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Post Type: Blog

The One Big Beautiful Bill Act

By fridayfirmdev

The One Big Beautiful Bill Act (“OBBBA”) was signed into effect by President Trump on July 4, 2025. Included in the OBBBA was the “No Tax on Tips” provision, which grants service-sector workers an above-the-line deduction of up to $25,000 of qualified tip income earned between January 1, 2025, and December 31, 2028. Also included is the “No Tax on Overtime” provision, which, during the 2025-2028 tax years, grants…

Corporate Transparency Act

By fridayfirmdev

On Monday, March 2nd, the Treasury Department announced it would no longer enforce any penalties or fines associated with beneficial ownership reporting under the Corporate Transparency Act (“CTA”). The Treasury Department will be issuing further rules which will narrow the CTA reporting requirements to foreign reporting companies only, removing any requirements for domestic companies altogether. … Continued

BOI Injunction Remains in Place

By fridayfirmdev

On Thursday, January 23rd, the U.S. Supreme Court issued a stay of the nationwide injunction banning enforcement of the BOI filing requirements in the case Texas Top Cop Shop, Inc. v. Garland. Many reports jumped to the conclusion that….

Nationwide Injunction Temporarily Halts Compliance Requirements

By fridayfirmdev

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the “CTA”). The Corporate Transparency Act went into effect January 1, 2024, and requires all reporting companies to file information about the beneficial owners of the company the with Financial Crimes Enforcement Network (“FinCEN”).

Key Reminders as Deadline Approaches

By fridayfirmdev

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.   Who is required … Continued

Texas Court Issues Limited Preliminary Injunction on FTC Non-Compete Rule

By fridayfirmdev

On July 3, 2024, Judge Ada Brown for the Northern District of Texas issued a limited preliminary injunction in favor of the Plaintiffs, preventing the FTC’s new noncompete rule from taking effect against the Plaintiff’s involved in the case. The injunction will not have nationwide effect and all other employers should continue preparing to comply with the FTC’s new rule starting September 4, 2024.

Supreme Court Decision Overturns Chevron Doctrine

By fridayfirmdev

Today in a 6-3 decision, the Supreme Court overturned a decades old precedent regarding the deference given to interpretations of federal law by federal administrative agencies. Known as the Chevron doctrine, this 1984 case favored agency interpretations and provided these agencies wide latitude in interpreting and implementing federal laws. The effect of Chevron over the decades has resulted in wide ranging rules and regulations in the areas of employment, wage and hour, immigration, and the environment.

Independent Contractor Status

By fridayfirmdev

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 … Continued