The 2025 Roundup: Buckle Up, it is Going to be a Bumpy Ride
Last year,Illinois legislators were exceptionally busy, and that means big changes for employers in 2025. It is hard enough for employers to keep up under normal times, now it is downright frustrating. But never fear -- the Peoria Chamber has got your back! The following is a list of some of the most impactful changes that went into effect on January 1, 2025. Illinois Pay Transparency The biggest change has been in the making for a number of years. Effective January 1, 2025, Illinois employers with
Peoria, IL SBOs: What to Know About the CTA, BOI and FinCEN Changes
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes. While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines