As we previously posted, the Beneficial Ownership Information Reporting Rule (BOI Rule) of the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN) was scheduled to take effect January 1, 2024. The BOI Rule requires companies such as corporations, limited liability companies, and other entities created to report information about their beneficial owners. FinCEN is now accepting BOI reports, which can be filed here.
Read MoreAttention, small and medium-sized businesses! The Beneficial Ownership Information Reporting Rule (BOI Rule) of the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN) takes effect in January 2024. The BOI Rule will bring significant changes to company transparency and reporting obligations. FinCEN has released a detailed FAQ about the new regulation. We have provided a summary below with information businesses should be aware of concerning the BOI Rule.
Read MoreOn September 15, 2023, Governor Kathy Hochul signed into law an amendment to New York’s Labor Law, which makes employee invention assignment of rights agreements unenforceable for inventions developed by an employee on the employee’s own time and without the use of employer resources or trade secret information. This new law become effective immediately and is codified at New York Labor Law § 203-f.
Read MoreNew York amended its criminal laws, effective September 6, 2023, to include wage theft as one of the types of activities included in the definition of the crime of larceny. In New York, larceny can carry a prison sentence from one to 25 years, depending on seriousness of the offense.
Read MoreOn August 18, 2023, Governor Phil Murphy signed a new law that limits the amount of credit card surcharges that businesses in New Jersey can charge. The new law amends New Jersey’s Consumer Fraud Act, so a violation of the credit card surcharge law constitutes consumer fraud and exposes businesses to treble damages (i.e. 3 times actual damages), plus attorneys’ fees.
Read MoreEffective at 6 a.m. on March 19, 2021, New Jersey will expand the indoor capacity limits for certain businesses and increase the limit on indoor and outdoor gatherings. On March 11, 2021, Governor Murphy signed Executive Order No. 230, which effectuates the following changes to the current COVID-19 restrictions:
Read MoreAs businesses continue to emerge from the COVID-19 shutdowns and adapt to the new normal, they continue to face evolving requirements and guidance at the federal and state level. This post compiles key resources for businesses operating in New Jersey and New York.
Read MoreToday New York City joins the Mid-Hudson Region in Phase 2 of New York’s COVID-19 reopening. As businesses reopen, they need to be aware that New York has created some of the most detailed guidelines to date and the potentially the strictest compliance requirements in the country.
Read MoreAs we previously posted, through Executive Order No. 107, New Jersey required most businesses to close to the public in an effort to combat the spread of the coronavirus. On April 8, 2020, Governor Murphy signed Executive Order No. 122, which imposes new minimum mitigation requirements upon New Jersey’s businesses and closed all non-essential construction projects, effective as of 8 pm on April 10, 2020. The specific mitigation efforts that a business is required to adopt vary depending on the nature of the business, as explained below.
Read MoreOn Friday March 27, 2020, President Trump signed into law the CARES Act, which was the third coronavirus stimulus package. The Act included wide ranging programs and benefits designed to provide economic relief to individuals and businesses facing financial hardship due to the coronavirus outbreak. That relief includes, among other things, unemployment assistance, payroll tax credits and deferrals, and individual rebates. The CARES Act also includes potentially forgivable loans to small businesses under the Payroll Protection Program (PPP).
Read MoreLast week we posted about steps employers could take to prepare for the impact that the coronavirus might have on their business. Many business owners have already felt the impact of the pandemic. State and federal governments are trying to act quickly to try to address the financial impact of the pandemic on businesses and employees. This is being done through proposed legislation, the provision of information, and disaster relief programs.
Read MoreAs readers of this blog are aware, over the past couple of years both New York State and New York City have been active in passing laws governing the workplace. That trend is continuing in 2019 as new laws go into effect and others are implemented by the State and City. Employers must remain vigilant in keeping abreast of new laws and ensuring compliance with them to avoid potential legal liabilities.
Read MoreWhen starting a business, choosing the type of entity for that business is a crucial decision. That decision can affect the business owners taxes, liability for business obligations, and the management of the business. Given the possible legal and tax consequences of this decision, it is one that should be made with the advice and counsel of a both a lawyer and a tax professional. Highlights of the features of several types of business entities are noted below.
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