Withco empowers small businesses to become property owners so that they obtain the control, wealth, and permanence only afforded through ownership
1/7/25: U.S. Senator Chuck Schumer, U.S. Senator Kirsten Gillibrand, and U.S. Congressman Joe Morelle today announced a whopping $100 million in federal funding for Rochester’s Inner Loop North Transformation Project to reconnect disadvantaged neighborhoods to Rochester’s downtown.
After Rochester said it desperately needed federal support to complete the Inner Loop dream and realize the project’s full potential, the lawmakers launched a united push and Schumer personally urged Transportation Secretary Buttigieg to deliver it, explaining the project would eliminate a major barrier in the heart of Rochester while re-investing in the Rochester communities harmed by the construction of the Inner Loop and creating more jobs. Read on
Our colleagues at WNYSCAR invite RAC NYSCAR members to their January 23, 2025 Breakfast Meeting on Cost Segregation. More details and registration
Rensair uses patented hardware and software to cut carbon out of existing HVAC systems and instantly lower emissions and energy use by more than 40%. Learn more
Our colleagues at WNY NYSCAR invite RAC NYSCAR members to their December 19 Breakfast. More details and RSVP
TO ALL RAC NYSCAR MEMBERS:
Released December 5, 2024: (Click to download this FCC Release)
Overview
The Federal Communications Commission (FCC) is taking decisive steps to address vulnerabilities in U.S. telecommunications networks following the Salt Typhoon cyberattack, a sophisticated intrusion linked to foreign state-sponsored actors. These measures aim to safeguard critical communications infrastructure and ensure national security, public safety, and economic resilience in the future.
What Happened?
- Salt Typhoon Attack: On December 4, 2024, a top U.S. security agency confirmed reports that foreign actors, state-sponsored by the People’s Republic of China, infiltrated at least eight U.S. communications companies, compromising sensitive systems and exposing vulnerabilities in critical telecommunications infrastructure. This was part of a massive espionage campaign that has affected dozens of countries.
- Impact: The attack underscores the urgent need for robust cybersecurity frameworks to protect against escalating threats targeting the telecommunications sector.
How Is the FCC Responding?
- Affirming Cybersecurity Obligations and Increasing Accountability:
- FCC Chairwoman Jessica Rosenworcel has proposed a Declaratory Ruling that would clarify that Section 105 of the Communications Assistance for Law Enforcement Act (CALEA) creates a legal obligation for telecommunications carriers to secure their networks against unlawful access and interception. The proposal clarifies that telecommunications carriers’ duties extend not just to the equipment they use but how they manage their networks.
- New Compliance Framework: Under a Notice of Proposed Rulemaking circulated today, the FCC proposed an annual certification requirement for communications service providers to:
- Create, update, and implement cybersecurity risk management plans.
- Certify compliance with these plans to the FCC to ensure accountability.
- Seeking Broader Action: The proposed Notice of Rulemaking invites public comment on:
- Expanding cybersecurity requirements across a range of communications providers.
- Identifying additional ways to enhance cybersecurity defenses for communications systems.
Why Does This Matter?
- National Security: Telecommunications networks are critical to the nation’s defense, public safety, and economic systems. While the Commission’s counterparts in the intelligence community are determining the scope and impact of the Salt Typhoon attack, the FCC can act now to strengthen cybersecurity safeguards and ensure resilience against future cyberattacks by adversaries.
- Adaptation to Evolving Threats: As technology evolves, so do the tactics of cyber adversaries. The Salt Typhoon attack highlights the need for proactive measures to stay ahead of emerging threats.
- Public Trust: A cyberattack in the communications sector can affect other sectors, including healthcare, manufacturing, energy, and transportation. Ensuring secure and reliable communications infrastructure builds confidence in the nation’s ability to protect critical systems and also helps protect everyday Americans from cyberattacks.
Next Steps
These proposed measures have been made available to the five members of the Commission. They may choose to vote on them at any moment. If adopted, the Declaratory Ruling would take effect immediately. The Notice of Proposed Rulemaking, if adopted, would open for public comment the cybersecurity compliance framework, which is part of a broader effort to secure the nation’s communications infrastructure.
Media Contact: MediaRelations@fcc.go
This is an unofficial announcement of Commission action. Release of the full text of a Commission order constitutes official action. See MCI v. FCC, 515 F.2d 385 (D.C. Cir. 1974).
WASHINGTON – On Dec. 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA). This means the Financial Crimes Enforcement Network (FinCEN), a Bureau within the Treasury Department, cannot currently enforce the Beneficial Ownership Information (BOI) Reporting Rule enacted under the CTA. The lawsuit asserted that the CTA is outside of Congress’s power to regulate under the Commerce Clause and, thus, is unconstitutional.
The National Association of Realtors® (NAR) is reviewing the court order. Litigation continues, and the federal government may appeal the preliminary injunction.
NAR recommends members consult legal counsel for legal advice regarding compliance and the implications of the preliminary injunction on their businesses.
FinCEN’s BOI Reporting entity remains open and is accepting BOI Reports despite the preliminary injunction’s prohibition on the government’s ability to implement or enforce the CTA and BOI Reporting Rule.
At this time, NAR’s free BOI Compliance webinar is still taking place on Dec. 10, 2024, from 2-3 p.m. ET. Register and attend to receive up-to-date information regarding the BOI Reporting Rule and the preliminary injunction.
The webinar will be recorded for those who cannot attend live.
© 2024 Florida Realtors®
ICSC sent this out as a reminder that most companies will have to report by JANUARY 1 or face fines and jail time to make sure all your entities are reported before the deadline.
January 1 Deadline Approaches for Reporting Beneficial Ownership Information ...
November 14, 2024
The Corporate Transparency Act went into effect earlier this year and requires an estimated 32 million small business owners to file certain personally identifiable information with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
The CTA applies to privately held and many non-profit entities, including corporations, limited liability companies, limited partnerships, business trusts and other similar entities that are created by the filing of a document with a secretary of state or similar governmental office.
As a general rule, businesses not meeting one of several exceptions have to report for their beneficial owners and control persons, certain personally identifiable information (PII) to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This PII will include the individual’s full legal name, date of birth, physical residential street address, government issued ID number and a photograph of the government ID. This information must be reported for each “beneficial owner” of the business and for anyone exercising “substantial control” over the business.
Both the beneficial ownership and substantial control analyses are complex, and ICSC members should consult with their legal counsel to determine if their interest in a given business entity requires their PII to be reported.
For those who do need to comply with the law's requirement, reports can be filed at https://boiefiling.fincen.gov/.
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Michael Frame -- Allan D. Moore Lifetime Achievement
CBRE Upstate NY
Adam Rooney -- Commercial Realtor of the Year
Benchmark Realty Advisors, LLC
Joe Rowley, Jr. -- Deal of the Year-Sale
Anchor Real Estate Advisors LLC
Mercedes Brien, Coldwell Banker Commercial Custom Realty & Peter Gillett, SIOR, Flaum Management Company, Inc.
Co-Recipients of the Deal of the Year-Lease
Mike Giunta -- Best New Talent in Commercial Real Estate
Keller Williams Realty Greater Rochester
Scott Sydelnik -- Affiliate of the Year
Davidson Fink LLP
Anthony "TJ" Cashette -- Meritorious Service
Leverage Properties, LLC