The Corporate Transparency Act, implemented on January 1, 2024, mandates smaller corporations and limited liability companies to file beneficial ownership information (BOI) reports with FinCEN to combat illegal financial activities. Despite a federal district court's ruling deeming the act unconstitutional in National Small Business United v. Yellen, the decision currently only impacts specific plaintiffs, while other businesses are still required to comply. As litigation unfolds, businesses established before 2024 have until January 1, 2025, to fulfill their filing obligations, while newer entities must act promptly within 90 days of incorporation to adhere to the law.

The FTC voted to ban most non-compete agreements for for-profit workers. This will have an enormous impact on the Mergers and Acquisitions landscape. Legal challenges are anticipated due to questions about the FTC's authority, potentially delaying the rule's implementation, so business buyers should monitor developments and consider adjusting agreements accordingly. In the meantime, reviewing non-compete agreements and exploring narrower alternatives like NDAs is advisable

Prepare for selling your business by signing a Non-Disclosure Agreement and responding to buyer checklists. Upload relevant documents to a Virtual Data Room, ensuring a smooth transition for the buyer. Protect your assets, like client lists, and seek professional guidance throughout the process to maximize success.

Question: Did you always know you wanted to do privacy law?

Answer: Nope.

Avid these NAICS in the grass-don’t forget to pay attention to your NAICS code on your tax filings this year if you’re planning an acquisition! SBA financing Is actually available to 100% buyouts of companies where the Seller has the same NAICS code as the Buyer

Preparing for the sale of your accounting practice doesn't have to be daunting, even during tax season. By following these five strategies – raising rates strategically, documenting crucial information, planning staff changes, optimizing your profit margin, and assembling your team – you'll set yourself up for a successful sale when the time comes. Don't wait until May; start preparing now to make this tax season your step towards financial freedom.

Check out our feature in Shout Out for more information on how we practice law. Thanks for the feature :)

Valuing an accounting practice for sale is often more straight forward than other industries but still has some deal-specific wrinkles that can make it difficult to ascertain.

The National Labor Relations Board (NLRB) has issued new guidance on severance agreements, clarifying that employers cannot require employees to waive their rights under the National Labor Relations Act (NLRA) in exchange for severance benefits. The memo offers guidance on the kinds of severance agreement provisions that could violate the Act if enforced, including confidentiality, non-disclosure, and non-disparagement clauses. This new development has significant implications for both employers and employees, and it is essential to ensure that severance agreements comply with applicable laws and regulations.

Learn from John's experience - buying an accounting practice without legal counsel led to significant challenges, including lost time, delays, and client loss. Read on to understand the importance of seeking legal advice when purchasing an accounting practice and how it can protect your interests.

"New 'Speak Out' Act Invalidates Non-Disparagement Clauses in Contracts

At SK&S, we offer legal and business advice on the purchase and sale of CPA and accounting practices.

SK&S is happy to help convert your CCPA Privacy Policy to CPRA compliance on a fixed fee basis- contact us for more information.

New Colorado non-compete rules impose strong penalties on employers who violate the statute — including fines of up to $5,000 for attempting to enforce or even present to an employee a non-compete that is later deemed “void.”

Deal cycle of a CPA firm or accounting practice buyout asset purchase agreement, transaction documents, bank approval, non-competes, employment agreements, due diligence, and the rest!