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Effective January 1, 2025, employers in New York State will be mandated to comply with the Paid Prenatal Leave Law. This law will give covered employees, which includes pregnant employees as well as employees receiving fertility and in-vitro services, the ability to take paid leave for any pregnancy-related medical appointment.
The goal of Paid Prenatal Leave is to ensure covered employees receive health care needed to address all pregnancy related care, to create healthy outcomes without jeopardizing their employment or finances. This is the first policy of its kind in the United States.
Paid Prenatal Leave was included in New York State’s 2025 budget, as amendment to New York State’s existing Paid Sick Leave Law (Section 196-b of New York Labor Law). The budget was signed by Governor Kathy Hochul on April 10, 2024.
With the January 1, 2025 implementation date fast approaching, New York State recently released formal guidance on specific requirements and enforcement of the Paid Prenatal Leave Law.
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CTA Enforcement Suspended After Federal Court Ruling
A U.S. District Court issued a ruling this week, which ordered the federal government to suspend the enforcement of the Corporate Transparency Act (CTA) nationwide.
What Happened:
- On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, which temporarily precludes the enforcement of the CTA.
- The ruling was granted in a lawsuit, which challenged the constitutionality of the CTA, Texas Top Cop Shop, Inc., et al. v. Merrit Garland, Attorney General of the United States, et al.
- In its ruling, the Court granted the nationwide preliminary injunction on the grounds that the CTA is “likely unconstitutional.”
Updated Guidance on Requirements and Obligations for Business Owners Under the Corporate Transparency Act
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As of January 1, 2024, domestic and foreign businesses must comply with new federal regulations under the Corporate Transparency Act (the “CTA”). These new CTA rules require that business entities file Beneficial Owner Information reports that include the details as to their “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”).
Throughout 2024, FinCEN has periodically provided updated guidance and clarification on how businesses can ensure they are in compliance with the CTA. This guidance is provided in the form of a comprehension Frequently Asked Questions document, which was last updated by FinCEN in July 2024.
WHAT YOU NEED TO KNOW.
The primary obligation placed on businesses who must comply with the CTA, is the filing of a Beneficial Owner Information (BOI) report with the FinCEN. In this alert, we will review the essential elements of the regulations and guidance issued by FinCEN, including:
- Does your business have to comply with the CTA?
- What steps does your business need to take to comply with the CTA?
- How does your business file a Beneficial Owner Information (BOI) report?
- How do you ensure your business is in compliance with the CTA?
