Page 19 - The Jewish Voice - September '24

The Jewish Voice, Page 19

Lifestyles from page 18 Less-Invasive Cancer Surgery CTA Imposes New Small
• Robotic surgery and laparoscopy are less-invasive
incontinence also known as an overactive bladder. Botox methods to remove both prostate cancer and kidney Business Reporting
helps prevent bladder contractions that cause leakage and cancer, allowing surgeons to operate through small
the constant urge to use the bathroom. incisions in the abdomen. Requirements for 2024
• Percutaneous tibial nerve stimulation (PTNS) is a
nonsurgical procedure using electrical current to stimulate Treatment for Male Reproductive Organs By Anné Desormier-
the tibial nerve, which affects bladder contractions. • Low-intensity shockwave therapy treats erectile Cartwright, JD
• Sacral neurostimulation (Axonics , InterStim ) dysfunction by promoting the growth of new blood vessels Small business owners will
®
®
is when a miniature implanted device sends mild in the penis. have one more item on their
electrical pulses to the bladder. This therapy improves • No-scalpel vasectomy can be done in-office. This compliance to-do list when the
communication between the brain and the bladder, procedure allows for the same benefits of a traditional Corporate Transparency Act
offering more bladder control and reducing urinary urges. vasectomy, but with a faster recovery time and less (CTA) takes effect next year.
bleeding. The CTA, enacted as part
1
Enlarged Prostate Treatment • XIAFLEX is the latest treatment for Peyronie’s of the Anti-Money Laundering
According to the Yale School of Medicine, about 50 disease, using enzymes to gradually break down the Act of 2020 (AMLA), places
percent of men between the ages of 51 and 60 have benign plaque that causes curved and painful erections. new reporting requirements
prostatic hyperplasia (BPH) or an enlarged prostate. on many business entities to
The number jumps to 70 percent among men aged 60 to Female Urology expose illegal activities, including the use of shell companies to
69 and to around 80 percent of men over the age of 70. • FemTouch technology is the most advanced way to launder money or conceal illicit funds. Around 30 million small
If left untreated, BPH can cause significant health provide vaginal rejuvenation. The CO2 laser promotes the businesses will be impacted by the law, which will establish
problems, including irreversible bladder or kidney remodeling of the vaginal mucous layer through quick a federal database of information, furnished by “reporting
damage, bladder stones, and incontinence. In addition, and painless treatment. companies,” that will be accessible to certain authorities and
BPH can have negative effects on men’s everyday lives, organizations.
impacting quality of sleep, limiting social activities, and TGH Urology Group of Florida recently joined Tampa A final rule has been issued stating how the new law will
causing relationship challenges. General as part of the hospital’s initiative to serve more be implemented to help businesses understand whether the law
• GreenLight laser therapy is a minimally invasive patients on Florida’s East Coast. Tampa General has applies to them, how to comply, and which agencies will have
procedure done in an outpatient facility, using laser been creating a framework of state-of-the-art services access to the information they must report. CTA violations carry
technology to remove excess prostate tissue. for patients in the Palm Beach and Treasure Coast areas, civil and criminal penalties, including imprisonment.
• Rezūm water vapor therapy uses natural energy in with the expertise and innovation of an academic health Why was the CTA passed?
water droplets to shrink the prostate, without incisions or system. The CTA was passed as part of the National Defense
general anesthesia. The physicians at TGH Urology Group of Florida see Authorization Act for Fiscal Year 2021. It directs the U.S.
• Aquablation therapy uses real-time ultrasound patients at offices located in Delray Beach, Lake Worth Department of the Treasury’s Financial Crimes Enforcement
imaging, robotics for precision, and the AquaBeam (water Beach, and Palm Beach Gardens. For more information, Network (FinCEN) to gather information from private
jet) to precisely remove prostate tissue. It is especially please call 561-739-4TGH (4844). companies about their owners and controlling persons. Acting
effective for very large prostates. Director Himamauli Das said, “FinCEN is taking aggressive
• Prostiva transurethral needle ablation (TUNA) aim at those who would exploit anonymous shell corporations,
uses radiofrequency to destroy prostate tissue while front companies, and other loopholes to launder the proceeds
leaving the urethra intact. of crimes, such as corruption, drug and arms trafficking, or
terrorist financing.” 2
To counter the risks allegedly posed by anonymous shell
companies, the CTA mandates the creation of a national
registry that contains certain information about business
entities that are formed by filing a document with a state’s
secretary of state or similar office.
What does the CTA require?
Effective January 1, 2024, the CTA requires that
$ $ 100 OFF $ 250 certain businesses disclose to FinCEN information about

39Usually 95 the company, its beneficial owners, and in some cases the
$
SERVICE CALL WITH ANY NEW UV LIGHT WITH ANY company applicant.
NEW INSTALLATION
ANY A/C REPAIR WATER HEATER ( 750 Value) Reporting companies — defined as any company with 20
$
CALL FOR SERVICE CALL FOR SERVICE CALL FOR SERVICE or fewer employees that is formed by filing paperwork with
561-741-2825 561-741-2825 561-741-2825 the secretary of state or equivalent official — that are created
Not valid with any other discounts, Not valid with any other discounts, Not valid with any other discounts, or registered prior to January 1, 2024, have until January 1,
offers, or coupons. Limit 1 discount offers, or coupons. Limit 1 discount offers, or coupons. Limit 1 discount 2025, to file an initial report; reporting companies created or
per transaction. Expires 10/07/24. per transaction. Expires: 10/07/24. per transaction. Expires: 10/07/24. registered after January 1, 2024, and before January 1, 2025,
will have 90 days after creation or registration to file a report.
Entities created on or after January 1, 2025, will have 30 days
to submit the reports to FinCEN.
Small business organizations such as the National Small
Business Association (NSBA) and the National Federation of
Independent Businesses (NFIB) oppose the CTA, calling it
cumbersome, intrusive, overly punitive, and unconstitutional.
NSBA states that small businesses are unfairly impacted because
they usually do not have compliance teams or staff attorneys.
3
Eighty percent of the small businesses surveyed by NFIB
are against the new reporting requirements, which NFIB claims
are unclear. NFIB notes that each state has different standards
and practices for business entity formation, potentially leading
to uncertainty about whether a business must report to FinCEN.
For example, some states require sole proprietorships and
general partnerships to register with state agencies, while other
states do not.
4
Does the CTA require my business to report?
The CTA applies to companies that are created by filing
a document with a state authority. Typically, this includes
corporations and limited liability companies. Depending on the
state, it could also include limited partnerships, professional
associations, cooperatives, real estate investment trusts, and
trusts. In addition, the CTA applies to non-U.S. companies that
are registered to operate in the United States.
NFIB estimates that, based on these rules, 30 million small
businesses will have to report to FinCEN. However, the CTA
exempts around two dozen categories of companies, including
companies that
• are publicly-traded;
• have more than 20 full-time U.S. employees;
• filed a previous year’s tax return showing more than $5
million in gross receipts or sales;
• have an operating presence at a physical U.S. office location;
• operate in a regulated industry, such as banking,
utilities, or insurance, that already imposes similar reporting
requirements; or

Lifestyles on page 20