Tom Wolf

1 month ago | bradyware.com | Tom Wolf |Katie Humphreys

The 5th Circuit’s decision to vacate the rule wasn’t about its content. Instead, the court ruled that the FTC failed to follow proper rule-making procedures. The agency skipped a crucial step: announcing its intent to develop the rule before gathering preliminary feedback. While the FTC could restart the process, it’s unlikely to happen under the current administration. However, the core principles behind the rule remain relevant.

2 months ago | bradyware.com | Tom Wolf |Katie Humphreys

Micro-captives are small insurance companies, often owned by the businesses they insure, that can offer certain tax advantages if structured and operated legitimately. However, some have been used primarily for tax avoidance, prompting IRS scrutiny. The IRS regulations aim to identify and regulate abusive micro-captive insurance arrangements.

2 months ago | bradyware.com | Tom Wolf |Katie Humphreys

The court found that the FTC failed to issue an advance notice of proposed rulemaking before drafting the CARS Rule, which is required under the FTC Act. This step would have allowed for public feedback on the issues the rule intended to address. Instead, the FTC moved directly to presenting the draft rule and cost-benefit analysis. The court’s majority, including U.S. Circuit Judges Jerry Smith and Patrick Higginbotham, ruled that the lack of proper notice invalidated the rule.

Oct 17, 2024 | bradyware.com | Tom Wolf |Katie Humphreys

The Corporate Transparency Act mandates that certain business entities report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). The goal is to create a centralized database that enhances transparency and helps authorities combat money laundering, tax evasion, and other financial crimes. The CTA applies primarily to corporations, limited liability companies (LLCs), and other similar entities created in the U.S. or registered to do business here.

Sep 21, 2024 | bakersfield.com | Tom Wolf

Proposition 36 qualified for the November ballot in California with more than 900,000 signatures. Simply put, this ballot initiative will reform aspects of Proposition 47 that in 2014 reclassified several “quality of life” crimes as misdemeanors instead of felonies. The most obvious was shoplifting — where the threshold for misdemeanor theft was raised to $950 per offense — and drug possession. kAm%96 :>A24E @7 E96D6 492?86D H2D >62?E E@ C65F46 :?42C46C2E:@?