By the SEMA Businesswomen's Network

The SEMA Businesswomen's Network (SBN) Gear-Up Girl Lunch will take place at the 2024 PRI Show on Friday, December 13, from 11:45 a.m.-1:00 p.m. EST in Room 243.

All female PRI Show attendees are invited to attend the event to network with female students pursuing careers in the motorsports industry. Reserved only for women, this fun and dynamic event serves as a networking opportunity for professionals to give back and share advice with today's female youth.

RSVP here.

From the SEMA Washington, D.C., office

A late-breaking legal development is temporarily delaying a new federal filing requirement for small businesses to report their beneficial ownership, the deadline for which was fast approaching.

Most small businesses have until December 31, 2024, to file a new, required report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their organization’s beneficial owners. Beneficial ownership information (BOI) reports are a requirement under the Corporate Transparency Act (CTA), a 2021 federal law to enhance transparency in entity structures and ownership to combat money laundering, tax fraud and other illicit activities.

However, a federal district court in Texas issued an order granting a nationwide preliminary injunction, putting the FinCEN BOI Reporting Rulemaking on hold. The federal government has subsequently appealed the decision.

Reporting companies may continue to voluntarily submit beneficial ownership information reports, even as this litigation continues.

While this lawsuit is pending, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, small businesses are not currently required to file their beneficial ownership information with the agency and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Accordingly, small businesses are not required to file.

However, should the injunction be lifted, FINCEN may require entities to file. The earliest date that entities would be required to file is the initial deadline of January 1, 2025. While litigation is impossible to predict with absolute certainty, it is unlikely that a court will overturn the injunction before the holiday season. SEMA and PRI members do not need to act on the rule for the time being.

SEMA/PRI attorneys continue to closely monitor this litigation and will promptly let you know of any updates.

The CTA imposes reporting obligations on all business entities within the scope of the "reporting company" definition under the statute.  

Beneficial Ownership Rule Filing Requirements

Small businesses can be exempted from filing a report with FinCEN if they meet the following three criteria:  

• Employ more than 20 employees 
• Operate a physical office in the United States
• Filed federal tax returns demonstrating more than $5 million in gross receipts or sales

The CTA defines a "beneficial owner" as an individual who, directly or indirectly, exercises substantial control over the reporting company or owns or controls at least 25% of the ownership interests of the reporting company. An individual exercises "substantial control" over an entity if the individual:  

• Serves as a senior officer
• Has authority over the appointment or removal of a senior officer or a majority of the board of directors 
• Directs, determines or has substantial influence over important business decisions

Beneficial ownership information reporting is not an annual requirement. Businesses only must file a report with FinCEN once, unless the filer needs to update or correct information about their company’s beneficial ownership. Generally, reporting companies must provide four pieces of information about each beneficial owner:  

• Name 
• Date of birth 
• Address 
• The identifying number and issuer from either a non-expired U.S. driver's license, a non-expired U.S. passport or a non-expired identification document issued by a State (including a U.S. territory or possession), local government or Native American tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.  

Companies must also submit certain information about themselves, such as their name(s) and address. In addition, reporting companies created on or after January 1, 2024, must submit information about the individuals who formed the company ("company applicants").  

Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report at www.fincen.gov/boi. Also, SEMA member companies can listen to a webinar on the BOI reporting requirements. There is no charge for SEMA members, as the association is a member of the Small Business Legislative Council (SBLC), which hosted the webinar. 

For more information, contact Eric Snyder, SEMA's senior director of federal government affairs, at erics@sema.org.  

From the SEMA Washington, D.C., office

A late-breaking legal development is temporarily delaying a new federal filing requirement for small businesses to report their beneficial ownership, the deadline for which was fast approaching.

Most small businesses have until December 31, 2024, to file a new, required report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their organization’s beneficial owners. Beneficial ownership information (BOI) reports are a requirement under the Corporate Transparency Act (CTA), a 2021 federal law to enhance transparency in entity structures and ownership to combat money laundering, tax fraud and other illicit activities.

However, a federal district court in Texas issued an order granting a nationwide preliminary injunction, putting the FinCEN BOI Reporting Rulemaking on hold. The federal government has subsequently appealed the decision.

Reporting companies may continue to voluntarily submit beneficial ownership information reports, even as this litigation continues.

While this lawsuit is pending, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, small businesses are not currently required to file their beneficial ownership information with the agency and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Accordingly, small businesses are not required to file.

However, should the injunction be lifted, FINCEN may require entities to file. The earliest date that entities would be required to file is the initial deadline of January 1, 2025. While litigation is impossible to predict with absolute certainty, it is unlikely that a court will overturn the injunction before the holiday season. SEMA and PRI members do not need to act on the rule for the time being.

SEMA/PRI attorneys continue to closely monitor this litigation and will promptly let you know of any updates.

The CTA imposes reporting obligations on all business entities within the scope of the "reporting company" definition under the statute.  

Beneficial Ownership Rule Filing Requirements

Small businesses can be exempted from filing a report with FinCEN if they meet the following three criteria:  

• Employ more than 20 employees 
• Operate a physical office in the United States
• Filed federal tax returns demonstrating more than $5 million in gross receipts or sales

The CTA defines a "beneficial owner" as an individual who, directly or indirectly, exercises substantial control over the reporting company or owns or controls at least 25% of the ownership interests of the reporting company. An individual exercises "substantial control" over an entity if the individual:  

• Serves as a senior officer
• Has authority over the appointment or removal of a senior officer or a majority of the board of directors 
• Directs, determines or has substantial influence over important business decisions

Beneficial ownership information reporting is not an annual requirement. Businesses only must file a report with FinCEN once, unless the filer needs to update or correct information about their company’s beneficial ownership. Generally, reporting companies must provide four pieces of information about each beneficial owner:  

• Name 
• Date of birth 
• Address 
• The identifying number and issuer from either a non-expired U.S. driver's license, a non-expired U.S. passport or a non-expired identification document issued by a State (including a U.S. territory or possession), local government or Native American tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.  

Companies must also submit certain information about themselves, such as their name(s) and address. In addition, reporting companies created on or after January 1, 2024, must submit information about the individuals who formed the company ("company applicants").  

Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report at www.fincen.gov/boi. Also, SEMA member companies can listen to a webinar on the BOI reporting requirements. There is no charge for SEMA members, as the association is a member of the Small Business Legislative Council (SBLC), which hosted the webinar. 

For more information, contact Eric Snyder, SEMA's senior director of federal government affairs, at erics@sema.org.  

By SEMA News Editors

In Indianapolis for the 2024 PRI Show, December 12-14? Stop by the SEMA Data booth #2108 in Green Hall to learn more about SEMA Data and its efforts to distribute quality data to SEMA member companies.

Throughout Show week, SEMA Data staff will be hosting "Ask the Experts" sessions at the SEMA Data booth, 11:00 a.m. EST, every day of the Show. The Q&A sessions will include information on product data/content, what to look for, strategies to meet customer requirements, what's important for eCommerce and other matters, offering a prime opportunity to ask questions and learn more.

One-on-one time with SEMA Data staff is also available and can be scheduled here.

For more information, visit semadata.org.

By SEMA News Editors

SEMA News sources recently spotted the refreshed Mercedes-Benz C-Class sedan at a secret test location in Germany, signaling a long-awaited update after an extended delay.

Based on the new images of the prototype, the C-Class will feature revised front and rear bumpers, a redesigned grille and updated headlight and taillight graphics. As with other recent Mercedes-Benz remodels, the daytime running lights will incorporate the brand's signature three-pointed star design.

Inside the vehicle, Mercedes-Benz aims to provide upgraded materials for a more premium feel, although the overall design won't see drastic changes, sources said. Other updates include the MBUX infotainment system and new safety and comfort features from larger models in the lineup.

Mechanically, Mercedes-Benz is planning to fine-tune the nine-speed automatic transmission for better fuel efficiency and lower emissions, insiders said, but no major overhauls are expected.

The C-Class is expected to debut in the spring of 2025.

By Ashley Reyes

The SEMA Businesswomen's Network (SBN) has named Shauna Davis, president of Kaizen Glass Solutions, as the network's newest #SheIsSEMA spotlight member. 

Get to know Davis in her interview with SEMA News below. 

SEMA News: How many years have you been with your current company and what do you enjoy most about working there?

Shauna Davis: I just started my own company and my experience comes from 21 years with an auto glass tool manufacturer.

SEMA: What is the most challenging part of running your business or job?

SD: Maintaining culture.

SEMA: How many years have you been in the industry and what was your first industry job?

SD: I have been in the industry for 21 years. My first industry job was as a global sales and marketing director.

SEMA: What are three qualities that got you to where you are today?

SD: Tenacity, a positive outlook and adaptability. Never give up when you believe in something.

SEMA: Being a woman in the industry, what have been your biggest challenges and accomplishments?

SD: Gaining respect and educating [others] that I am an expert in my field.

SEMA: Who are your role models or mentors in the industry?

SD: Ray Asbery and Gilbert Gutierrez and several others I've met along the way.

SEMA: What is the best career advice you have received?

SD: To believe in myself, and I can do all things.

SEMA: Have you always wanted to work in the automotive industry? What keeps you here?

SD: No. Relationships, education and wanting to know more about the latest technology that affects the automotive and glass world.

SEMA: Who was the most influential person on your career/goals?

SD: My mother.

Fill out a #SheIsSEMA spotlight form to submit a self-nomination or nominate a colleague and highlight how you or she is contributing to the specialty-equipment industry. Selected candidates are automatically eligible to be considered for SBN's #SheIsSEMA Woman of the Year award, featured on SBN's social media, SEMA News and recognized on the sema.org/she-is-sema website. 

By SEMA News Editors

As President-elect Trump prepares to return to the White House, SEMA's Government Affairs experts are paying close attention to his picks to lead federal regulatory agencies. Learn more about the nominees to lead the Environmental Protection Agency and the Departments of Transportation and Interior and the role they could play in shaping the automotive aftermarket industry.

WATCH BELOW: 

By SEMA News Editors

As President-elect Trump prepares to return to the White House, SEMA's Government Affairs experts are paying close attention to his picks to lead federal regulatory agencies. Learn more about the nominees to lead the Environmental Protection Agency and the Departments of Transportation and Interior and the role they could play in shaping the automotive aftermarket industry.

WATCH BELOW: 

By SEMA News Editors

In Indianapolis for the 2024 PRI Show, December 12-14? Stop by the SEMA Data booth #2108 in Green Hall to learn more about SEMA Data and its efforts to distribute quality data to SEMA member companies.

Throughout Show week, SEMA Data staff will be hosting "Ask the Experts" sessions at the SEMA Data booth, 11:00 a.m. EST, every day of the Show. The Q&A sessions will include information on product data/content, what to look for, strategies to meet customer requirements, what's important for eCommerce and other matters, offering a prime opportunity to ask questions and learn more.

One-on-one time with SEMA Data staff is also available and can be scheduled here.

For more information, visit semadata.org.

By SEMA News Editors

ORACLE Lighting

Integrated LED Light Bar for Jeep Wrangler JL and Gladiator JT

This high-mount LED light bar integrates into the roofline, offering a sleek, aerodynamic profile that reduces wind noise and drag, according to the manufacturer, and emits 18,000 lumens up to 600 meters. The light bar's polycarbonate housing matches the factory hardtop and fits soft-top models, retaining full functionality with or without a roof.

oraclelights.com

Total Seal Piston Rings

TFX Thin Ring Sets

Total Seal TFX Rings utilize proprietary ring manufacturing processes, 440B stainless and 9000 series steel with proprietary C56 face coatings to offer a new series of thin rings for normally aspirated, boosted or nitrous applications.

Gas-Ported/Gapless Diesel Piston Ring Sets

These severe-duty piston rings offer increased horsepower, torque and oil life, according to Total Seal, and are designed for towing, street performance and competition applications up to 1,000 hp. Sets are available for Cummins 5.9L and 6.7L, Duramax 6.6L, Ford Powerstroke 6.4L to 7.3L and other custom applications.

totalseal.com

Releasing a new product? Contact editors@sema.org.