The calendar automatically turns to 2025 on January 1, but be sure to make other changes related to the new year as needed. Examples: Update the copyright date on your website for 2025; change invoice numbers in QuickBooks if you include the year in your invoice numbering; change references in your materials from “this year” to “last year” where necessary. Be ready for new federal overtime rule effective January 1, unless it is barred by a court (e.g., a district court in Texas ruled the DoL exceeded its authority to make this change and granted a preliminary injunction). #IdeaoftheDay
ALERT: The federal Fifth Circuit Court of Appeals lifted the preliminary injunction for enforcement of the Corporate Transparency Act (CTA). This law created the Beneficial Ownership Information (BOI) reporting requirement. FinCen says the BOI requirement is in effect, and reporting companies that were created or registered prior to January 1, 2024, have until January 13, 2025, to comply.
