Recently, Massachusetts revised its homestead law to increase the amount of protection for homeowners. There is still an automatic protection of $125,000 in Massachusetts without the need for filing a declaration of homestead with the Registry of Deeds. However, under the revised law, homeowners in the Commonwealth who file a declaration of...
Category: Client Alerts
Massachusetts Pay Transparency Act – Key Provisions of the New Law
Massachusetts Pay Transparency Act
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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
New FLSA Overtime Regulations for Exempt Employees
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:
Non-Compete Agreements FTC Ruling – How It Impacts Your Business
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...
Corporate Transparency Act – What to Know
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...
How to Prepare for Upcoming Estate Tax Law Changes
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...
Summary of Significant Changes to Massachusetts Tax Law
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...
Changes to Massachusetts Estate Tax Exemption Amount Announced
The Massachusetts House and Senate passed House Bill 4104, which Governor Maura Healey signed into law on October 4, 2023. This new law will amend the Massachusetts estate tax in several important ways.
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Change to MA Estate Tax Exemption Amount.
The law changes...
FTC Proposes Rule to Ban Noncompete Clauses
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...
Employers Required to Post Notices Concerning Employees’ Rights
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...