The government’s phasing out of the penny without providing any legal guidance on how to handle the transition is causing big headaches for retailers and could result in large corporate losses, class action litigation, banking problems and trouble for businesses that accept SNAP payments.
President Donald Trump announced on Feb. 9 that the U.S. Mint would cease producing pennies, which cost about 3.7 cents each to make. But unlike Canada, Australia and other countries that have eliminated their one-cent coins, the U.S. government offered no rules or explanations for how transactions should be handled going forward, creating a chaotic situation and a legal quagmire.
Read more at Courthouse News
'A lump of coal' for US employees: Federal judge overturns new overtime rule.
The Department of Labor rule was set to go into effect in two phases. On July 1, 2024, the minimum salary for salaried employees (also known as exempt employees) increased from $35,568 a year to $43,888 a year. On January 1, 2025, it was set to increase to $58,656 a year.
Read more at Fox 17
A FinCEN representative acknowledged that only about 20% of the millions of businesses that need to report have filed. The deadline for most of us? Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025.
Read more at Forbes
Michigan employees, besides those employed by the federal government, will earn one hour of sick time for every 30 hours worked. Businesses with 10 or more workers would need to allow at least 72 hours of paid sick time a year. Businesses with fewer than 10 employees must give out at least 40 hours of paid sick time each year, plus an additional 32 hours of unpaid sick time.
Read more at WoodTV 8
When drafting domestic contracts, lawyers need to have a good understanding of the client’s business and the underlying transaction in order to properly allocate and mitigate attendant risks.
Read more at Michigan Bar Journal
The act became effective Jan. 1. Congress hoped it would help stop money-laundering by rooting out the use of anonymous shell companies and would track the flow of illicit money and protect U.S. national security interests.
Read more at: The Wall Street Journal
Year-End Update On The Corporate Transparency Act: The Access Rule, The Criticisms And The Costs Of Implementation
The implementation of the Corporate Transparency Act (CTA) as of January 1, 2024, is expected to bring about several challenges and areas of confusion for accounting and law firms that serve reporting companies.
Read more at Forbes
This question came up - under federal law, the minimum wage for most workers is $7.25 an hour. But just how much that is can vary widely, because of the interplay of state and federal rules on minimum wages and tips.
Read more at Pew Research Center
