You may think workplace safety policies only apply to “dangerous” environments like factories, construction, or even health care. But a variety of federal and state laws require nearly all employers to provide a safe workplace. And employer’s legal obligations have become increasingly complex in light of the ongoing pandemic. Small businesses and nonprofits in all sectors need to recognize the importance of addressing safety concerns in the workplace. In this installment of our Essential HR Policies series, we take a look at what you should consider when drafting or updating your workplace safety policies.
There is a major change on the horizon that will impact filing requirements for the vast majority of our small business clients. In January of 2021, Congress passed the Corporate Transparency Act (CTA), which amended the Anti-Money Laundering Act of 2020 (AMLA), to crack down on the use of shell companies to launder money.
You may be wondering, what does money laundering have to do with my small business? Unfortunately, shell companies are often used to hide who really owns a business and ultimately to hide assets, whether for tax evasion, to fund terrorism or other criminal activities, or to evade other financial obligations like child support. The CTA will require “reporting companies'' to provide information about the “beneficial owners” of the company to FinCEN (the U.S. Treasury Department’s Financial Crimes Enforcement Network).*