CTA Grinds To a Halt: Federal Judge Issues Nationwide Preliminary Injunction Barring Enforcement of the Corporate Transparency Act, Including Upcoming Reporting Deadlines
Thanks to a federal judge in Texas, approximately 32.6 million American businesses just got a reprieve from the confusing and burdensome reporting obligations imposed by the Corporate Transparency Act (CTA). On Dec. 3, 2024, mere weeks before the Jan. 1, 2025 compliance deadline for many covered entities, Judge Amos L. Mazzant of the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction barring the federal government from enforcing the CTA, its implementing regulations, and its Reporting Rule. Per the ruling, "reporting companies need not comply with the CTA's Jan. 1, 2025, [Beneficial Ownership Information] reporting deadline pending further order of the Court." . . . [READ MORE]
A Slew of Employment Law Changes Await Illinois Employers in 2025
With the upcoming change in presidential administrations, the employment law landscape at the federal level will undoubtedly see significant upheaval, though the nature and scope of anticipated changes have yet to be fully articulated. Whatever uncertainty may cloud federal employment laws and regulations, no such lack of clarity exists at the state level here in Illinois. . . . [READ MORE]
Hold On To What You've Got: Unclaimed Property Reporting, Notice, and Remittance Requirements For Illinois Businesses
"Finders keepers, losers weepers" may be the law of the playground, but for businesses that hold "unclaimed property," adopting such an attitude is fraught with legal and financial peril. A company holding goods or funds that belong to a customer, client, or other business or individual cannot simply pocket that property or money because its owner may have forgotten about it or is unaware of its existence. . . . [READ MORE]
