March 4, 2025 – The Treasury Department has suspended enforcement, indefinitely, and will propose a narrowed rule to permanently address the issue. On March 2, the Treasury Department announced that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that… Read More »
DECEMBER 27, 2024 – This time of year, it is always important to keep your receipts in the event there is a needed return. The Fifth Circuit Court of Appeals has just returned to their previous ruling and have reinstated the nationwide injunction against the enforcement of the Corporate Transparency Act’s Beneficial Ownership Information filing. The Court also announced that it wouldn’t hear arguments further arguments until the end of March. As we stand today, businesses are NOT required to comply with the Corporate Transparency Act’s reporting requirements by January 13, 2025. Absent Supreme Court intervention compliance will likely be… Read More »
DECEMBER 23, 2024 – A federal Court of Appeals decision has reinstated the requirement under the Corporate Transparency Act (CTA) for filing requirements have been reinstated. Reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. (Those who fail to meet this deadline could face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day.) While you may feel like the ping pong ball in this game of regulatory back and forth, you must be prepared to mitigate the risks to you and your… Read More »
Fiscal 24 has been the worst period of profitability for Iowa farmers in 10 years, causing further problems in the manufacturing sectors and creating a $1.5 billion market loss. Over the last several months, the Iowa agriculture economy has seen a tremendous downturn. Thousands of workers have been laid off at various manufacturing plants around the country. These layoffs are part of a chain reaction caused by a downtrend in the agriculture economy as a whole. Layoffs continue to happen in Waterloo, adding to the hundreds laid off in Dubuque and Davenport, among others. Cargill, an international ag food products manufacturer, has laid off… Read More »
UPDATE NOVEMBER 15, 2024 – The U.S. District Court for the Eastern District of Texas just issued its ruling invalidating the entirety of DOL’s overtime final rule. In his ruling, Judge Jordan stated that while DOL has the authority to define and delimit the terms of the overtime exemption, “that authority ‘is not unbounded.’” He explained, “the minimum salary level imposed by the 2024 Rule ‘effectively eliminates’ consideration of whether an employee performs ‘bona fide executive, administrative, or professional capacity’ duties in favor of what amounts to a salary-only test.” He also said that the Department’s automatic updates to the… Read More »
WHAT’S NEW: Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, many business owners are required to file corporate transparency reports with beneficial ownership information (BOI) no later than January 1, 2025. WHY IT MATTERS: The CTA reporting mandates are designed to bolster transparency and combat financial crimes. Those who fail to meet this deadline could face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day. TELL ME MORE: Who needs to file: The CTA’s reporting requirements apply to “reporting companies,” which includes… Read More »
