Business alert: BOI reporting requirements have been suspended for now

New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses can still voluntarily submit BOI reports, according to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). How we got here Under the Corporate Transparency … Read more

Does your small business need to file a BOI report? The deadline is approaching

Many U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. With this deadline fast approaching, here’s a brief reminder of who must report and how to do so. What is BOI reporting? Instituted by the Corporate Transparency Act (CTA), the BOI reporting requirements … Read more

Federal court rules against DOL’s “white collar” overtime rule

A federal district court judge has struck down the Biden administration’s new rule regarding the salary threshold for determining whether certain employees are exempt from federal overtime pay requirements. The first phase of the rule took effect for most employers in July 2024 and affects executive, administrative and professional (EAP) employees. With a Republican administration … Read more

Federal court rejects FTC’s noncompete agreement ban

In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain. The FTC ban  The FTC’s … Read more

Independent contractor vs. employee: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that … Read more

Does your business have to comply with the new corporate transparency reporting rules?

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). … Read more

ESOPs as an Exit Strategy

H2R CPA Partner, Lucas Rihely, CPA and Senior Associate, Cameron Zandier, CPA, MST, recently wrote an article published in the July/August 2023 issue of Breaking Ground magazine, a publication of the Master Builders Association of Western Pennsylvania. The article, “ESOPS as an Exit Strategy for Construction Companies” can be found on page 41 of the … Read more

Video: Valuation of Family Limited Partnerships (FLPs)

In this video, Steve Dotterer of H2R CPA discusses the valuation of Family Limited Partnerships (FLPs) for Federal estate and gift purposes. To determine the Fair Market Value (FMV), the three primary approaches that need to be taken into consideration are income, market, and asset approach – in conjunction with the composition of the assets … Read more

Video: Identifying Business Assets for Equitable Distribution

In this video, Alex Kindler of H2R CPA provides insight into how a business owner might hide business assets during a divorce. He also discusses ways that a business owner may try to devalue the worth of the business and when a spouse should consider hiring a forensic accountant to review the business’s books. 0:27 … Read more