On March 2, 2025, the Treasury Department announced that, for the time being, it will not be enforcing the March 21, 2025, deadline for Beneficial Ownership Information (BOI) reporting for domestic companies and U.S. citizens, nor will it impose any penalties or fines related to failure to report. The Treasury has also announced that it’s […]
Last week, a U.S. District Court in Texas lifted a prior injunction that paused Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). With the injunction lifted, the Financial Crimes Enforcement Network (FinCEN) is free to resume enforcing the BOI reporting requirement. FinCEN has announced that it has resumed mandatory BOI reporting […]
The U.S. District Court for the Eastern District of Texas has issued a preliminary injunction halting the enforcement of the Corporate Transparency Act (CTA). The CTA mandates that most businesses disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). In its ruling, the Court found that the plaintiffs are likely to succeed on […]
On November 15, 2024, the United States District Court for the Eastern District of Texas issued a decision[i], setting aside and vacating the U.S. Department of Labor’s Final Rule (“Final Rule”)[ii], which required increases to the minimum salary requirements for exempt employees under the federal Fair Labor Standards Act (FLSA). As you may recall, the […]
Since its promulgation on April 23, 2024, the FTC’s final Rule, which purported to ban the imposition and enforcement of most non-competition agreements in the United States (the “Rule”), has been the subject of federal litigation in several states. The litigation challenged the FTC’s authority to issue the Rule as well as the legality of […]
The U.S. Department of Labor Final Rule (“Rule”) expanding overtime eligibility for certain employees took effect on July 1, 2024. The Rule raises the minimum salary threshold required for an employee to be exempt from overtime pay requirements under the federal Fair Labor Standards Act (“FLSA”). As previously reported in Part One, the Rule faces […]
On April 23, 2024, the U.S. Department of Labor adopted a Final Rule (“Rule”) aimed at expanding overtime eligibility for certain employees under the federal Fair Labor Standards Act (“FLSA”). Currently, employers are required to pay overtime to employees who work more than 40 hours per week unless they are exempt.[1] The Rule, which will […]
On April 23, 2024, by a vote of 3-2, the Federal Trade Commission (“FTC”) adopted a Final Rule (“Rule”) that imposes a comprehensive ban on non-compete agreements for nearly all U.S. workers. The Rule is slated to go into effect 120 days after publication, though it is already facing legal challenges, making its ultimate implementation […]
On March 1, 2024, a U.S. District Court in Alabama held[1] that the Corporate Transparency Act (CTA) is unconstitutional as a matter of law. In its ruling, the District Court explained that the CTA and its requirements exceed any authority granted to Congress. What does this mean going forward? As of right now, nothing has […]
Part 1: Understanding the Basics The Corporate Transparency Act is a landmark federal law that will significantly impact businesses and individuals by putting the onus on businesses to become more transparent about their ownership structures. The Act aims to enable law enforcement agencies to detect and prevent financial crimes more effectively. Throughout this four-part series, […]
