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Three WR Attorneys receive prestigious 2025 Martindale-Hubbell AV Preeminent® Judicial Edition Award

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Wilson Ratledge is thrilled to announce that Attorney’s James E.R. Ratledge, Daniel C. Pope, Jr., and Reginald B. Gillespie, Jr. have been awarded Judicial AV Preeminent® Rating from Martindale Hubbell for 2025, signifying the highest possible rating in both legal ability and ethical standards and reflects the peer review opinions of both members of the Bar and Judiciary.

This award is another milestone in Jamie, Dan, and Reggie’s long-standing tradition of excellence in the legal practice.  Congratulations!

Latest Corporate Transparency Act Update: Filing Deadline Extended to March 21, 2025

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The Financial Crimes Enforcement Network (FinCEN) has announced a significant update regarding the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. As of February 19, 2025, the deadline for most reporting companies to submit their initial, updated, or corrected BOI reports has been extended to March 21, 2025. This extension aims to provide businesses additional time to comply with the CTA’s reporting obligations.

Key Takeaways from FinCEN’s Announcement:

  1. New BOI Reporting Deadline – The new filing deadline for the vast majority of reporting companies is now March 21, 2025.
  2. Potential for Further Extensions – FinCEN has indicated that further modifications to the deadline may be forthcoming based on the needs of reporting companies.
  3. Regulatory Burden Reduction Efforts – In response to ongoing court challenges and legislative developments, FinCEN is evaluating ways to reduce the compliance burden, particularly for lower-risk entities and small businesses.
  4. National Security Considerations – FinCEN will prioritize enforcement efforts on entities that pose the most significant national security risks while reassessing the reporting framework for lower-risk businesses.

This update follows continued legal challenges and legislative discussions regarding the CTA’s implementation. Notably, FinCEN’s statement reflects the Treasury Department’s commitment to reducing regulatory burdens while ensuring transparency and compliance with federal regulations.

Legal Context: Ongoing Litigation and Regulatory Adjustments

FinCEN’s decision to extend the deadline aligns with broader legal disputes surrounding the CTA. As covered in our previous February 7, 2025 update, court rulings, including those in Smith et al v. U.S. Department of the Treasury and Texas Top Cop Shop, Inc. v. Garland, have led to uncertainty regarding enforcement timelines. The Supreme Court’s involvement in related cases underscores the evolving nature of this regulatory framework.

Next Steps for Businesses

With the new deadline set for March 21, 2025, businesses should take the following steps to ensure compliance:

  • Review BOI Reporting Requirements – Determine whether your entity qualifies as a reporting company under the CTA.
  • Prepare and Submit Reports – Gather necessary ownership information and submit reports well ahead of the deadline to avoid last-minute issues.
  • Monitor Further Updates – FinCEN has indicated that additional modifications may be made before the new deadline. Businesses should stay informed about further regulatory changes.

For more details, visit FinCEN’s BOI website.

Final Thoughts

The extension of the BOI reporting deadline to March 21, 2025, provides businesses with much-needed time to navigate compliance requirements under the Corporate Transparency Act. However, ongoing litigation and regulatory changes mean businesses should remain vigilant and proactive in meeting their obligations.

For legal guidance on BOI reporting and compliance with the Corporate Transparency Act, contact Wilson Ratledge. Our team is closely monitoring these developments and is available to assist clients in understanding their obligations under this evolving regulatory framework.

Three WR Attorneys Named 2025 Super Lawyers

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Wilson Ratledge is proud to announce that three attorneys have been selected to the 2025 North Carolina Super Lawyers®.

James E.R. Ratledge – Workers’ Compensation

Daniel C. Pope, Jr. – Workers’ Compensation

Reginald B. Gillespie, Jr. – Business Litigation

Super Lawyers is an exclusive list, recognizing the top five percent of attorneys in North Carolina.  Part of Thomson Reuters, Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.  The patented selection process includes independent research, peer nominations and peer evaluations.  Read the full publication here.

Congratulations, Jamie, Dan and Reggie!

Reginald B. Gillespie, Jr. Recognized in Business North Carolina’s 2025 Legal Elite

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Wilson Ratledge is proud to announce that attorney Reginald B. Gillespie, Jr. was again elected by his peers for inclusion in the 2025 edition of Business North Carolina’s Legal Elite.  He was recognized in the field of litigation.

Each year, Business North Carolina sends ballots to members of the North Carolina Bar Association who are residents of the state, asking, “Of the Tar Heel lawyers whose work you have observed firsthand, whom would you rate among the current best in these categories?”

Congratulations Reggie!

CTA/BOI Reporting Update 2/7/2025

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CORPORATE TRANSPARENCY ACT STILL ON HOLD as of February 7, 2025:

TL;DR:  The government has included a PROPOSED order with a Motion to Stay pending appeal of the injunction in Smith et al v. U.S. Department of the Treasury, 6:24-cv-00336 (E.D. Tex.).  That order has not been signed, but stay tuned.  It could be at any moment given the SCOTUS decision in the Texas Top Cop Shop case.  The motion to which that proposed order is attached states, “If the stay is granted, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) intends to extend the Corporate Transparency Act (CTA) compliance deadline for thirty days. During that period, FinCEN will assess whether it is appropriate to modify the CTA’s reporting requirements to alleviate the burden on low-risk entities while prioritizing enforcement to address the most significant risks to U.S. national security. Staying the grant of preliminary relief will help facilitate that process.”

MORE INFO: I’ve been posting frequently as consequential developments occurred, first and mostly in connection with Texas Top Cop Shop, Inc. v. Garland, 4:24-cv-00478 and more recently in connection with Smith.  The action in Texas Top Cop Shop was fast and furious for a while (over the holidays – thanks guys), ultimately resulting in SCOTUS lifting the nationwide injunction on enforcement of the CTA originally issued by the district court in that case.  Despite that, as of today, February 7, 2025, filing remains voluntary due to another nationwide injunction, also issued by the U.S. District in the Eastern District of Texas.  I noted on January 23, 2025 that injunction may meet the same fate as that in Texas Top Cop Shop.  On February 5, 2025, the government pressed the matter by filing in the Smith case a Notice of Appeal and Motion to Stay with the proposed order discussed above.  That in junction now heads to the same Fifth Circuit Court of Appeals that previously reversed, and then reinstated the Texas Top Cop Shop injunction.  Given the Supreme Court’s ruling in Texas Top Cop Shop, it will be interesting to see how the Court of Appeals will rule this time.  

Below is a summary of the events since the 12/3/2024 nationwide injunction original came down in the Texas Top Cop Shop case:

  1. 12/6/2024: The government appealed the preliminary injunction in Texas Top Cop Shop. 
  2. 12/23/2024 The Motions Panel of the Fifth Circuit Court of Appeals GRANTED the government’s motion to stay the injunction issued December 3, 2024 in Texas Top Cop Shop, Inc. v. Garland.  This was the only court action reinstating, ever so briefly, enforcement of the CTA.  This triggered FinCEN to post extended deadlines.
  3. 12/26/2024: The Merits Panel of the Fifth Circuit Court of Appeals vacated the portion of the Motions Panel’s Order granting the stay of the 12/3 injunction, putting CTA on hold nationwide once again, where it remains as of this writing.
  4. 12/31/2024: DOJ filed application with SCOTUS to lift the injunction.
  5. 1/7/2025: The U.S. District in the Eastern District of Texas issued another nationwide injunction of CTA Smith et al v U.S. Department of the Treasury.
  6. 1/23/2025: SCOTUS lifted the nationwide injunction in Texas Top Cop Shop and did not directly address any other case, including Smith.
  7. 2/5/2025: Government files Notice of Appeal and Motion to Stay with the proposed order in Smith.

Campbell K. Kargo Honors First Responders

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The Wills for Heroes program provides essential legal documents at no cost to first responders and their spouses, including simple wills, health care powers of attorney, financial powers of attorney, and advance directives.  The foundation’s aim is to ensure that the families of first responders are well prepared in the event that a tragedy occurs.

The North Carolina Bar Foundation will hold a Wills for Heroes event on February 5, 2025 and February 6, 2025, and Wilson Ratledge is extremely proud to announce that Attorney Campbell K. Kargo will volunteer her services.

“It is a privilege to be able to serve the first responders in our community who serve us every day.  I look forward to helping them make decisions to protect their future.”  – Attorney Campbell K. Kargo

Wilson Ratledge honors the courage and dedication of all first responders for the outstanding service they provide to our community. Thank you for all you do!