Managing Partner James F. Woods Quoted in Brick Underground on Corporate Transparency Act Developments

In a recent Brick Underground article, James (Jim) F. Woods, Managing Partner at Woods Lonergan, provided expert commentary on the current status of the Corporate Transparency Act (CTA) and its implications for co-op and condo boards in New York, Brooklyn and Queens.

This article, highlights the recent legal developments surrounding the CTA:

On December 3rd, a judge for the Eastern District of Texas prevented the CTA from being enforced nationwide.
In a surprising twist, a Fifth Circuit panel reversed that decision on December 23rd after the government appealed, temporarily reinstating the CTA with a new deadline.
As of now, CTA enforcement is once again on hold.

James F. Woods offered clarity on the current situation, stating, “Everything has been stayed, and we know it’s going to be in that position for at least the next three or four months.” His statement reflects the extended period of uncertainty facing boards as they await further legal developments.

The article emphasizes that NYC’s boards and their lawyers are in a waiting game, anticipating the outcome of the scheduled arguments in March or potential intervention by the Supreme Court. While CTA enforcement is paused, Mr.

Woods advises a cautious approach to cooperative and condominium boards in New York. He notes that many of his clients are choosing to wait before complying with the Corporate Transparency Act requirements, given the possibility that the law may not survive in its current form or could be subject to revisions.

Although NYC boards have been granted a temporary reprieve, they should remain prepared for potential implementation. Woods Lonergan stands ready to provide comprehensive guidance on CTA compliance, helping boards navigate these new regulatory uncertainties with confidence and precision.

For a more detailed background on the CTA and its impact on co-op condo board governance requirements, please refer to our firm’s recent blog post: Corporate Transparency Act Update: Court Ruling Impacts NYC Co-Op and Condo Board Compliance.

Our expertise ensures that communities not only meet their legal obligations but also strengthen their governance practices in the process.

For the full article in Brick Underground, written by Celia Young titled please visit “NYC Co-op and Condo Boards Catch a Break as Corporate Transparency Act Faces Legal Limbo,”

About the Author

James F. Woods is Founder and Managing Partner of Woods Lonergan. He has tried more than 60 jury cases to verdict as first-chair trial counsel, beginning his career as a prosecutor, and resolves complex commercial and real estate disputes valued at $1M to $100M+ for business owners, principals, and middle-market enterprises across the New York metro area. He appears regularly in the New York Commercial Division and in the federal district courts for the Southern and Eastern Districts of New York, and has argued appeals in the Appellate Division and the Second Circuit.

His practice covers complex commercial litigation, real estate and asset litigation, partnership and shareholder disputes, fiduciary breach and corporate fraud, and cooperative and condominium governance. He counsels corporate and cooperative boards throughout New York.

The Legal 500 United States ranks James in its New York Elite rankings for Commercial Disputes, and his peers have recognized him with Martindale-Hubbell's AV Preeminent rating. Woods Lonergan is ranked in Chambers USA: Spotlight New York for Litigation: General Commercial and Real Estate. James serves on the Commercial & Business Litigation Committee and the Business Torts & Unfair Competition Committee of the American Bar Association Section of Litigation, and on the Cooperative & Condominium Law Committee of the New York City Bar Association. His commentary on New York commercial and real estate disputes has been quoted in The New York Times, The Washington Post, Bloomberg Law, Law360, and Forbes.

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