%20to%20handle%20essential%20HR%20functions.%20While%20PEOs%20provide%20significant%20value%20in%20areas%20like%20payroll,%20compliance,%20and%20benefits%20administration,%20they%20are%20often%20mistaken%20for%20legal%20advisors.%20However,%20it’s%20crucial%20to%20understand%20that%20a%20PEO%20is%20not%20a%20lawyer%20and%20cannot%20replace%20the%20role%20of%20legal%20counsel.%20Here’s%20why:)
When it comes to managing business operations, many companies turn to Professional Employer Organizations (PEOs) to handle essential HR functions. While PEOs provide significant value in areas like payroll, compliance, and benefits administration, they are often mistaken for legal advisors. However, it’s crucial to understand that a PEO is not a lawyer and cannot replace the role of legal counsel. Here’s why:
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Gutwein Law, a full-service business law firm focused on helping innovative companies grow through high-level legal counsel, has added Eric A. Koch to its team. Eric brings more than 35 years of experience in the areas of corporate law, real estate law, estate planning, and commercial litigation. Prior to joining Gutwein Law, Eric was the Managing Partner of The Koch Law Firm with locations in Bloomington and Bedford, IN.
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The year 2010 saw the early members of the baby boomer generation reach age 65. Now, fifteen years later, the youngest members of that generation are reaching the age of 60. In the coming half a decade, baby boomer retirements will reshape the workforce across the country. But this shift will not solely be limited to retirements.
...Read More%20under%20the%20Corporate%20Transparency%20Act’s%20(CTA)%20reporting%20requirements.%20Additionally,%20the%20Treasury%20plans%20to%20issue%20a%20proposed%20rulemaking%20that%20would%20narrow%20the%20CTA's%20scope,%20limiting%20it%20to%20foreign%20reporting%20companies%20only.%20As%20written,%20U.S.%20citizens%20and%20domestic%20companies%20are%20effectively%20exempt%20from%20compliance%20with%20the%20CTA%20under%20the%20current%20framework.)
On March 2, 2025, the U.S. Treasury Department announced that it will no longer enforce any penalties or fines against U.S. citizens and domestic companies for failing to disclose Beneficial Ownership Information (BOI) under the Corporate Transparency Act’s (CTA) reporting requirements. Additionally, the Treasury plans to issue a proposed rulemaking that would narrow the CTA's scope, limiting it to foreign reporting companies only. As written, U.S. citizens and domestic companies are effectively exempt from compliance with the CTA under the current framework.
...Read More%20Compliance%20Reinstated&p[summary]=The%20Corporate%20Transparency%20Act%20(CTA)%20reporting%20requirements%20have%20been%20reinstated,%20with%20a%20March%2021,%202025%20deadline%20for%20filing%20Beneficial%20Ownership%20Information%20(BOI)%20reports%20for%20most%20existing%20businesses.%20This%20follows%20the%20February%2018,%202025%20decision%20by%20the%20U.S.%20District%20Court%20for%20the%20Eastern%20District%20of%20Texas,%20which%20lifted%20the%20nationwide%20injunction%20that%20had%20paused%20CTA%20reporting%20obligations.%20Entities%20must%20take%20immediate%20action%20to%20comply%20and%20avoid%20penalties.%20What%20You%20Need%20to%20Do:%20Collect%20necessary%20information:%20Gather%20the%20required%20details%20about%20your%20company's%20beneficial%20owners%20(individuals%20who%20own%20or%20control%20the%20company).%20Submit%20your%20report:%20File%20an%20initial,%20updated,%20or%20corrected%20BOI%20report%20through%20the%20official%20FinCEN%20e-filing%20portal%20by%20the%20deadline.%20Stay%20Updated:%20While%20the%20deadline%20is%20set,%20ongoing%20legal%20changes%20may%20affect%20future%20reporting%20timelines,%20so%20remain%20vigilant.%20We%20will%20continue%20to%20monitor%20the%20situation%20for%20changes.%20Please%20contact%20Gutwein%20Law%20if%20you%20need%20any%20assistance%20in%20meeting%20your%20CTA%20compliance%20obligations.)
The Corporate Transparency Act (CTA) reporting requirements have been reinstated, with a March 21, 2025 deadline for filing Beneficial Ownership Information (BOI) reports for most existing businesses. This follows the February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas, which lifted the nationwide injunction that had paused CTA reporting obligations. Entities must take immediate action to comply and avoid penalties.
What You Need to Do:
- Collect necessary information: Gather the required details about your company's beneficial owners (individuals who own or control the company).
- Submit your report: File an initial, updated, or corrected BOI report through the official FinCEN e-filing portal by the deadline.
- Stay Updated: While the deadline is set, ongoing legal changes may affect future reporting timelines, so remain vigilant.
We will continue to monitor the situation for changes. Please contact Gutwein Law if you need any assistance in meeting your CTA compliance obligations.
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