Apr 07, 2025
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Earlier in 2025, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement.
But on March 21, it announced that it was relieving domestic companies from all reporting requirements going forward, although foreign companies still have to comply. Go the FinCEN site for further details, https://fincen.gov/.
How did we get here?
Arguments against the CTA suggest that the reporting requirements are overly broad and burdensome for some small businesses. The CTA legislation was originally designed to combat illicit financial activities.
Still, before the March 21 announcement, a Treasury official noted that “in keeping with the Treasury’s commitment to reducing regulatory burden on businesses,” the agency would “assess its options to modify further deadlines or reporting requirements for lower-risk entities, including many U.S. small businesses, while prioritizing reporting for those entities that pose the most significant security risks.”
How has FinCEN responded?
Again, before the March 21 announcement, FinCEN gave a nod to its intention to do just that, writing on its website, “FinCEN will assess its options for further modifying deadlines.” At the same time, there are other CTA case appeals on other court dockets, but the courts have declined to issue a preliminary injunction on behalf of plaintiffs challenging the constitutionality of the CTA.
What's happening in Congress
The House unanimously passed H.R. 736, the Protect Small Business from Excessive Paperwork Act, which would postpone the BOI reporting deadline for one year for most companies—those reporting companies formed or registered before January 1, 2024. The bill pushes the new reporting deadline to January 1, 2026, but it’s not certain when or if the Senate may move the bill—currently in the Banking, Housing and Urban Affairs committee—to the floor for a vote.
Another bill—known as the Repealing Big Brother Overreach Act—would toss the reporting requirements for good and attempt to eliminate the Corporate Transparency Act. However, this bill doesn’t have bipartisan support and it is sitting in committee.
©2025
Jul 03, 2025
When you provide workers with additional benefits on top of their regular pay, some may be taxable. As the rules can get complicated, it pays to familiarize yourself with the requirements. Read through for an overview of which benefits are taxable.
Jul 02, 2025
Disputes over unpaid work time often arise from tasks performed outside official hours — for example, answering emails, traveling between jobsites or changing into work clothes. Employers must understand when these activities count as compensable work. Read through to learn how exempt and nonexempt statuses affect wage obligations.
Jul 01, 2025
Workers' comp insurance is essential for most businesses, but as an employer, you may have more options than you realize. Read through for an introduction to the pay-as-you-go model and the advantages of outsourcing it.
Jun 30, 2025
Employers must ensure that break policies comply with wage laws, especially when employees work through lunch, answer emails after hours or remain on call. Similarly, misclassifying paid and unpaid breaks can lead to wage violations and legal risks. Read through for key guidelines on tracking break time and maintaining compliance.
Jun 04, 2025
Have you heard of key person insurance? This is a type of life insurance policy that may positively benefit your business’s continuity, though it has both tax and financial implications. Read through to see whether key person insurance is right for your company.
Jun 03, 2025
Do you have questions about the tax treatment of payments for part-time and seasonal help? These employees are subject to the same rules that apply to all employees — with some twists. Read through for some help on tax rules regarding part-time and seasonal help.
More News & Press can be found in our Archive.
