Kerry Lynch stepped into the role of editor of the&nbsp;Aviation International News&nbsp;monthly magazine in May 2022 after serving with&nbsp;AIN&nbsp;for eight years. She joined&nbsp;AIN&nbsp;in December 2014 as a senior editor covering Washington and business aviation news. She has also served on Convention News teams, including as editor of&nbsp;HAI Convention News. Lynch previously spent 25 years with Aviation Week. During her time there, she reported for and later steered&nbsp;The Weekly of Business Aviation, oversaw business aviation content on the&nbsp;Aviation Week Intelligence Network, served on the&nbsp;Show News&nbsp;staff, and held roles as the Washington columnist for&nbsp;Business &amp; Commercial Aviation&nbsp;and&nbsp;Overhaul &amp; Maintenance&nbsp;monthly magazines. In 2021 she was honored with the National Business Aviation Association Platinum Wing Award for lifetime achievement in journalism and was the 2004 recipient of the National Air Transportation Association’s Aviation Journalism Excellence Award. She also has been a recipient of an Aerospace Media Award for business aviation (2022) and NBAA Gold Wing Award (2003, 2024). Lynch graduated from The Ohio State University with a bachelor of arts in journalism.

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While a U.S. district court has halted certain ownership reporting requirements under the Corporate Transparency Act (CTA), NBAA is advising members to remain prepared to comply.
Enacted in January 2021, the CTA authorized the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to require certain limited liability companies and other organizations to furnish “ultimate beneficial-owner information” such as name, date of birth, and address. This included LLCs that own business aircraft. NBAA noted that the use of LLC is a common structure for aircraft leases. Under CTA, affected companies were required to comply by Jan. 1, 2025.
However, on December 3 the U.S. Court for the Eastern District of Texas issued a preliminary injunction against enforcement of that deadline, citing constitutional concerns. This provides a reprieve for the time being on the deadline; FinCEN has indicated that filing the information is voluntary for now.
NBAA noted that experts such as Jonathan Epstein, a partner at Holland &amp; Knight, are advising companies to still be prepared to report. “Be ready to file because we don’t know what’s going to happen in a higher court,” Epstein told NBAA, noting that some companies will need the time to gather the appropriate data.
Separately, David Mayer, a partner in the aviation practice of Shackelford, Bowen, McKinley &amp; Norton in Dallas, also said organizations should be alert for further litigation on the merits of the constitutional arguments against the requirements.
In a separate case earlier this year, a federal district court in Alabama had deemed the CTA unconstitutional and halted enforcement against the plaintiffs in that case (National Small Business United), according to Mayer in an <a href="https://www.ainonline.com/aviation-news/business-aviation/2024-03-08/ainsight-corporate-transparency-act-descends-bizav">AINsight blog</a>. But since the ruling applied to the plaintiffs, it created confusion on whether others must still comply.

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NBAA: Be Prepared for Ownership Reporting Requirements

Legal experts caution that further court action could be ahead

A U.S. court halted ownership reporting requirements enforcement involving LLCs, including those with business aircraft, but NBAA advice is to still be ready.

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