BUSINESS LAW

The Supreme Court's fresh decision on February 8, 2024, in Murray v. UBS Securities, LLC, serves as a pivotal moment for employers navigating the complexities of whistleblower claims under the Sarbanes-Oxley Act. At the heart of this case were the allegations made by Trevor Murray, a research strategist at UBS, who contended that his termination was in retaliation for reporting what he believed were unethical and potentially illegal practices within the firm's commercial mortgage-backed securities (CMBS) business.

As the filing season commences, it's crucial for employers to stay informed and prepared. The Internal Revenue Service (IRS) has recently issued a reminder, emphasizing the importance of the upcoming January 31 deadline for filing Forms W-2 and other wage statements with the Social Security Administration (SSA). This deadline is pivotal for a variety of reasons, and meeting it is beneficial both for employers and employees.

The Beneficial Ownership Information Reporting Rule, introduced by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), marks a significant shift in the transparency requirements for companies in the United States. This rule, stemming from the Corporate Transparency Act (CTA) enacted in 2021, aims to combat financial crimes like money laundering and tax evasion by requiring detailed reporting of beneficial ownership information.

For employers in Texas, the landscape of exempt salary employee compensation is on the cusp of significant change. The current minimum salary requirement for exempt status stands at $684 per week ($35,568 annually), but a proposed federal increase could dramatically alter this figure.

The Supreme Court's ruling in Coinbase, Inc. v. Bielski highlights the importance of arbitration agreements and the stay of proceedings during interlocutory appeals. By requiring district courts to stay proceedings in cases involving arbitration, the Court ensures that the benefits of arbitration, such as efficiency and reduced costs, are preserved.

Starting a business is an exciting venture filled with endless possibilities. One of the crucial steps in launching your business in Texas is entity formation. Choosing the right legal structure lays the foundation for your business's success and can have significant implications for liability, taxation, governance, and future growth.