Lack of familiarity with fringe benefits can cause business owners to overlook tax-free perks and incentives they could be offering to prospective hires or providing to their current employees (and their spouses and dependent children) at minimal cost.
Fraudulent practices within the trademark industry have threatened brand owners for years, with scammers continuously refining their methods. Recognizable names such as WTP (World Trademark Publishing), TMP, WW Trademarks, Trademark Registro, and individuals impersonating attorneys or USPTO officers are among those behind these schemes.
Contributors: Marc Pawlus & Adam Maxwell, Tedd Warden
On April 23, 2024, the Department of Labor published a Final Overtime Rule that amends the regulations established under the Fair Labor Standards Act (FLSA) governing exemptions from minimum wage and overtime pay mandates for executive, administrative, and professional employees, as well as highly compensated employees. The Final Rule is set to take effect on July 1, 2024 and includes built-in adjustments of compensation levels on a going-forward basis.
On April 23, 2024, the Federal Trade Commission (FTC) adopted its long-awaited final “Non-Compete Rule,” (the “final rule”) imposing a comprehensive ban on the use of new non-compete agreements with all workers, including senior executives.
The U.S. Department of Labor’s new rule, effective March 11, 2024, aims to clarify worker classification under the Fair Labor Standards Act. It defines “independent contractor” based on economic dependence, utilizing a “six plus one” factor test. These factors slightly favor an employment relationship.
One of the newly enacted laws SFBBG has been following closely is the Corporate Transparency Act (the “CTA”), a federal statute that impacts the overwhelming majority of our clients. A discussion of the CTA can be found in our November newsletter.
Contributors: Andrew Johnson, Caleb Haydon
In 2024, the employment landscape in Illinois, particularly in Chicago, will undergo a significant transformation with the implementation of two pivotal laws governing paid leave for workers. The Illinois Paid Leave for All Workers Act (the “Act”) introduces a comprehensive state-wide standard for paid leave, ensuring a minimum of forty hours annually of paid leave—which can be used for any reason—for all employees.
Contributors: Len Gambino, Marc Pawlus