News

On April 23, 2024, the US Department of Labor announced the final rule that expands the overtime compensation requirements of the Fair Labor Standards Act (FLSA).

The Federal Trade Commission (FTC) plans to meet today April 23, 2024, to vote on the a final rule barring nearly all non-compete agreements. The rule was proposed in January 2023, for more information see here. The rule likely would create some space for non-solicitation and confidentiality agreements to remain effective, but the new rule will require all employers to review their restrictive covenants to determine whether such agreements are in compliance.

Arkansas Business has recognized Taylor Stockemer as one of Arkansas’ 40 under 40. In the latest issue released Tuesday, Arkansas Business named Taylor along with 40 other professionals across the state. These leaders will be formally recognized on June 11 at 11:30 A.M. at the Statehouse Convention Center.

LITTLE ROCK, AR – February 27th, 2024 – The Arkansas Bar Association recently announced the appointment of Amie Schoeppel Wilcox to the Board of Directors of Legal Aid of Arkansas. The appointment, effective immediately, is for a three-year term, extending until December 31, 2026.

The Olivia Farrell Gender Equity Leadership Award, established by Arkansas Business and the Women's Foundation of Arkansas, pays tribute to Olivia Farrell. Farrell, former President and CEO of Arkansas Business was inducted into the Arkansas Women's Hall of Fame and the Walton College Arkansas Business Hall of Fame. She was also a co-founder of the Women's Foundation of Arkansas in 1998. This recognition celebrates companies in Arkansas actively utilizing tools to support women at work and enhance their overall workplace culture.

The United States Department of Labor recently announced the final rule federalregister.gov regarding independent contractor status under the Fair Labor Standards Act.  This rule, scheduled to go into effect on March 11, 2024, rescinds the 2021 Independent Contractor Rule, and will make it more difficult for an employer to classify individuals as independent contractors.  As part of its news release, the DOL states “The rule provides guidance on proper classification and seeks to combat employee misclassification, a serious problem that impacts workers’ rights to minimum wage and overtime pay, facilitates wage theft, allows some employers to undercut their law-abiding competition and hurts the economy at large.”

The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions. As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.