The Massachusetts Legislature has adopted a new law providing for pay transparency, which is denominated as Chapter 141 of the Acts of 2024. On July 31, 2024, the Governor, Maura Healey, signed this Act.
Introduction
The United States Department of Labor has adopted new regulations as of July 1st, 2024, regarding the salary weekly requirements for exempt employees. To be exempt from FLSA overtime rules, exempt employees must meet a salary and duties test. The new salary requirements are as follows:
The Federal Trade Commission (FTC) recently announced a final rule banning the majority of non-competition agreements, and you may be wondering if and how this change will impact your business. This alert is intended to be a general summary of what to expect with the final Rule and to give the broad...
On January 1, 2024, new registration and reporting obligations for businesses and business owners under the Corporate Transparency Act came into effect.
With certain limited exceptions, business entities (corporations, limited liability companies, partnerships, and similarly formed entities) must provide business ownership information to the U.S. Department of the Treasury's...
Tracy Craig, Chair of our Trusts and Estates Practice Group, recently contributed an informative article to Kiplinger, discussing crucial changes in estate tax laws. This article is a valuable resource for those seeking to understand the impact of these changes on retirement and estate planning.
Your informed planning is...
In addition to changes in the estate tax this month, there were significant changes made to many Massachusetts tax laws. Here’s a summary of some of the more important changes:
Estate Taxes
The threshold for a taxable estate is increased from $1,000,000 to $2,000,000 effective for decedents...
Change to MA Estate Tax Exemption Amount.
The law changes...
The Federal Trade Commission proposed a new rule potentially banning employers from imposing noncompetes on their workers. By stopping this practice, the agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.
Massachusetts...
Both the Federal Government and the Commonwealth of Massachusetts require employers to post notices concerning employees’ rights. Employers must post these notices in conspicuous places, where employees are likely to see them. Failure to post these notices could result in fines, and/or the employer might lose the right to raise...
IRS Announces Estate And Gift Tax Exemption Amounts For 2023. With inflation continuing to impact our economy, the IRS recently announced that they have adjusted their 2023 exemption amounts for estate and gift tax. Attorneys from our Trusts and Estates and Tax Law teams explain that the exemption for...
