Lisa and the Law
Welcome to Lisa and the Law, the official blog of Thompson Law Group. Information is power and here is where you get some. We understand that running a business can be overwhelming so we will provide timely insights on business law matters and practical advice for business owners. Stay tuned for updates on the law, news you can use, and actionable advice from an experienced business law attorney.
Tax Credits for Clean Energy Home Upgrades and the Purchase of EVs sunset by the end of 2025
The One Big Beautiful Bill Act (“OBBBA”) was signed by the President on July 4, 2025. There are many changes to taxation and benefits that are incorporated into the OBBBA...
Personal Guarantees by Members and Managers of LLCs eliminate personal liability protection for LLC debt
Members and Managers who sign personal guarantees for Limited Liability Company (“LLC”) debt will have to pay that debt if the LLC cannot or will not. Signing a personal guarantee...
Members and Managers of LLCs are protected from business debt by law
Limited Liability Company (“LLC”) owners (members) and managers are protected by black and white law from LLC debt (A.R.S. § 29-3304(A)). This means that if the LLC does not pay...
Members and Managers of LLCs: The importance of using the proper terminology
Limited Liability Companies (“LLCs”) are owned by members and most times (and in my opinion should be) operated by managers. These terms are not super sexy and the term “member”...
What does LLC mean? The importance of using the proper terminology
LLCs are the most prevalent form of business entity currently, especially in Arizona. They require no annual reporting and once formed you must affirmatively file paperwork to terminate them. However,...
Federal Benefits and Tax Refunds will only be paid electronically as of September 30, 2025
Executive Order 14247 also called “Modernizing Payments to and From America’s Bank Account” was signed by the President on March 25, 2025. The short version of the Executive Order is...
Mandatory deadline for nonexempt foreign reporting companies to file their initial BOIRs, but there is no requirement to report their beneficial owners that are U.S. persons.
April 25, 2025 is the deadline for nonexempt foreign reporting companies created before March 26, 2025, to file their initial BOIR (Beneficial Ownership Information Report). Beneficial owners of those foreign...
FinCEN and the Dept. of Treasury intend to rely on financial institutions to collect beneficial ownership information.
According to the Federal Register published on March 26, 2025, FinCEN and the Dept. of Treasury will rely on financial institutions (banks primarily) to collect beneficial ownership information from businesses...
Changes in the enforcement of the CTA reduces the number of businesses required to file Beneficial Ownership Information Reports (BOIRs) significantly.
Initially, approximately 33 million businesses were expected to file Beneficial Ownership Information Reports (BOIRs) with FinCEN and approximately 5 million every year thereafter. Now, that FinCEN and the Dept. of...
FinCEN soliciting public comment on the new Interim Final Rule that only requires nonexempt foreign reporting companies to comply with the CTA.
Anyone wishing to comment on the FinCEN’s new Interim Final Rule (IFR) issued on March 21, 2025 has until May 27, 2025 to do so. All written comments on the...