Compliance with the Corporate Transparency Act (the “CTA”) is no longer voluntary. Businesses subject to the CTA, which includes the majority of entities formed or registered to do business in the United States, will have until March 21, 2025, to file their beneficial ownership information reports with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”).

Stites & Harbison, PLLC welcomes attorney Ellen Gish to the firm’s Lexington, Ky., office. She joins the firm as Counsel in the Construction Service Group.

Commerce Lexington Inc. has appointed Stites & Harbison, PLLC attorney Ken Gish to its Board of Directors.

On February 1, 2025, President Trump announced that tariffs of 25% will be imposed on goods imported from Mexico and Canada (with the exception of Canadian energy resources which will be subject to a 10% tariff). In addition, a 10% tariff will also be imposed on certain goods imported from China. The administration’s stated justification for this emergency action is to address the threat posed by illegal aliens and drugs, including fentanyl, that are flowing into the United States. While the details of the tariffs remain unclear, these tariffs will undoubtedly impact both the cost and availability of critical materials required for construction projects across the United States. Accordingly, all contractors would be wise to immediately evaluate applicable clauses in existing contracts that may offer some relief from the time and cost impact resulting from tariffs. Construction attorneys Tyler Lloyd and Steven Henderson take a look at what this will mean to the construction industry in this Stites & Harbison Client Alert.