This Bulletin is part of an ongoing series by Kraeber Law Office to provide helpful hints about developments in the law that could be relevant to your business.
DID YOU KNOW?
1. Corporate Transparency Act. If you have an LLC or corporation, you must register with FinCen as part of the Corporate Transparency Act by the end of 2024. Penalty for not filing is $500 per day.
- If the company was created prior to January 1, 2024, you have until January 1, 2025 to report beneficial ownership information.
- If the company is created in 2024, you must report beneficial ownership information within 90 calendar days.
2. Local Minimum Wage Increase.Don’t forget that state minimum wage is not the end of the inquiry. Some local counties and cities have their own minimum wage requirements, some of which increased in July 2024. If you have employees working in multiple locations, make sure you are up to date with any local requirements.
Contact us with any questions or concerns. We’re here to help.