Blog Post

Banking and Business Monthly – November 2024

Steven A. Migala • November 25, 2024

Corporate Transparency Act Redux

Back in October of last year, I wrote about the Federal Corporate Transparency Act (“CTA”), 31 U.S.C. § 5336, and its obligations for Reporting Companies (as defined thereunder). Since then, we helped many Reporting Companies complete and file their BOI Reports.

For business entities created before January 1, 2024, that are Reporting Companies, the January 1, 2025 deadline to file their BOI Reports is fast approaching. Yet, it seems many business owners remain unaware of the CTA and its reporting obligation, despite potentially large penalties for failing to file the BOI Report. As I write this, we just finished a webinar informing a variety of local chambers of commerce about the CTA, so for this month’s article, I thought I would remind our B&B audience of the CTA and its requirements, and to let everyone know we are here to assist owners of Reporting Companies with completing and filing their BOI reports – check out this flyer for a description of our $149 flat fee service offering.

For further inquiries or questions, please contact me at smigala@lavellelaw.com or (847) 705-7555. Happy Thanksgiving!

< Older Post

Newer Post >

Mail

More News & Resources

Lavelle Law News and Events

LATEST UPDATE on the Corporate Transparency Act and New Deadline for Filing BOIR

By Frank J. Portera • February 20, 2025

This article will serve as another update to the ongoing Corporate Transparency Act developments. As of February 17, 2025, a federal judge in the Eastern District of Texas lifted the injunction it had ordered on January 7, 2025, in Smith v. U.S. Department of the Treasury, 6:24-cv-00336 (E.D. Tex.), allowing the federal government to once again enforce the Corporate Transparency Act and its Beneficial Ownership Information Report requirements.

Litigation 101: A Step-by-Step Guide to Bringing a Lawsuit in Illinois

By Sarah J. Reusché • February 14, 2025

This article is the second in our Litigation 101 series. It focuses on the flip side: how to sue someone else. Suing someone is a serious decision that requires careful thought and preparation. Before pursuing legal action, it’s crucial to reflect on the issue and understand the steps involved in bringing a lawsuit. This article outlines the basics to help you approach the process with confidence and make informed decisions.

Updates Regarding the Corporate Transparency Act Hold: Key Implications for Businesses

By Frank J. Portera • February 13, 2025

On December 11, 2024, we published an article titled “Corporate Transparency Act on Hold: Key Implications for Businesses,” which addressed the nationwide injunction impacting the enforcement of the Corporate Transparency Act and its Beneficial Ownership Information Reporting rule. Since then, there have been a few significant legal developments that businesses should monitor closely. While the Financial Crimes Enforcement Network is currently prohibited from enforcing BOIR requirements, ongoing litigation, and the related appeals may alter this status. Below, we provide a timeline of key events and insights into what business owners should anticipate moving forward.

IRS Special Payments Sent to 1 Million Taxpayers Who Did Not Claim 2021 Recovery Rebate Credit

Tim’s Tax News on the Tenth – February 2025

By Timothy M. Hughes • February 10, 2025

The Internal Revenue Service is issuing automatic payments to eligible people who did not claim a Recovery Rebate Credit on their 2021 tax returns. The payments are in follow up to an IRS announcement last month of the intent to take this special step. The IRS took this step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (“EIP”), also known as stimulus payments.

SCOTUS Resolves Circuit Split on FLSA Exemption Standard

Banking and Business – February 2025

By Steven A. Migala • February 5, 2025

The Fair Labor Standards Act (FLSA) establishes federal minimum wage and overtime pay requirements, with exemptions for employees in bona fide executive, administrative, professional, computer or outside sales roles. 29 U.S.C. § 213. Employees classified as "outside sales" must primarily engage in making sales or obtaining contracts for services or the use of facilities, and they must conduct their work primarily away from their employer’s place of business. 29 C.F.R. § 541.500.

A Guide for Dealers in Navigating Recent Amendments to the Illinois Biometric Information Privacy Act (BIPA)

By Sarah J. Reusché • January 23, 2025

Amendments to BIPA SB 2929 became effective on August 2, 2024. Codified as 740 ILCS 14/10 and 14/20, this Act introduced two pivotal changes to BIPA that dealers should be aware of: • Limiting Per-Scan Damages: The amendments clarify that a single violation under BIPA accrues per type of violation, rather than per scan. This significantly reduces the financial exposure for dealerships. • Electronic Consent: The amendments formalize electronic signatures as a valid means of securing biometric consent, streamlining compliance processes for businesses.

IRS National Taxpayer Advocate Releases Annual Report to Congress. And in an Unrelated Matter DOJ Ta

Tim’s Tax News on the Tenth – January 2025

By Timothy M. Hughes • January 10, 2025

The National Taxpayer Advocate recently released her annual report to Congress. A few highlights from the report are summarized in this article.

Nearly 300 New Illinois Laws are going into effect in 2025.

New Year, New Laws – 2025

By Lavelle Law • January 8, 2025

Nearly 300 New Illinois Laws are going into effect in 2025. Listed below are some that may have a significant impact on you or your business.

Happy New Year and Cheers to New Adventures in 2025!

Cheers, and Happy New Year from Around the World and Lavelle Law!

By Lavelle Law • December 31, 2024

As we say farewell to 2024, we’re excited to look back on the unforgettable moments from our Koozie Challenge! From the frozen wonders of Antarctica to the excitement of the Paris Olympics, and countless incredible destinations in between, the Lavelle Law koozie truly went the distance this year! A big thank you to our clients, staff, family, and friends who took part in the fun. Here’s to even more adventures in 2025! Happy New Year from Lavelle Law!

Lavelle Law concludes the 2024 annual food drive.

Lavelle Law concludes food drive benefiting the Schaumburg Township Food Pantry

By Lavelle Law • December 30, 2024

Schaumburg-based Lavelle Law wrapped its annual food drive benefiting the Schaumburg Township Food Pantry. During the month of October, Lavelle Law set up collection boxes around Schaumburg and the surrounding area, where residents and workers could drop off nonperishable food items, paper goods, personal care items, baby food and diapers. Participants could also make cash donations online.