Use basis to reserve your trademark for up to 6 months, with the option for extensions.

Once my Trademark is Registered, What Does it Protect and for How Long?

A trademark protects the good and services listed in your application. Maintenance filings are required after 5 years and every 10 years to keep it active.

Starting January 1, 2025, New York will become the first state in the coutnry to offer Paid Prenatal Leave, setting a precedent for employment legislation nationwide. This groundbreaking law grants employees 20 hours of paid leave for healthcare services related to pregnancy. These services include physical examinations, medical procedures, monitoring, testing, and discussions with healthcare providers about pregnancy.

Key Details Employers Need to Know:

• Coverage for all Private Employers: Regardless of size, all private employers in New York must comply with this law. Whether your business employs one person or 1,000, Paid Prenatal Leave is mandatory.
• Immediate Eligibility: Employees are entiltled to Paid Prenatal Leave from the moment they are hired, eliminating any waiting periods for eligibility.
• Additional to Sick Leave: Paid Prenatal Leave is in addition to New York’s existing Sick Leave Requirements. Employees are entiltled to 40 or 56 hours of Sick Leave (depending on employer size) plus an additional 20 hours specifically for prenatal care.

What This Means for Employers

This new requirement adds to the already complex framework of employment laws in New York. Employers must adjust their policies, track Paid Prenatal Leave seperately from other leave types, and ensure they remain compliant to avoied potential penalties. The law’s universal application, even for small businesses, means no employer is exempt from these changes.

Partner with WFJ to Stay Ahead

Navigating employment legislation can be challenging, especially with New York setting new precendents.. WFJ’s Compliance Center is here to help. Our team of experienced attorneys and SHRM-certified professionals can guide you in updating your policies, answering your questions, and ensuring compliance with the Paid Prenatal Leave law and other evolving regulations.

Don’t wait until you’re impacted by a new law-contact WFJ today to partner with a legal team dedicated to keeping your business compliant and protected in the face of ever-changing employment laws.