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UPDATE:  DECEMBER 4TH 2024

Yesterday, a federal court in Texas issued a nationwide injunction halting the implementation of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements.  Therefore, unless and until an appellate court overrules or narrows the injunction, no businesses are obligated to comply with the reporting requirements. 

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The deadline to file your BOI report as required by the Corporate Transparency Act (CTA) is January 1, 2025, and missing this deadline could lead to costly fines and even criminal penalties. To help you stay ahead of the game, we've put together this step-by-step guide on how to complete your BOI reports.  

  Reports must be filed with the Financial Crimes  Enforcement Network (FinCEN), a bureau within   the U.S. Department of Treasury.  Go to FinCEN’s BOI E-Filing website:  https://boiefiling.fincen.gov/  Choose to file online or upload a completed  PDF form.  Enter the required information for your company  and beneficial owners.  Upload images of identification documents.  Review and submit your report. 

 The law makes it unlawful for an employer with at least 15 employees to fail to include the “pay scale and benefits” for a specific job in a job posting in Illinois.

The law defines “pay scale and benefits” broadly as the “wage or salary, or the wage or salary range, and a general description of the benefits and other compensation, including, but not limited to, bonuses, stock options, or other incentives the employer reasonably expects in good faith to offer for the position.”

1. Clarification on “pay scale” requirement

The new law makes clear that employers may satisfy the “wage or salary, or the wage or salary range” requirement by referring to:

• Any applicable internal pay scale;
• The previously determined pay range for the position;
• The actual pay range of others currently holding equivalent positions; or 
• The budgeted amount for the position, as applicable.

Employers also should indicate if a position is eligible to receive tips, commissions, or bonuses as a part of compensation, but the employer does not need to include estimated amounts.

The last Saturday in every month start in January 2025.  The Chamber will host Virtual and In-Person Workshops to help you obtain grants from the local, State and Federal level.

The instructor will walk you through the process of obtaining Corporate Contracts and more.

 Are you ready to showcase your business's success like a pro? Join us for the Annual Report Workshop for Business Owners, where you'll learn how to craft a compelling and professional annual report that highlights your achievements, engages stakeholders, and builds credibility.

🗓 Date: December 18, 2024
📍 Location: Online
⏰ Time: 11:30 am - 12:30 pm

🔥 What You'll Learn:
✔️ Key elements every successful annual report needs
✔️ How to present financial data with clarity and impact
✔️ Tools and strategies to create professional designs
✔️ Tips for tailoring your report to attract investors and stakeholders

✨ Who Should Attend?

• Entrepreneurs and business owners
• CEOs and leadership teams
• Nonprofit executives and managers

Don’t miss this opportunity to level up your reporting skills and set your business apart!

For questions, email us at business@ilbcoc.org or call 312.970.9036.

📢 Spots are limited—reserve yours now!

 Navigating human resources and employment law doesn’t have to be overwhelming. Join us for the HR Care and Employment Law Workshop for Business Owners, where we’ll equip you with the tools and knowledge to confidently manage your workforce while staying compliant with the law.

🗓 Date: January 10, 2024
📍 Location: Online
⏰ Time: 10:30 am - 11:30 am

🔥 What You’ll Learn:
✔️ Best practices for hiring, managing, and retaining employees
✔️ Key employment laws every business owner must know
✔️ How to handle workplace conflicts and employee performance issues
✔️ Tips for creating a compliant and supportive work environment

✨ Who Should Attend?

• Small business owners
• HR professionals and managers
• Entrepreneurs building their teams

Gain practical insights to protect your business and nurture your team with confidence.

📢 Limited seats available—sign up today to secure your spot!

For more information, email business@ilbcoc.org  or call 312.970.9036.

 Are you ready to take your entrepreneurial journey to the next level? At Siriocity Entrepreneur Academy, we empower aspiring and established entrepreneurs with the skills, knowledge, and tools to launch, grow, and scale successful businesses.

💡 Why Join Siriocity Entrepreneur Academy?
✔️10 Week Comprehensive business courses covering strategy, marketing, finance, and operations
✔️ Expert-led workshops and mentorship from industry leaders
✔️ Networking opportunities with like-minded entrepreneurs
✔️ Real-world insights to turn your vision into reality

🗓 New Cohort Begins: January 15, 2025

📍 Online & In-Person Options

🎯 Whether you're just starting out or looking to expand your business, Siriocity Entrepreneur Academy is your ultimate resource for entrepreneurial success.

Let’s turn your passion into profit and your ideas into impact!

📢 Spots are limited, so don’t wait—secure your place today!