Business & Tax Articles

In what seems to be a never-ending carousel of rulings, on December 26, 2024, the United States Court of Appeals for the Fifth Circuit reversed course and reinstated the nationwide preliminary injunction of the enforcement of the Corporate Transparency Act (CTA).

Fifth Circuit Stays Nationwide Preliminary Injunction of Corporate Transparency Act - January 1, 2025 Filing Deadline Reinstated, But FinCEN Issues Notice of Extension of Filing Deadlines

Mergers and acquisitions among insurance agencies and brokers in the United States and Canada totaled 535 through the first 3 quarters of 2024.

The Court granted a nationwide preliminary injunction to prohibit the government’s enforcement of the CTA throughout the country. However, as there is no harm in making the filings with FINCEN and as there is some question as to the legal authority of the Court’s nationwide injunction, we suggest reporting companies at least consider proceeding with and finalizing such Beneficial Ownership Information filings prior to January 1, 2025.

With the release of Notice 2024-80, the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2025 tax year.

On August 23, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated the U.S. Department of Labor’s “80/20” rule, which involves tipped wages covered by the Fair Labor Standards Act.

On Tuesday, August 20, 2024, a federal court issued a nationwide injunction against the Federal Trade Commission, precluding it from enforcing its April 23, 2024 final rule purporting to ban non-compete agreements against most employees in the United States.

On July 17, 2024, Pennsylvania Governor Josh Shapiro signed into law the Fair Contracting for Health Care Practitioners Act, Act 74-2024 (Act), which introduces significant changes to the contractual and employment conditions for certain health care practitioners in the Commonwealth of Pennsylvania. The Act becomes effective on January 1, 2025.

Mergers and acquisitions among insurance agencies and brokers in the United States and Canada totaled 300 in the first half of 2024.

Texas court puts FTC's noncompete ban on hold as of July 3, 2024.

Frequently asked questions regarding employee benefits.

On April 23, 2024, the Federal Trade Commission (FTC) released its final rule concerning non-competition agreements, which has broad and sweeping implications.

On April 23, 2024 the Department of Labor (DOL) announced a final rule that will increase the current salary threshold required to be exempt from overtime, effective July 1, 2024.

This article provides a general summary of the Corporate Transparency Act and its requirements and is not intended to, and does not, provide legal, compliance or other advice to any specific individual or entity. Please reach out to your contact at Knox McLaughlin Gornall & Sennett, P.C. for assistance regarding the application of the Corporate Transparency Act to your specific situation.

On January 10^th, the U.S. Department of Labor (DOL) released its final rule changing the criteria for how it will classify workers moving forward. This final rule will go into effect on March 11, 2024 and will have a major impact on the gig economy.