Category: Private Business

On March 25, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that limits the scope of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements to foreign entities. The rule, which becomes effective March 26, 2025, states that “domestic reporting companies are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN.” Key Changes The final rule aims to “alleviate unnecessary… Read more ›

Update – February 27, 2025: FinCEN announced it will not impose fines, penalties, or enforcement actions for failure to file or update BOI reports until an interim final rule takes effect. The final ruling, expected by March 21, 2025, will extend reporting deadlines and provide further guidance. In addition, FinCEN seeks public input on potential revisions to BOI reporting requirements as part of an effort to minimize burden placed on small businesses. CBM will continue to monitor updates and provide… Read more ›

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). This injunction temporarily halts the requirement for companies to comply with the CTA’s reporting rules, which were set to take effect on January 1, 2025 (for companies established prior to 2024). The court found that the plaintiffs, in this case, demonstrated that the CTA and its reporting rule likely is unconstitutional. As… Read more ›

In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain. The FTC Ban The FTC’s rule would have prohibited noncompetes nationwide. In addition, existing noncompetes for most workers would no longer be enforceable after it became effective. The rule was… Read more ›

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case.  Since this ruling is limited to the plaintiffs in the case, other reporting companies should continue to comply… Read more ›

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

 UPDATE: On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has since indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case. Click here to read more. Your business may soon have to meet new reporting requirements… Read more ›

Here’s a tax break you might not have considered: Your business could be eligible for a tax credit for money you spend to meet the requirements of the Americans with Disabilities Act. The law requires companies with 15 or more employees to make reasonable accommodations in the workplace for disabled employees. (Reasonable accommodations must be made on a case-by-case basis and are not required when the cost would cause an undue hardship.) Eligible small businesses can claim a credit equal… Read more ›

Structured settlements are commonly associated with the payment of personal injury damages because of their advantageous tax-free treatment. But some business purchases and buyouts can also benefit from structured settlements using annuity payments from an insurance company. While payments from these non-personal injury cases aren’t tax-exempt, the recipient (the seller of the business) only owes taxes on the amount of money received each year. Financing Alternatives To illustrate when structured settlements might work, suppose a buyer of a private business… Read more ›

Chances are, your construction business hires independent contractors, rather than employees, to perform some of the work. These arrangements obviously save your company a lot of time, money and headaches. Take a look at some of the recordkeeping and financial differences: With anEmployee: With an IndependentContractor: You must pay the employer’s half of FICA, as well as federal unemployment tax (FUTA). You generally don’t have to withhold taxes from the worker’s pay, you don’t owe the employer’s portion of FICA… Read more ›