The Corporate Transparency Act: A New Era of Business AccountabilityBy Nikhil A. MehtaCorporate Law Departments, October 2024The Corporate Transparency Act, which aims to enhance transparency among business entities by combating illicit financial activities and bolstering efforts by the federal government to prevent money laundering and other financial crimes, went into effect on January 1.
Federal Trade Commission: Non-Compete RuleBy Bernard G. PeterCorporate Law Departments, October 2024On April 23, 2024, the U.S. Federal Trade Commission issued a Final Rule banning Non-Compete Clauses in employee agreements nationwide with an exception for “senior executives” who have a Non-Compete which is in place prior to the effective date of the Rule.
OSHA Final Rule Impacting Employee and Union Rights During InspectionsBy Charles Palmer & Corissa PennowCorporate Law Departments, October 2024On April 1, 2024, the Department of Labor published its final rule regarding worker walkaround representative designation during an Occupational Health and Safety Administration inspection.
New Federal Reporting Requirement for Your Law Firm This YearBy Annette FernholzFamily Law, August 2024A new rule under the Corporate Transparency Act now requires many businesses in the United States, including small law firms, to report information about who ultimately owns or controls them to the Financial Crimes Enforcement Network.
Illinois Freedom to Work ActBy Bernard G. PetersBusiness Advice and Financial Planning, June 2024A number of states including Illinois have enacted legislation to restrict the ability of an employer to enforce non-compete agreements.
Illinois Freedom to Work ActBy Bernard G. PetersCorporate Law Departments, April 2024A number of states including Illinois have enacted legislation to restrict the ability of an employer to enforce non-compete agreements.
The DOL Issues Its Final Independent Contractor RuleBy Ellen M. Hemminger & Peter WalrodEmployee Benefits, March 2024The Department of Labor sets new multi-factor test for determining whether worker is employee or independent contractor under Fair Labor Standards Act.
Compliance With the Beneficial Ownership RuleBy Kevin J. StineCorporate Law Departments, February 2024Although the Beneficial Ownership Rule requiring banks to identify and verify beneficial owners of legal entity customers went into effect in 2018, many bank customers are not aware of the rule and resist assembling the information required for the bank to comply with the rule.
The DOL Issues Its Final Independent Contractor RuleBy Ellen M. Hemminger & Peter WalrodCorporate Law Departments, February 2024The Department of Labor sets new multi-factor test for determining whether worker is employee or independent contractor under Fair Labor Standards Act.
New York Governor Vetoes Bill Banning Non-Compete AgreementsBy Jonathan A. WexlerCorporate Law Departments, February 2024New York’s Governor Hochul vetoed Senate Bill S3100A, which would have prohibited all non-competition agreements in the state. If passed, New York would have joined a growing number of states to pass laws barring such agreements.
The Corporate Transparency Act: What Attorneys Need to KnowBy Priya ThennarasuTrusts and Estates, November 2023In an effort to combat financial terrorism and money laundering within the United States, the bipartisan Corporate Transparency Act was enacted by Congress on January 1, 2021.
EEOC Promulgates Rules Related to Newly Enacted Pregnant Workers Fairness ActBy Rachel Bossard & Elizabeth PallCorporate Law Departments, September 2023The Pregnant Workers Fairness Act, which went into effect on June 27, 2023, requires covered employers to provide “reasonable accommodations” to an employee’s known limitations related to pregnancy, childbirth, or related medical conditions, unless the accommodation will cause the employer an undue hardship.
New Salary Threshold for Overtime ProposedBy Alex MarkCorporate Law Departments, September 2023On August 30, 2023, the U.S. Department of Labor put forward a rule that would raise the salary threshold under which employees are eligible for overtime pay under the Fair Labor Standards Act.
Since You Asked: Are FSA Claims Required to Be Substantiated?By Maureen Gammon & Kathleen RosenowCorporate Law Departments, July 2023Under the tax code, an employee must provide proof from an independent third party that funds used from a health or dependent care FSA were used for eligible expenses. Without proper substantiation, such reimbursements will be included in an employee’s gross income rather than being tax-free.
The Corporate Transparency Act: What Attorneys Need to KnowBy Priya ThennarasuYoung Lawyers Division, May 2023In an effort to combat financial terrorism and money laundering within the United States, the bipartisan Corporate Transparency Act was enacted by Congress on January 1, 2021.
What’s on Chief Human Resources Executives’ 2023 Agenda?By John M. Bremen, Amy DeVylder Levanat, & Suzanne McAndrewCorporate Law Departments, April 2023Eight areas of focus that human resources executives expect for this year and their potential implications.
Strike Two: Court Again Invalidates No Surprises ProcedureBy D. Finn Pressly & Edward I. LeedsCorporate Law Departments, March 2023For a second time, the U.S. District Court in the Eastern District of Texas has struck down a key provision in the regulations that set forth the dispute resolution procedures under the No Surprises rules.
Notable Recent Insider Trading UpdatesBy Junaid A. Zubairi, Rachel T. Copenhaver, Brooke E. Conner, & Eric HylaCorporate Law Departments, February 2023The second and fourth Circuits consider the standards required for the U.S. government and its agencies to succeed on insider trading cases. The Department of Justice obtained a guilty plea in the first of many anticipated crypto cases in 2023.
FTC Proposed Rule Would Render All Non-Competes UnenforceableBy Rachel Bossard & Blake RoterCorporate Law Departments, January 2023On January 5, 2023, the Federal Trade Commission released a notice of proposed rulemaking that would essentially ban employers from using non-compete agreements with employees and independent contractors throughout the United States.
Become an Illinois Bar Foundation ChampionBy Bernard G. PeterCorporate Law Departments, December 2022The Champions of the Illinois Bar Foundation are a distinguished group of supporters who believe in the value of justice and philanthropy.
