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 in the ruling, many employers have already made changes to comply with the first increase and are left wondering what they should do now.
Continue Reading Judge Tosses DOL Overtime Increase – What Employers Should Be Considering and Other Wage & Hour Reminders
Latest from Ruder Ware News & Insights
The CTA Journey – It Goes On and On and On
January 3, 2025
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 will happen next can be challenging, but here are a few possible scenarios.
(1) The Fifth Circuit Court of Appeals Briefing
Continue Reading The CTA Journey – It Goes On and On and On
Oops! …The Court of Appeals Did It Again – CTA Halted!
December 27, 2024
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 emphasized preserving the “constitutional status quo” while evaluating substantive legal challenges to the CTA. This follows a sequence of rulings that
Continue Reading Oops! …The Court of Appeals Did It Again – CTA Halted!
FinCEN Announces New January 13, 2025, Deadline for Most CTA Filings
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 January 1, 2025.
FinCEN also extended the deadline to January 13, 2025, for companies created on or after September 4, 2024, that had
Continue Reading FinCEN Announces New January 13, 2025, Deadline for Most CTA Filings
The CTA is Back, Back Again
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 formed before January 1, 2024 are once again obligated to complete their required CTA beneficial owner information reports by the January 1, 2025 reporting
Continue Reading The CTA is Back, Back Again
IRS Releases New Mileage Rates for 2025
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 car (also vans, pickups or panel trucks) will be:
U.S. Government Appeals Block on CTA Enforcement
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: “Reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while
Continue Reading U.S. Government Appeals Block on CTA Enforcement
Ding Dong, the CTA is DEAD!
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 a reminder, the CTA imposed reporting requirements on many small businesses, requiring the “beneficial owners” of reporting companies to submit sensitive information to the
Continue Reading Ding Dong, the CTA is DEAD!
Capitol Connection, November 2024
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
After the implementation of new legislative maps, months of campaigning, heated rhetoric, a barrage of unsolicited text messages, and lots of junk mail, the 2024 election has concluded.
After the votes were tallied:
- Democrats gained 10 seats in the Wisconsin Assembly
- Republicans maintain
Breaking News: Judge Tosses Overtime Increase
Friday afternoon, Nov. 15, 2024, 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 reverts the state of the law back to the pre-Overtime Rule landscape, including reversing the increase that just took effect
Continue Reading Breaking News: Judge Tosses Overtime Increase
2025 Qualified Plan Cost of Living Increases, 2025 Social Security Taxable Wage Base
On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year.
Qualified Plan Limit
Cost-of-Living Adjustments
401(k) and 403(b) elective deferral limit
2024 – $23,000
2025 – $23,500
$200,000 compensation limit
2024 – $345,000
2025 – $350,000
$160,000 defined benefit limit
2024 – $275,000
2025 – $280,000
$40,000 defined contribution limit
2024 – $69,000
2025 – $70,000
$80,000 definition
Continue Reading 2025 Qualified Plan Cost of Living Increases, 2025 Social Security Taxable Wage Base
Breaking News: Noncompete Ban Not Dead Yet!
As you know, the Federal Trade Commission (FTC) previously issued a rule that would ban most employee noncompetes throughout the United States. See our previous updates NLRB Seeks Aggressive Enforcement Against Employers for Unlawful Non-Compete and “Stay-or-Pay” Provisions, Breaking News: Federal Court Halts FTC Noncompete Ban, The FTC’s Ban on Noncompetes Remains Imminent for Most Employers as Legal Challenges Continue, and Breaking News: FTC Finalizes Nationwide Noncompete Ban. However, a few weeks prior to the
Continue Reading Breaking News: Noncompete Ban Not Dead Yet!
Annual Employment & Benefits Conference 2024
Date and Time: November 14, 2024 8:00 am
Location: Hilton Garden Inn151401 Cty Rd NN, Wausau, Wisconsin
Presenters:
Sara J. Ackermann, Mary Ellen Schill, Jacob A. Schraeder, Nicole L. Stangl, Morgan H. Sweeney
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Ruder Ware’s Annual Employment & Benefits Law Conference will be held at the Hilton Garden Inn (map and directions) on Thursday, November 14, 2024.
7:30 a.m. Registration
8:00 a.m. Welcome & Introductions
8:05 – 8:40 a.m.
Benefits
Continue Reading Annual Employment & Benefits Conference 2024
Reminder: CTA Filing Deadline Looming
The Corporate Transparency Act (CTA) remains in effect, and, as a result, many entities are required to submit filings to the federal government by the January 1, 2025, deadline. A failure to timely file may result in civil and criminal penalties.
Under the CTA, a “reporting company” must file a Beneficial Ownership Information Report (“BOIR”) with the Financial Crime Enforcement Network. The BOIR discloses personal information about the “beneficial owners” of the reporting company and business information about the
Continue Reading Reminder: CTA Filing Deadline Looming
NLRB Seeks Aggressive Enforcement Against Employers for Unlawful Non-Compete and ‘Stay-or-Pay’ Provisions
Even after a Federal District Court judge in Texas struck down the looming FTC Ban on non-competes this past August, non-competes are still a hot topic in labor news. On Monday, Jennifer Abruzzo, the National Labor Relations Board’s (NLRB) General Counsel, issued a memo expanding on her May 2023 memo. The latest memo not only reemphasized her view that non-competes violate the National Labor Relations Act (NLRA) by chilling employees’ rights to engage in protected concerted activity to
Continue Reading NLRB Seeks Aggressive Enforcement Against Employers for Unlawful Non-Compete and ‘Stay-or-Pay’ Provisions
Breaking News: Federal Court Halts FTC Noncompete Ban!
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!