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.