Page 17 - Southern Exposure - September '24

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Southern Exposure, Page 17

elder estate planninG from page 16

● Domestic reporting companies created on or after January Are There Penalties For Noncompliance With The in this newsletter was not intended or written to be used,
1, 2024, must provide information about the company, its CTA? and cannot be used, by any person for the purpose of
beneficial owners, and its company applicants. Penalties for noncompliance may be steep. Willingly avoiding U.S. federal tax penalties that may be imposed
￮ A company applicant generally is the individual providing false information (including false identifying on such person and (ii) each taxpayer should seek advice
who files the formation document with state authorities documents) to FinCEN, or failing to report complete BOI from their tax advisor based on the taxpayer’s particular
for the reporting company. information, can result in: circumstances.
Technically, the information to be filed with FinCEN ● Fines of $500 per day, up to $10,000 1 National Defense Authorization Act for Fiscal Year 2021,
is called a Beneficial Ownership Information (BOI) ● Imprisonment for up to two years Pub. L. No. 116-283, 134 Stat. 3388 (Jan. 1, 2021).
Report. The following is what is required in the report Civil and criminal liability may be avoided if an 2 Press Release, U.S. Dept. of the Treasury, Financial
for a company, an owner, and an applicant: individual who submitted an original, erroneous report did Crimes Enforcement Network, FinCEN Issues Proposed
● The reporting company must provide its name and not knowingly submit inaccurate information and submits Rule for Beneficial Ownership Reporting to Counter
any alternative (DBA) names, the address of its principal an updated report correcting the inaccurate information Illicit Finance and Increase Transparency (Dec. 7, 2021),
place of business, the state of formation, and its taxpayer within 90 days. https://www.fincen.gov/news/news-releases/fincen-
identification number or FinCEN identifier. Get Help With CTA Reporting Requirements issues-proposed-rule-beneficial-ownership-reporting-
● Each beneficial owner of a reporting company must Understanding how the CTA applies to you, how counter-illicit.
furnish their full legal name, date of birth, residential it will affect your business, and what you must do to 3 National Small Bus. Assn., The Corporate Transparency
address, and an identification number from a driver’s comply introduces new burdens that you may have scarce Act, https://www.nsba.biz/cta (last visited June 27, 2023).
license, passport, or other state-issued identification (ID), resources to address. 4 U.S. Treasury’s Final “Beneficial Ownership” Rule’s
along with a copy of the ID document. Terms like “beneficial owner” and “substantial control” Impact Explained, NFIB (Oct. 19, 2022), https://www.
● A company applicant is required to submit the same may seem vague and confusing, further complicating nfib.com/content/analysis/national/u-s-treasurys-final-
information as a beneficial owner. compliance efforts. But compliance is critical for business beneficial-ownership-rules-impact-explained/.
Who Has Access To FinCEN BOI Reports? owners who want to avoid possible sanctions. 5 Beneficial Ownership Information Access and Safeguards,
The CTA authorizes FinCEN to disclose BOI We can help you determine whether the CTA applies to and Use of FinCEN Identifiers for Entities, 87 Fed. Reg.
information to five categories of recipients: 5 your business and the steps needed to meet its reporting 77404 (proposed Dec. 16, 2022).
● U.S. federal, state, local, and tribal government requirements. With the law’s effective date in place, we 6 Dave LaChance, Small business group sues over
agencies encourage you to reach out now to start working on a CTA federal ownership database, cites concerns over sharing
● Foreign law enforcement agencies, judges, compliance strategy. “sensitive” info, Repairer Driven News (Nov. 17, 2022),
prosecutors, and other authorities If you have questions about your estate plan and what https://www.repairerdrivennews.com/2022/11/17/small-
● Financial institutions documents you should have in place to plan your estate, business-group-sues-over-federal-ownership-database-
● Federal regulators schedule a free consultation today by calling our office cites-concerns-over-sharing-sensitive-info/.
● U.S. Department of the Treasury at (561) 694-7827, Anné Desormier-Cartwright, Esq.,
FinCEN may only disclose BOI information “under Elder and Estate Planning Attorneys PA, 480 Maplewood
specific circumstances”: there are more stringent Drive, Suite 3, Jupiter, FL 33458.
requirements for agencies other than those engaged in The content of this article is general and should not be
national security, intelligence, and law enforcement relied upon without review of your specific circumstances
activities. There are also restrictions on how the by competent legal counsel. Reliance on the information
information may be used and how it must be secured. herein is at your own risk, as it expresses no opinion by
Some small business owners have expressed concerns the firm on your specific circumstances or legal needs.
about the privacy implications of the CTA. The NSBA has An attorney client relationship is not created through the
filed a lawsuit challenging the CTA’s constitutionality, information provided herein.
in part on privacy grounds over sharing “sensitive To comply with the U.S. Treasury regulations, we must MONDAY SEPT. 2 ND
information” with the government. inform you that (i) any U.S. federal tax advice contained
6

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SPOTLIGHT ON HEALTH CARE By Sue MacDonald

Robotic Surgery Targets Common

Gynecological Cancers Among Women

The same robotic technologies that al- It’s like a car —the driver has to turn it
low cardiac specialists to perform del- on, steer it, speed it up, clutch it, and
icate surgeries inside the human heart stop it to get from Point A to Point B.
and send hip replacement patients The robotic capabilities allow us to be
home the same day with new artificial more delicate with tissues so there’s less
joints are offering similarly profound trauma, less disruption, shorter down
benefits for women experiencing gyne- time and less pain.”
cological cancers.
Robotic instruments also allow sur-
Whether they are diagnosed with cer- geons to access hard-to-reach tumors
vical or ovarian cancer, or facing a hys- and cancers, including those that are
terectomy because of uterine/endome- recurring or have invaded nearby tissue.
trial cancer, women can experience less
invasive surgeries with less blood loss The benefit for patients: less blood loss
and quicker recoveries thanks to the during surgery and quicker recoveries/
presence of robotic surgical systems in view of the surgical field, compared to “The DaVinci platform allows for the healing for gynecologic cancers and
the operating suite, says Dr. Michael traditional laparoscopic surgery.” surgeon’s right eye and left eye to have lung cancer.
Worley Jr., a women’s cancer specialist actual depth perception and greater
at Jupiter Medical Center’s Anderson Jupiter Medical Center’s cancer special- dexterity than laparoscopic surgery,”
Family Cancer Institute. ists and surgeons deploy the DaVinci 5 he notes, “and it increases the types of
robotic surgery platform at The Johnny complex surgeries we can do robotically
Some women, in fact, are sent home the & Terry Gray Surgical Institute, which because it improves our vision.”
same day after a hysterectomy, thanks opened in late 2023.
to the precision and minimally invasive Robotic-surgery instruments also mim-
nature of robotic surgery. Technology beyond laparoscopy ic the more fluid movements of human
hands and wrists, compared with lap-
“Since the beginning of robotics as the Robotic surgery’s benefit is that is pro- aroscopic instruments that tend to be
platform on which minimally invasive vides better visual acuity and manual more rigid, he explains.
surgeries have evolved, the optics and dexterity for surgeons as they operate,
dexterity for surgeons have improved, explains Dr. Worley. Laparoscopy in- “Cancer-based surgeries that used to be
resulting in better patient outcomes,” volves manipulating tiny surgical in- done only through open surgery can
says Worley. “Robotic surgery has al- struments through small incisions on now be done robotically,” notes Dr.
lowed us to do significantly more com- the patient’s abdomen to the exact spot Worley. “And it’s important to point Michael J. Worley, Jr, MD
plex procedures but through smaller where surgery is performed, whether out that the robot doesn’t do anything
incisions. These new surgical systems doctors are removing a defective ovary autonomously. It’s not a robot doing For information about robotic surgery
provide binocular vision, which allows or an entire uterus. surgery. The instruments are really and capabilities at Jupiter Medical Center,
for depth perception and an improved extension of what we do as surgeons. visit jupitermed.com/robotics.
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