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.

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).

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.

MICHIGAN’S NEW EARNED SICK TIME ACT

Beginning February 21, 2025, Michigan has a new Earned Sick Time Act requiring all Michigan employers to accrue 1 hour of sick time for every 30 hours worked by all employees.

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.

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