Corporate & Business

Despite the Supreme Court’s January 23, 2025, decision to stay the Texas Top Cop Shop, Inc. v. McHenry (previously Garland but updated due to the change in administration) nationwide injunction, FinCen will not yet enforce the Corporate Transparency Act’s (“CTA”) filing requirements. There is a second nationwide injunction in Smith
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Today, the Supreme Court stayed the Fifth Circuit Court of Appeal’s nationwide injunction of the Corporation Transparency Act’s (“CTA”) filing obligations.  In short, CTA filing obligations have resumed.  As of now, FinCen has not issued any update as to whether the past deadlines will be extended. FinCen previously stated that
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In yet another twist, the Fifth Circuit Court of Appeals reversed itself last night, reinstating the nationwide injunction of the Corporate Transparency Act (“CTA”) and its filing obligations.  As of now, all deadlines are halted.    By way of background, the nationwide injunction on enforcing the filing requirements of the
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Last night, the Fifth Circuit Court of Appeals overturned the recent nationwide injunction of the Corporate Transparency Act (“CTA”) which temporarily paused filing obligations of reporting companies.  Put simply, the filing obligations of reporting companies have returned.  FinCen, recognizing the challenges this most recent turn of events has caused, has
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On Tuesday, in a 79-page decision describing the Corporate Transparency Act (“CTA”) as “quasi-Orwellian,” the United States District Court for the Eastern District of Texas issued a nationwide injunction of the CTA ruling that “neither [the CTA nor its regulations] may be enforced, and reporting companies need not comply with
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Carmody’s Corporate team, led by partner Tom Candrick with support from Adam Brocklehurst, Vincent Farisello advised Svigals + Partners on the acquisition by FCA as reported by Hartford Business Journal: Major CT architectural firm acquired by Philadelphia-based company | Hartford Business Journal

Many 501(c)(3) charitable organizations hold fundraising activities that feature gaming: casino nights, poker nights, raffles, and of course, bingo. They’re fun! But keep in mind, there are some rules to observe. A charitable organization can lose its tax-exempt status if it strays from permitted activities—and it may need to pay
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In 2021, in an effort to curtail money laundering, Congress enacted the Corporate Transparency Act (“CTA”). The CTA will dramatically change the business landscape by requiring mandatory reports from nearly all entities, domestic and foreign. The current effective date is January 1, 2024, but existing entities do not have to file
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Beginning January 1, 2024, American businesses, for the first time, will be required to report their beneficial ownership directly to the federal government. This fundamental shift in reporting requirements is targeted to affect small businesses, irrespective of business type or history, under the theory that small businesses are the businesses
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Accrued unpaid interest and principal payments will be included in calculating excise taxes on self-dealing loans after the expiration of the limitations period Last month the Internal Revenue Service (“IRS”) revised Technical Guide 58 (“TG58”) concerning the excise taxes imposed for self-dealing transactions between private foundations and disqualified persons. While
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Carmody’s Corporate team lead by Tom Candrick and Kevin Palumberi advised GEM Manufacturing on its sale to Core Industrial Partners, with support from Adam Brocklehurst, Johanna Bachmair, Deborah Brancato and Mark Williams. Click here to read: Private equity firm acquires Waterbury business | Hartford Business Journal

https://www.law360.com/pulse/articles/1563389/carmody-torrance-promotes-3-to-partner Carmody law firm elevates three to partner | New Haven BIZ

Carmody has elected three of its lawyers to the partnership effective January 1, 2023. Commenting on the promotion of the new partners, Managing Partner Rick Street said: “Stephanie, Janie and Tamara are all dedicated, smart lawyers who have made significant contributions to the firm and the communities where they live
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The use of cryptocurrency is starting to gain a substantial foothold in employment and compensation according to the U.S. Department of Labor. For startup companies and other employers, this trend should call for both excitement and caution. First, last month the DOL’s Employee Benefits Security Administration published a compliance assistance
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Attorneys Pamela Elkow and Thomas Sansone co-authored the chapter “Treatment of Environmental Liabilities in Bankruptcy” in the American Bar Association’s Environmental Aspects of Real Estate and Commercial Transactions – 5th Edition.

Carmody advised its long time client New Opportunities in the development of CT Food4Thought, a project that is focused on increasing the availability of locally grown produce to communities while providing training and employment opportunities in an agricultural environment. The project also aims to increase the unrestricted revenue to support
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Carmody has elected five of its lawyers to the partnership effective January 1, 2022. Commenting on the promotion of the new partners, Managing Partner Rick Street said: “All five of these talented lawyers have made significant contributions to the firm and their communities. Every day these attorneys are steadfast in
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Carmody  welcomes six new associate attorneys to the firm, demonstrating the firm’s continued growth across its offices and practices. Gideon Asemnor (New Haven) joins the firm’s Litigation practice. Before joining Carmody, Gideon practiced in the areas of professional liability, construction law, product liability, and commercial litigation at a firm in
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Timothy Klimpl, of New Canaan, Connecticut has recently joined Carmody Torrance Sandak & Hennessey LLP as Counsel in the firm’s Stamford office. Tim is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan sponsors and employee benefit plans, including corporate, nonprofit, multiemployer and
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Back in March, Congress enacted the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, previously detailed here. The PPP authorized unsecured loans to businesses with up to 500 employees along with loan forgiveness for businesses meeting certain restrictions and guidelines for employee retention and
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On Wednesday, May 13th, Governor Ned Lamont issued Executive Order NN temporarily permitting Connecticut nonstock corporations to conduct member meetings, including annual meetings, remotely. This Executive Order allows Connecticut nonstock corporations to hold member meetings and conduct corporate business without in-person gatherings during the COVID-19 emergency. Executive Order NN creates
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On March 27th, 2020, Congress enacted the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”) to provide relief to struggling businesses through the newly expanded SBA Section 7(a) Paycheck Protection Program, the amended SBA Economic Injury Disaster Loan program, SBA Emergency Grants, and Mid-Size Business direct loans. 7(a) Loans—Paycheck
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Dear Clients and Friends, Our team of business, real estate, and litigation lawyers are available to answer your questions about some of the most pressing COVID-19 contract and insurance issues faced by our business clients. Our lawyers are using WebEx and Zoom to counsel clients, negotiate transactions, and try to
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Carmody Torrance Sandak & Hennessey LLP has elected Richard L. Street as the firm’s Managing Partner, effective February 1, 2020. Previously, Rick has served as Assistant Managing Partner of the firm and as Practice Group Leader of the firm’s litigation group. Outgoing Managing Partner Ann Zucker said, “Rick has a
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Vacant buildings and blighted neighborhoods challenge redevelopment in Connecticut cities.  Two statutes awaiting Governor Ned Lamont’s signature provide a time-tested avenue for redeveloping these urban areas.  The new laws enable municipalities to form nonstock corporations, referred to as “land banks”, to take title to, rehabilitate and convey abandoned and blighted
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