On Friday, September 29, 2023, the Treasury Department updated its Frequently Asked Questions regarding compliance with the Corporate Transparency Act’s beneficial ownership and control reporting rules.
Corporate Transparency Act Beneficial Ownership Information (BOI) Reporting
On Wednesday, September 27, the Treasury Department announced a new proposed rule extending the deadline for companies formed in 2024 to comply with the Corporate Transparency Act’s beneficial ownership and control reporting rules.
Corporate Transparency Act Update
The Corporate Transparency Act requires most existing and most new businesses to file a detailed report with FINCEN (the United States Treasury’s Financial Crimes division) detailing who the major owners and managers are. Currently, the filing period commences January 1, 2024.
Potential Increase in Minimum Salary for Overtime Exemptions
The U.S. Department of Labor today issued a proposed rule raising the minimum salary an employee must receive to be considered exempt from overtime under the Fair Labor Standards Act.
SCOTUS Ruling Broadens Religious Protections for Workers
In a rare unanimous decision, the U.S. Supreme Court has substantially altered the standard under which employers must evaluate employee requests for religious accommodations under Title VII of the Civil Rights Act of 1964.
NLRB General Counsel Joins FTC in Biden Administration Assault on Noncompete Agreements
The National Labor Relations Board’s (“NLRB”) General Counsel Jennifer Abruzzo announced in a memo yesterday that noncompete agreements in employment contracts violate federal labor law except in limited circumstances, because they interfere with employees’ rights under Section 7 of the National Labor Relations Act (“the Act”) to engage in concerted activity to improve their wages
EEOC Releases Technical Assistance Document Providing Guidance on Assessing Adverse Impact under Title VII in AI and Other Software
On May 18, 2023, the U.S. Equal Employment Opportunity Commission (EEOC) released a technical assistance document explaining the interplay of various established aspects of Title VII of the Civil Rights Act (“Title VII”) and an employer’s use of artificial intelligence and other automated systems. This technical assistance is released as a follow-up to the EEOC’s
Louisiana Legislative Session Convenes – Highlighting the Lobbying Election for Nonprofits
With the 2023 Louisiana Legislative Session under way, it is a good time to highlight the lobbying election available to qualifying public charities exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code.
Nonprofit organizations that qualify for federal income tax exemption as public charities under section 501(c)(3) of the Internal Revenue
Pay Transparency Laws Sweeping the Country Have Significant Implications for Workforce Development
A recent wave of pay transparency laws has left many employers apprehensive about recruiting across state lines. Pay transparency refers to the practice of making employee compensation figures visible to others – internally, externally, or both. Roughly 1 in 4 U.S. workers lives in a state or locality with a salary transparency law in place
New IRS Guidance Confirms No Stepped-Up Basis for Certain Grantor Trust Assets
New IRS guidance confirms no step up in basis for grantor trust assets that are not included in the decedent’s estate.
Rev. Rul. 2023-02 clarifies that the basis adjustment under section 1014 of the Internal Revenue Code does not apply to “step up” the basis for assets in grantor trusts treated as owned by the