Corporate Transparency Act: Reporting Obligations
Effective January 1, 2024, the Corporate Transparency Act (CTA) will require reporting entities to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). The BOI will require disclosure of personal information for certain owners and operators of each entity. The CTA aims to enhance corporate transparency to prevent illicit activities such as money laundering, terrorism financing, and other financial crimes. Below are some key takeaways, which are being provided as a high-level overview of the CTA. . . . [READ MORE]
Illinois Employers That Hire Temporary or Day Workers Have New Obligations And Face New Penalties Under Recent Amendments To The Law
Illinois businesses that use or rely upon day or temporary workers, whether directly or through staffing agencies, must contend with significant changes to the law that governs the rights of such workers and the obligations of the companies that employ them. Amendments to the Illinois Day and Temporary Labor Services Act ("the Act"), which became effective on July 1, 2023, impose new equal pay, safety, training, and other requirements on employers and provide more robust protections and remedies for the individuals working in this growing sector of the labor market. . . . [READ MORE]
Your Company is Likely Among The 90 Percent of American Businesses That Will Soon Need To Comply With the Corporate Transparency Act
If you are a small business owner, the odds are pretty good that you will soon need to tell the federal government who established, owns, controls, or influences your company. That is because an estimated 36 million American businesses of all sizes are considered "Reporting Companies" that must comply with new and extensive disclosure and reporting requirements under the Corporate Transparency Act (CTA). With an effective date of January 1, 2024, businesses must act now to determine whether they are subject to the CTA and what they need to do to comply. . . . [READ MORE]
