LEGISLATIVE UPDATES
Important Information and insight on major new legal developments.
CORPORATE TRANSPARENCY ACT TIMELINE UPDATE
The Corporate Transparency Act (CTA) is currently on hold. The Fifth Circuit Court of Appeals has reinstated the nationwide injunction of the Corporate Transparency Act. This is the timeline of CTA developments.
MICHIGAN’S NEW EARNED SICK TIME ACT NOTICE – COMPLIANCE SUMMARY
The ESTA replaces Michigan’s previous paid leave law, essentially requiring all Michigan employers to provide sick time for all employees (including exempt, non-exempt, temporary and part-time).
CORPORATE TRANSPARENCY ACT – UNITED STATES TREASURY DEPARTMENT ANNOUNCEMENT
The Treasury Department stated that it will not enforce any penalties or fines associated with the beneficial ownership reporting rule of the Corporate Transparency Act under the existing regulatory deadlines.
CORPORATE TRANSPARENCY ACT – FinCEN FINES AND PENALTIES UPDATE
FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadline of March 21, 2025.
CORPORATE TRANSPARENCY ACT UPDATE – SMITH V. U.S. DEPARTMENT OF TREASURY LIFTED
Judge Kernodle issued a stay of his January decision in Smith v. U.S. Department of Treasury. As a result Beneficial Ownership Information (BOI) reporting requirments are now back in effect. FinCen has extended the deadline to report to March 21, 2025.
CORPORATE TRANSPARENCY ACT REMAINS BLOCKED
The Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). The Supreme Court decision addresses only the nationwide preliminary injunction issued by the Eastern District of Texas.
CORPORATE TRANSPARENCY ACT INJUNCTION REINSTATED
Updated Notice on the Corporate Transparency Act. The Fifth Court of Appeals has reinstated the nationwide injunction of the Corporate Transparency Act (CTA).
MICHIGAN’S NEW UNIFORM POWER OF ATTORNEY ACT
The Uniform Power of Attorney Act (UPOAA) has been enacted in 31 states. This legislation makes power of attorney (POA) documents more accessible to Michigan residents in hope of decreasing the number of guardianships and conservatorships that need to be appointed by the probate court and provides mandates for agents acting under a POA document.
CORPORATE TRANSPARENCY ACT FILING REQUIREMENTS REINSTATED
Reporting companies are once again required to file beneficial ownership information with FinCEN for Corporate Transparency Act Compliance. Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
CORPORATE TRANSPARENCY ACT INJUNCTION NOTICE
Updated Notice on the Corporate Transparency Act. A Federal District Court has issued an injunction on the CTA, which has enjoined the Treasury Department from enforcing the Act and the Reporting Rule on a nationwide basis.
EMPLOYMENT LAW FREQUENTLY ASKED QUESTIONS
Kemp Klein Shareholder Mark Filipp has been an author of many books and articles on employment law and is a frequent lecturer on current employment law issues. He has been the co-author of the Employment Law Answer Book, a comprehensive treatise on employment law, for over 17 years. In this section there are answers to employment law questions.
MICHIGAN’S NEW EARNED SICK TIME ACT
Beginning February 21, 2025, Michigan has a new Earned Sick Time Act requiring all non-exempt Michigan employers to accrue 1 hour of sick time for every 30 hours worked by all employees.
FTC TRADE COMMISSION FINAL RULE BANNING NON-COMPETE AGREEMENTS
The Federal Trade Commission (FTC) Final Rule was published April 23, 2024. The Federal Trade Commission Final Rule bans non-compete agreements in the employment context. The final rule bans new noncompetes with all workers, including senior executives after the effective date.
RIN 3084-AB74
CORPORATE TRANSPARENCY ACT COMPLIANCE
The new federal regulation is now in effect as of January 1, 2024, known as the Corporate Transparency Act (the “CTA”). This mandatory reporting regulation will very likely impact you and your company(ies). The goal of the CTA is to prevent money laundering and financially-related criminal activity.
§§ 6401-6403