"Welcome to Frankfort" New Resident Gift Bag Program

Want to get your business information into the hands of every new Frankfort resident in 2025? The Chamber’s “Welcome to Frankfort” Gift Bag program connects you with newcomers eager to learn about local products and services. When residents set up their utility accounts at Village Hall, they receive a tote bag filled with goodies from our members. If they opt-in for communications, we’ll share their names and addresses with you for follow-up. The cost to participate is $200 for businesses and $50 for non-profits.

Please register by December 31, 2024, and bring us 100-250 items for the bags.

If you need ideas, contact the Chamber. For questions, email Kelsie Diehl at kelsie@frankfortchamber.com.

On November 15, 2024, a Texas federal court struck down a U.S. Department of Labor (DOL) rule that raised the minimum salary required to be paid to most employees classified as exempt from overtime and minimum wage requirements under the Fair Labor Standards Act (FLSA).

The court’s decision blocks the minimum compensation increases that were scheduled to go into effect on January 1, 2025, and invalidates the previously required July 1, 2024 increases nationwide. 

Effective immediately, the salary level test amount for executive, administrative and professional employees returns to $684 per week ($35,568 annually) and the required amount to be paid to highly compensated employees returns to $107,432 annually (including at least $684 per week paid on a salary or fee basis). 

Review the details here: https://www.adp.com/spark/articles/2024/11/federal-court-strikes-down-us-dol-overtime-exemptions-rule-nationwide.aspx

Many small- and mid-sized businesses must now report their beneficial owner(s) to the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN). This is true whether you are organized in Illinois or in another State, this is federal requirement, not an Illinois requirement. Entities with fewer than 20 employees or less than $5 million in gross receipts / sales are considered small entities and required to file a BOI report.

Existing businesses (created or registered as of 12/31/23) are required to file by 12/31/24.

New businesses (created or registered in 2024) are required to file within 90 calendar days of creation/registration (new entities in 2025 and after will have 30 days to register).

There are severe penalties for not filing in the required timeframe (the company can be fined up to $591 PER DAY with a maximum penalty of $10,000) and if willful failure to file can face up to two years in prison.

The easiest way to file a BOI report is electronically on the FinCEN website https://www.fincen.gov/boi. You will need to upload a copy of the beneficial owner(s) identification.

To learn more, attend the Corporate Transparency Act (CTA) Webinar on December 4, 2024 at 1 pm CST with special guest, Phil Lam, from the Department of Treasury or find additional information on the FinCEN website (www.fincen.gov/boi). 

Click HERE for more information on BOI (Beneficial Ownership Information) requirements