Starting January 1, 2024, over 32 million business owners must submit a Beneficial Ownership Information Report to FinCEN. This new requirement, aimed at combating money laundering, applies to various business structures, excluding sole proprietorships. Non-compliance could lead to significant fines and imprisonment. It’s crucial to understand and adhere to this requirement, seeking professional advice if needed.
When it comes to workers’ compensation coverage, obtaining it through an insurance agent rather than a payroll service offers several advantages. Here are some reasons why insurance agent-provided coverage is generally considered superior.
[highlight type=”dark”]This Compliance Checklist is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.[/highlight]
The Affordable Care Act (ACA) was signed into law in March 2010 and installs a horde of health coverage reforms with effective dates stretched primarily over a period of four to five years. Many ACA reforms are already in effect for employers and their group health plans, but many of ACA’s key reforms will become effective in 2014.
Key ACA reforms that will affect employers in 2014 include health plan design changes, increased wellness program incentives, and a new transitional reinsurance fee. The employer “pay or play” mandate and accompanying additional reporting requirements previously scheduled for 2014 have been delayed for a 2015 implementation. In preparation for 2014 ACA reforms, employers should review upcoming requirements and ensure they have an action plan in place.