Today, a federal court judge in Dallas, Texas, ruled the Federal Trade Commission went too far in issuing its nationwide noncompete ban that was set to become effective September 4, 2024. We anticipate the FTC will appeal and will update you as we know more. In the meantime, do not hesitate to contact the Employment & Benefits Team for more information about the proposed rule and how this may affect your business.
Continue Reading Breaking News: Federal Court Halts FTC Noncompete Ban!
The Corporate Transparency Act (the “CTA”) imposes requirements on entities dissolved in 2024. Effective as of January 1, 2024, the CTA mandates entities disclose information about their “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”). Previously, there was uncertainty about whether dissolved entities must report under the CTA. However, on July 8, FinCEN updated its Frequently Asked Questions (FAQs) to address this uncertainty.
The FAQs clarify that entities dissolved before CTA’s effective date of January 1, 2024, do
Continue Reading Unraveling the Corporate Transparency Act: Navigating Entity Dissolution
Statewide ballot referenda are not new to voters in the Badger State. There are four scenarios in which a question may be directly asked of voters: whether to amend the state’s constitution; ratification of a law extending the right of suffrage; nonbinding advisory question to measure public sentiment; and, ratifying a law that was passed by the legislature, contingent on voter approval. Wisconsin does not have a direct ballot initiative process. In November 1914, 64 percent of voters rejected
Continue Reading August Constitutional Referenda to Decide Who Spends Federal Funds
<!–window.jQuery || document.write(”)–>
Continue Reading Welcome Attorney Morgan Sweeney
On July 3, 2024, a federal judge in Texas granted a preliminary injunction in a lawsuit challenging the FTC’s noncompete ban. Notably, the injunction only applies to those plaintiffs named in the suit. All other employers will still need to comply with the noncompete ban when it takes effect in September. A final decision on the case is expected to be issued by the end of August and could have broader implications.
Another lawsuit challenging the noncompete ban
Continue Reading The FTC’s Ban on Noncompetes Remains Imminent for Most Employers as Legal Challenges Continue
The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the June 2024 Recap issue of the Capitol Connection.
Inside this issue
Vos Recall Denied by Elections Commission
A months-long back-and-forth between Assembly Speaker Robin Vos and a group seeking to recall the Republican leader ended on June 27th when in a 4-2 decision, the Wisconsin Elections Commission decided that organizers of the effort failed to collect enough
Continue Reading Capitol Connection, June 2024 Recap
Late Monday afternoon, a federal judge in Texas denied a marketing firm’s motion for a preliminary injunction to halt the DOL’s new overtime rule. This denial affirms that, for now, employers, other than the State of Texas, must comply with the DOL’s new overtime rule which went into effect Monday, July 1, 2024.
As each case challenging the DOL’s new rule progresses it will be important for employers to stay up to date. If you have any
Continue Reading DOL’s New Overtime Rule Litigation Update: Texas Federal Judge Denies Postponement of Rule for a Private Employer
Wisconsin’s marital property laws impact compliance with the Corporate Transparency Act (the “CTA”). As discussed in other Ruder Ware CTA Focus Team insights, the CTA requires a “reporting company” to report information about its “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”). The CTA defines a beneficial owner as “any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least 25 percent of the ownership interests of a reporting
Continue Reading Understanding the Corporate Transparency Act: Implications for Marital Property and Beneficial Ownership
This past Friday, a Texas federal judge granted a preliminary injunction for the State of Texas, postponing the effective date of the Department of Labor’s new overtime rule. Currently, the injunction is limited only to State of Texas employees. All other employers must still comply with the final rule which went into effect today, July 1, 2024.
We will continue to monitor other pending legal challenges to the rule for their potential impact on the application of the
Continue Reading Texas Federal Judge Postpones DOL’s New Overtime Rule ONLY for Employees Working for the State of Texas
The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business in the United States. As discussed in other Ruder Ware CTA Focus Team insights, there is a presumption that all entities are bound by these new disclosure rules. However, the CTA carves out and exempts twenty-three different categories of entities from the regime. Many of these
Continue Reading The CTA’s Large Operating Company Exemption in Focus
A crucial aspect of compliance with the Corporate Transparency Act (“CTA”) is understanding the various due dates and obligations. A “reporting company” must meet CTA reporting deadlines to avoid potential regulatory penalties. To avoid such penalties for non-compliance, a reporting company must plan ahead to ensure there is sufficient time to conduct CTA analysis, gather beneficial ownership information, and update any outdated corporate records.
1. Initial Reporting Deadline:
CTA requires a reporting company to submit Beneficial Ownership Information (“BOI”)
Continue Reading Timing is Key: Navigating Due Dates of the Corporate Transparency Act for Seamless Compliance
The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the May issue of the Capitol Connection.
Inside this issue
Wisconsin Senate Votes to Override Nine Gov. Evers Vetoes
In what was likely their final action of the 2023-2024 legislative session, the Wisconsin State Senate earlier this month used a “veto review period” to override nine vetoes issued by Governor Tony Evers.
With the implementation of new legislative
Continue Reading Capitol Connection, May 2024
Trust stakeholders are subject to Corporate Transparency Act (“CTA”) obligations under specific circumstances. Under CTA, a “reporting company” must disclose information about the company and its “beneficial owners.” CTA defines a “reporting company” as any entity that is created by filing a document with a secretary of state or any similar office. A “beneficial owner” is defined as any individual who, directly or indirectly, (a) exercises substantial control over a reporting company or (b) owns or controls at least
Continue Reading The Corporate Transparency Act and Its Impact on Trusts
By Amy E. EbelingMay 15, 2024
The Corporate Transparency Act (CTA) is a recent enactment that mandates increased transparency in entity ownership structures, aiming to combat illicit activities such as money laundering and terrorism financing facilitated by anonymous entities, and has far-reaching implications for entities. CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021 but went into effect on January 1, 2024.
The key provisions of the CTA require certain entities to
Continue Reading New Filing Requirements – Corporate Transparency Act
On May 9, 2024, the IRS announced the Health Savings Account limits for 2025. With respect to contribution limits, the limits are higher than the ones for 2024 and the required deductible and out-of-pocket maximums have increased as well. As a reminder, these inflation adjusted amounts are effective for calendar year 2025.
HSA/HDHP Requirement
Cost-of-Living Adjustments
Limit on HSA Contributions – Self-only HDHP
2024 – $4,150
2025 – $4,300
Limit on HSA Contributions – Family HDHP
2024 – $8,300
Continue Reading 2025 HSA Limits Are Announced
<!–window.jQuery || document.write(”)–>
Continue Reading Webinar: New Entity Filing Obligations – The Corporate Transparency Act Requirements Explained