Wise Carter is the Exclusive Partner for Mississippi for the WorkCompCollege.com

Wise Carter is proud to be the state information partner for Mississippi for the WorkCompCollege.com, a division of Workers’ Compensation Educational Services, LLC. Our attorneys, Jennifer Scott (Shareholder) and Katelyn Foster (Associate) collaborated with WorkCompCollege.com to create the unique training program.

In the first quarter of 2024, WorkCompCollege.com added six states to their State-Specific Training Program. Bringing the total number of jurisdictions to 21 covering all corners of the country, from Maine to Alaska and from California to Florida. The regulatory details and anecdotal nuances are explained by instructors with decades of experience in each state, supplemented by additional resources for even more detail. The All-States program, which provides access to all published states through a single student login, has continued to gain attention and value for claims professionals that manage multiple jurisdictions.

For a complete list of the states currently available, go to their Educational Partners page at https://workcompcollege.com/educational-partners/.

The following states were added in the first quarter of 2024:

  1. Kentucky: State Information Partner – JSB Attorneys PLLC (https://jsbattorneys.com/). The instructors are H. Doug Jones (Partner), Margaret J. Menefee (Associate), and Robert L. Swisher (Director, Claims-Legal, for Kentucky Employers’ Mutual Insurance).
  2. Mississippi: State Information Partner – Wise Carter Child and Caraway, P.A. (https://www.wisecarter.com/). The instructors are Jennifer H. Scott (Shareholder), and Katelyn D. Foster (Associate).
  3. North Carolina: State Information Partner – Cranfill Sumner, LLP (https://www.cshlaw.com/). The instructors are Bradley Kline (Partner), and Charles L. Hicks III (Partner).
  4. Oklahoma: State Information Partner – Lott & Valentine (https://www.lottvalentine.com/). The instructors are Dean Lott (Principal), and John Valentine (Principal).
  5. South Carolina: State Information Partner – Robinson Gray (https://robinsongray.com/). The instructors are Nicholas L. Haigler (Member), and Kelly Morrow (Member).
  6. Virginia: State Information Partner – Franklin & Prokopik (www.fandpnet.com). The instructor is Lynn M. Fitzpatrick (Principal).

For further information about this unique training program and to stay updated as new states are published, please visit https://workcompcollege.com/state-specific-training-module-program/ or email sales@WorkCompCollege.com.

Wise Carter is a Mississippi leading law firm with a legacy of providing legal expertise for over a century. Wise Carter has offices located in Jackson, Hattiesburg, and Gulfport, Mississippi. For more information on the firm, please visit www.wisecarter.com.

Beneficial Ownership Information Reporting

Background

In 2021, Congress enacted the Corporate Transparency Act (“CTA”) which establishes a Beneficial Ownership Information (“BOI”) reporting requirement for certain entities, primarily corporations and limited liability companies, created in or registered to do business in the United States. The CTA authorized the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury to collect BOI information and disclose it to authorized government authorities and financial institutions, subject to certain safeguards and controls. FinCEN adopted a final Rule implementing the beneficial ownership information reporting requirements on September 30, 2022, with an effective date of January 1, 2024.

Purpose

The purpose of the BOI reporting requirements is to curb certain financial crimes, such as money laundering, by requiring entities to report the identities of those who ultimately control and benefit from these entities. This BOI is expected to prove essential to law enforcement and national security agencies as they investigate and help prevent criminals from hiding illicit money or other property in the United States.

Reporting Rule

The Beneficial Ownership Information Reporting Rule (the “Reporting Rule”) requires certain entities to report information on the entity itself and two categories of individuals associated with the entity, namely Beneficial Owners and Company Applicants. All BOI Reports must be filed electronically using FinCEN’s secure filing system which began accepting BOI Reports on January 1, 2024. There is no fee for submitting your BOI report to FinCEN.

Who has to file? 

The Reporting Rule requires all “reporting companies” to file BOI Reports within certain specified timeframes. A reporting company is an entity that is either a “domestic reporting company” or a “foreign reporting company” and does not qualify for an exemption. A domestic reporting company is a corporation, a limited liability company (LLC), or another entity which was otherwise created in the United States by filing a document with a Secretary of State or any similar officer under the law of a State or Indian Tribe. A foreign reporting company is an entity created under the laws of a foreign country, but which has registered to do business in any U.S. State or Tribal jurisdiction.

Who is exempt? 

There are twenty-three (23) specific types of entities which are exempt from BOI Reporting. These include entities traded on U.S. stock exchanges, banks, credit unions, governmental authorities, insurance companies, public utilities, accounting firms, and tax-exempt entities (primarily entity types which already have some form of reporting requirement), among others. A “large operating company” also qualifies for an exception if all six (6) of the following criteria apply:

  1. Entity employs more than 20 full-time employees.
  2. More than 20 full-time employees are employed in the U.S.
  3. Entity has an operating presence at a physical office within the U.S.
  4. Entity filed a federal income tax or information return in the U.S. for the previous year demonstrating more than $5,000,000.00 in gross receipts or sales.
  5. Entity reported this greater than $5,000,000.00 amount as gross receipts or sales on IRS Form 1120, consolidated IRS Form 1120, IRS Form 1120-S, IRS Form 1065, or other applicable IRS Form.
  6. When gross receipts or sales from sources outside the U.S. are excluded from the entity’s amount, the amount remains greater than $5,000,000.00.

Inactive entities are also exempt from the reporting requirement.  To be considered inactive, all six (6) of the following criteria must apply:

  1. The entity existed on or before January 1, 2020.
  2. The entity is not engaged in active business.
  3. The entity is not owned, directly or indirectly, wholly or in part, by a “foreign person.”
  4. The entity has not experienced any change in ownership in the preceding twelve-month period.
  5. The entity has not sent or received any funds greater than $1,000, directly or indirectly, in the preceding twelve-month period.
  6. The entity does not otherwise hold any assets, wherever located, including ownership in another entity.

What is the Reporting Timeline? 

  • Entities created prior to January 1, 2024, have until January 1, 2025, to report BOI.
  • Entities created on or after January 1, 2024, and before January 1, 2025, must report BOI within ninety (90) calendar days of creation.
  • Entities created on or after January 1, 2025, must report BOI within thirty (30) calendar days of creation.

An entity is only required to further report if there is a change in beneficial ownership, there is an update to reported information, or if a correction to the reported information is necessary, all of which must be reported within thirty (30) days of occurrence.

Are there penalties for failure to accurately report? 

Yes, a failure to report complete or updated BOI to FinCEN, or the attempt to provide false or fraudulent BOI may result in civil or criminal penalties, including civil penalties of up to $500.00 per day for as long as the violation continues, or criminal penalties, including imprisonment for up to two (2) years and/or a fine of up to $10,000.00.

Who is a Beneficial Owner? 

A Beneficial Owner is any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least twenty-five percent (25%) of the ownership interest of a reporting company.  An individual is said to exercise substantial control over a reporting company if the individual meets any of the following criteria: (1) is a senior officer, (2) has authority to appoint or remove certain officers or a majority of directors of the reporting company, (3) is an important decision-maker; or (4) has any other form of substantial control over the reporting company.

Reporting of Company Applicants

A reporting company is required to report their company applicants if it is a domestic reporting company created on or after January 1, 2024, or a foreign reporting company first registered to do business in the U.S. on or after January 1, 2024. There are two categories of company applicants: (1) the “direct filer” and (2) the individual who “directs or controls the filing action”. The direct filer must be identified by all reporting companies that have a company applicant reporting requirement. (The direct filer is often an attorney filing articles of incorporation or certificates of formation on behalf of a client.) The second category may not be applicable and will only be required when more than one individual is involved in the filing of the document creating the entity (such as a principal of the entity who requested the filing be made).  No reporting company will have more than two company applicants.

What must be included in a BOI Report? 

The BOI Report must include information on the Company, its beneficial owners and, if formed on or after January 1, 2024, its company applicants.  The information includes the following:

  • Full legal name of the reporting company
  • Any trade name or “doing business as” name
  • Full address of the principal office
  • Jurisdiction of formation
  • IRS Taxpayer Identification Number (TIN)/Employer Identification Number (EIN)
  • Full legal name of Beneficial Owner(s)
  • Full address of each Beneficial Owner
  • Date of Birth of each Beneficial Owner
  • Unique identification number and issuing jurisdiction and image of one of the following documents:
    • US Passport
    • State Driver’s License
    • Identification document issued by a state, local government, or Tribe

How to file a BOI Report

The BOI Report must be filed electronically through the FinCEN’s secure filing system. You may access the filing system at: www.fincen.gov/boi. In the event there is any change to the required information concerning the reporting company or its Beneficial Owners in a BOI Report filed for a company, the company must file an updated BOI Report within thirty (30) days after the date on which the change occurred. An updated BOI Report is required for (1) any change in the reporting company’s information, such as change of address or new DBA, (2) a change in Beneficial Owners such as a new CEO, a sale that changes who meets the 25% ownership threshold, or the death of a Beneficial Owner, or (3) any change to a Beneficial Owner’s name, address, or identifying number.

For More Information

            www.fincen.gov/boi
            www.fincen.gov/boi/small-entity-compliance-guide
 

If you need assistance meeting your entity’s reporting obligation or in determining whether your entity is exempt from the reporting requirements, contact our attorneys at Wise Carter.

Kimberly Howland Elected to ABOTA

Wise Carter is proud to announce the election of Kimberly Howland to ABOTA, the American Board of Trial Advocates. ABOTA is an invitation-only organization dedicated to the ideals of the Seventh Amendment to the United States Constitution, which provides for the right to a jury trial in certain civil cases, and to standards of excellence for those lawyers who advocate for their clients in a trial setting. To be eligible for membership, a lawyer must have at least five years of active experience as a trial lawyer, have tried at least 10 civil jury trials to conclusion, and must possess additional litigation experience. Members must also exhibit the virtues of civility, integrity, and professionalism by following the ABOTA Code of Professionalism and Principles of Civility. 

Kimberly was roundly recognized by her peers during the nomination process. Wise Carter congratulates Kimberly on this lifelong honor and recognition of her skills as a trial advocate.

Super Lawyer 2023

Wise Carter is proud of the reputation our attorneys uphold in the state of Mississippi. Wise Carter is pleased to share the selection of The Super Lawyer 2023 list. Two of our attorneys have been recognized on the Rising Stars list as well as three listed on the Super Lawyers list including Michael Wallace who was noticed as Top 50 Mississippi. Only five percent of attorneys from each state are chosen to be on The Super Lawyers list. The Rising Stars list recognizes no more than 2.5 percent of attorneys in each state. Congratulations to the attorneys listed below. 

Jackson, Mississippi

  • Charles Cowan
    • Mid-South Rising Star
  • E. Poteat Lutken Jr.
    • Mid-South Rising Star
  • Eugene Naylor
    • Mid-South Super Lawyers
  • Michael Wallace
    • Mid-South Super Lawyers: Top 50 Mississippi

Gulfport, Mississippi

  • Henry Laird
    • Mid-South Super Lawyers

Charles Cowan Selected to the FDCC

Wise Carter is proud to share that Charles Cowan has been selected to become a member of the prestigious organization of the Federation of Defense and Corporate Counsel (FDCC). Charles was nominated by defense attorneys at two other Mississippi law firms for inclusion into the organization. The FDCC’s Board of Directors conducts a thorough six month long vetting process and seeks the opinions of other attorneys who have litigated with or against nominees. The FDCC is nationally recognized as a strong foundation of leadership and service to the legal profession and the related industries served by our members. FDCC affords the privilege of membership to those who have differentiated themselves professionally and personally and whose exemplary reputations have been earned. One of the FDCC’s primary goals is for members to keep business referrals within the group. For members whose clients need representations in other states, FDCC members aim to refer their clients to other FDCC members. 

Since 1936, The Federation of Defense & Corporate Counsel (FDCC) has continued the reputation of being composed of recognized leaders in the legal community who have achieved professional distinction. Members of the FDCC are dedicated to promoting the knowledge, fellowship, and professionalism of fellow members as they pursue the course of a balanced justice system and represent those in need of a defense in civil lawsuits.

Wise Carter Attorneys Named in The Best Lawyers in America® for 2024

Wise Carter Attorneys Named in The Best Lawyers in America® for 2021

Wise Carter is pleased to announce the attorneys selected for The Best Lawyers in America® (2024 Edition).  Wise Carter celebrates the success of 26 attorneys who have been recognized in The Best Lawyers in America®. Congratulations to our attorneys listed below for their accomplishments. 

A special congratulations for the recognition given to George Ritter and Michael Wallace for being awarded as “Lawyer of the Year” for 2024. As well as, Charles Cowan and Mallory Street for being recognized as “Ones to Watch” for 2024.

  • Jackson, MS
    • John P. Sneed
      • Appellate Practice
      • Commercial Litigation
      • Corporate Law
      • Litigation – First Amendment
      • Mass Tort Litigation / Class Actions – Defendants
    • Michael B. Wallace
      • Appellate Practice
      • Bet-the-Company Litigation
      • Commercial Litigation
      • Government Relations Practice
    • Betty Toon Collins
      • Commercial Transactions / UCC Law
      • Corporate Compliance Law
      • Corporate Governance Law
      • Corporate Law
      • Health Care Law
    • Elizabeth G. Hooper
      • Commercial Transactions / UCC Law
      • Health Care Law
    • D. Collier Graham, Jr.
      • Corporate Law
      • Health Care Law
      • Litigation – Health Care
    • W. McDonald Nichols
      • Eminent Domain and Condemnation Law
      • Litigation – Trusts and Estates
      • Real Estate Law
      • Trusts and Estates
    • Barbara Childs Wallace
      • Employment Law – Management
      • Litigation – Labor and Employment
    • Douglas E. Levanway
      • Energy Law
      • Energy Regulatory Law
      • Litigation – Labor and Employment
      • Litigation – Regulatory Enforcement (SEC, Telecom, Energy)
    • R. Mark Hodges
      • Health Care Law
      • Litigation – Health Care
      • Medical Malpractice Law – Defendants
    • Eugene R. Naylor
      • Health Care Law
      • Insurance Law
      • Medical Malpractice Law – Defendants
      • Personal Injury Litigation – Defendants
    • George H. Ritter
      • Health Care Law
      • Litigation – Health Care
      • Personal Injury Litigation – Defendants
      • Railroad Law
    • Charles E. Ross
      • Insurance Law
      • Railroad Law
    • Mark P. Caraway
      • Litigation – Health Care
      • Medical Malpractice Law – Defendants
      • Personal Injury Litigation – Defendants
    • Gaye Nell Currie
      • Litigation – Health Care
      • Product Liability Litigation – Defendants
    • Jennifer Scott
      • Litigation – Labor and Employment
      • Workers’ Compensation Law – Employers
    • Kimberly N. Howland
      • Medical Malpractice Law – Defendants
    • Virginia S. Gautier
      • Workers’ Compensation Law – Employers
    • Andrew D. Sweat
      • Workers’ Compensation Law – Employers
  • Hattiesburg, MS
    • Joe D. Stevens
      • Banking and Finance Law
  • Gulfport, MS
    • Henry F. Laird, Jr.
      • Commercial Litigation
      • Litigation – First Amendment
    • James C. Simpson, Jr.
      • Commercial Litigation
      • Corporate Law
      • Government Contracts
      • Government Relations Practice
    • Lynda C. Carter
      • Litigation – Health Care
      • Medical Malpractice Law – Defendants
      • Personal Injury Litigation – Defendants
    • David C. Goff
      • Litigation – Labor and Employment
      • Personal Injury Litigation – Defendants
    • Frederick T. Hoff, Jr.
      • Litigation and Controversy – Tax
      • Real Estate Law
      • Tax Law

Lawyer of the Year”: Awards

  • Jackson, MS
    • George H. Ritter – Health Care Law
    • Michael B. Wallace – Appellate Practice

Ones to Watch”: Awards

  • Jackson, MS
    • Charles E. Cowan – Appellate Practice
    • Mallory M. Street – Insurance Law

Foster Named Vice-Chair of Newsletters for the ABA TIPS Committee

Katelyn Foster has been named the Vice Chair of Newsletters for the American Bar Association TIPS Workers’ Compensation and Employers’ Liability Committee.

The Workers’ Compensation and Employers’ Liability Committee is a group of the nation’s top lawyers who regularly practice in the fields of workers’ compensation and employer’s liability law. Their mission is to facilitate the sharing of workers’ compensation knowledge and information across the United States through the highest-quality educational programs, publications, and communications amongst our members. Katelyn will be part of a very diverse group of individuals from a wide range of practice settings.

Wise Carter is proud of her recognition from the ABA TIPS Committees and look forward to watching her grow with them.

Wise Carter Attorneys Ranks in Chambers USA 2023

Wise Carter is proud to share that some of our attorneys were ranked in the Chambers and Partners 2023 USA Edition. Chambers and Partners take extensive measures to research attorneys through reputation and client feedback. We are pleased to be recognized again in the Chambers and Partners Guide.

The Wise Carter attorneys ranked in the 2023 Chambers Guide were Doug E. Levanway, Michael B. Wallace, and George H. Ritter. The firm also held its ranking in Litigation for General Commercial.

2023 Chambers and Partners USA

Attorney Rankings

  • Doug E. Levanway
    • Energy and Natural Resources
  • Michael B. Wallace
    • Litigation: Appellate
  • George Ritter
    • Litigation: General Commercial

Firm Department Rankings

  • Litigation: General Commercial

Wise Carter is a Mississippi leading law firm with a legacy of providing legal expertise for over a century. Wise Carter has offices located in Jackson, Hattiesburg, and Gulfport, Mississippi. For more information on the firm, please visit www.wisecarter.com.

Wise Carter Attorneys Prevail in an Appeal for Mississippi Hospital

Wise Carter attorneys Charles Cowan and John Sneed prevailed in an appeal before the Mississippi Supreme Court in an en banc decision the Supreme Court handed down on April 13, 2023. 

Charles and John represented Sharkey Issaquena Community Hospital along with Sharkey and Issaquena Counties in a lawsuit brought by a commercial lessee against the hospital and the counties over a commercial transaction involving the sale of the leased property. Charles and John successfully obtained dismissal of the claims against their clients in Sharkey County Chancery Court and that decision was affirmed by the Mississippi Court of Appeals on June 7, 2022. The Mississippi Supreme Court subsequently granted the opposing party’s petition for writ of certiorari and rendered an en banc decision that reversed the Court of Appeals’ decision in part but affirmed dismissal of the opposing party’s claims against Wise Carter’s clients. Charles and John are ecstatic to have received a favorable result for these clients who have experienced so much loss since a tornado ravaged their communities the night of March 24, 2023.  

Wise Carter values its healthcare clients and the work it performs for them on appeals in state and federal courts.