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Please Click HerePosted on January 14, 2025 by Nicole L. Stangl and Morgan H. Sweeney
On November 15, 2024, a federal judge for the U.S. District Court for the Eastern District of Texas struck down the Department of Labor’s (DOL’s) 2024 overtime rule (“Overtime Rule”). This decision came months after the Overtime Rule went into effect and the first increase to the salary requirement was implemented. Due to the delay […]
Posted on January 3, 2025 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The Corporate Transparency Act (“CTA”) has been on a journey this past month with a whirlwind of court rulings: halted by a federal district court, reinstated by the Fifth Circuit’s motions panel, had its reporting deadlines extended by FinCEN, and then halted again by the Fifth Circuit’s merits panel. Amidst all this back-and-forth, predicting what […]
Posted on December 27, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The U.S. Court of Appeals for the Fifth Circuit has once again vacated enforcement of the Corporate Transparency Act (CTA) and its reporting requirements. This latest decision temporarily halts the mandate for entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), reinstating a pause on compliance obligations. The appellate court’s panel […]
Posted on December 24, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
FinCEN has extended the reporting deadline for companies created or registered before January 1, 2024, to January 13, 2025. In an alert posted Tuesday night, FinCEN recognized that “reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect.” Previously, the reporting deadline for these companies was […]
Posted on December 23, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The Corporate Transparency Act (“CTA”) and its reporting requirements are back in effect. The Fifth Circuit Court of Appeals has granted the U.S. Government’s motion for an emergency stay of the nationwide CTA injunction. This means the federal injunction that sought to overrule or pause the CTA is temporarily halted. As a result, reporting companies […]
Posted on December 19, 2024 by Mary Ellen Schill
The Internal Revenue Service issued the 2025 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The most notable change is the per mile increase for business use mileage. Effective January 1, 2025, the optional standard mileage rates for the use of a […]
Posted on December 7, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The U.S. Government has appealed a federal judge’s order temporarily blocking the enforcement of the Corporate Transparency Act (CTA). As a result, the case is now headed to the Fifth Circuit Court of Appeals. Currently, reporting companies are not required to submit filings. FINCEN has acknowledged this in a recent update to its website, stating: […]
Posted on December 3, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
A federal district court in Texas has issued a landmark decision postponing the enforcement of the Corporate Transparency Act (the “CTA”). The Court held that the CTA exceeds Congress’ power and is therefore likely unconstitutional. As a result, reporting companies are no longer required to comply with the CTA’s January 1, 2025, reporting deadline. As […]
Posted on November 25, 2024 by John N. Jacobson
The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the November 2024 issue of the Capitol Connection. In this issue: Election 2024: State Legislature DNR Approves Enbridge ‘Line 5’ Permits State Schools Superintendent to Propose Over $4 Billion Increase for K-12 Aids Gov. […]
Posted on November 15, 2024 by Nicole L. Stangl and Morgan H. Sweeney
Friday afternoon, a federal judge in Texas struck down the Department of Labor’s (“Department’s”) overtime rule (“Overtime Rule”) finding that the Overtime Rule exceeded the Department’s authority and was unlawful. In the Opinion, the court issued a vacatur which sets aside the rule and makes it no longer binding. This vacatur of the Overtime Rule […]