Nationwide Injunction Halts CTA
FinCEN Suspends Enforcement
The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, has faced significant constitutional challenges, culminating in a nationwide injunction. As a result, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has suspended enforcement of the CTA’s reporting requirements, providing temporary relief to affected businesses.
Make Sure Non-Disclosure Agreements Don’t Stymie Whistleblowing
Small businesses who enter into non-disclosure agreements (NDAs) with employees need to ensure that those documents clearly delineate that they will not be used to discriminate against those who engage in “whistleblower” activity—or such employers could potentially face unpleasant regulatory consequences.
This was underscored in late July, when the federal Consumer Financial Protection Bureau (CFPB) issued a “reminder” that the Consumer Financial Protection Act establishing the agency bars employers from either firing or otherwise discriminating against employees who participate in whistleblower activity, assuming the business in question is regulated by the CFPB.
Employee or Freelancer?
Is a person who works for your business financially dependent on you, or can they potentially independently profit based on their skill set? Will they be part of your company indefinitely? Do they perform a central, daily, integral role? Do you dictate when, where and how they work? Do you limit their ability to work for others? Can the person apply what they do to other endeavors, widening their market reach and leading to other revenue streams?
Small businesses and other employers will need ask themselves this set of questions and consider the “totality of the circumstances” in determining whether to classify people who work for them as employees or independent contractors, in a rule change published by the U.S. Department of Labor’s Wage and Hour Division on January 10, set to take effect March 11.
1. Widespread Gap: Surprisingly, approximately 60% of adults worldwide do not have a valid will. This means the majority of individuals are yet to formalize their wishes regarding asset distribution, guardianship, and more.
2. Age and Preparedness: Studies indicate that the younger demographic tends to procrastinate on estate planning. About 78% of millennials and 64% of Generation X don’t have a will, assuming that this is a concern for later stages of life.
Chicago Business Attorney Blog