On June 11, 2020, the Internal Revenue Service released proposed regulations under code section 4960, which imposes an excise tax (21 percent for 2020) on remuneration in excess of $1,000,000 and any excess parachute payment paid by an applicable tax-exempt organization (ATEO) to any covered employee. These rules affect many tax-exempt organizations and, in certain circumstances, entities that are treated as related to those organizations. The policy objective behind the imposition of this excise tax is to level the playing field since parallel rules and taxes that apply to taxable entities have been in place for many years. Read more…
Monthly Archives: September 2020
I. EDITORIAL –AMENDMENTS TO THE VAT CODE, THE VAT SYSTEM IN INTRA-COMMUNITY TRANSACTIONS AND TO THE PERSONAL INCOME TAX CODE
In the month of August there were several and relevant legislative approvals, of which we point out Law no. 47/2020, of August 24 which amended the VAT Code, the VAT System in Intra-Community Transactions and the complementary legislation related to this tax, in the context of the e-commerce processing, as well as Law no. 48/2020, of August 2 which proceeded with the amendment to the Personal Income Tax Code (“IRS”). Read more…
The Ministry of Corporate Affairs (MCA) has given directions to extend the due date for holding Annual General Meetings for the financial year ending on March 31, 2020, taking into account the difficulties faced due to Covid-19 pandemic situation in the country.
In the latest California Consumer Privacy Act (CCPA) development, the California legislature passed Assembly Bill 1281 (AB 1281) on August 30, 2020. AB 1281 extends the CCPA’s temporary exemptions that apply to personal information processed in certain business-to-business (B2B) and employment related transactions by one year until January 1, 2022.
CCPA Obligations on Businesses Until Now
When the CCPA was initially enacted, businesses immediately raised concerns about the fact that the CCPA not only permitted consumers to exercise extensive rights to their personal information, but also permitted an organization’s own employees and others business contacts engaging in day-to-day activities to exercise such rights. This issue became an immediate focus of proposed CCPA amendments. Read more…
On August 6, 2020, Delaware Governor John C. Carney signed House Bill 334 into law (“Trust Act 2020”). Here are the key provisions of the Trust Act.
Enhancements to statutes regarding nonjudicial settlement agreements and modification with grantor’s consent or nonobjection (12 Del. C. §§ 3338 and 3342):
- When a grantor is a party to a nonjudicial settlement agreement under section 3338, or when a trust is modified with a grantor’s consent/nonobjection under section 3342, then:
- the beneficiaries needing to consent are all of the trust’s beneficiaries (tracking federal tax law); and
- the grantor can’t virtually represent anyone else (unless the grantor certifies in writing that the trust is an incomplete gift for federal gift tax purposes)
As we approach the last quarter of 2020 and the business community begins to plan ahead for 2021, New York employers should be aware of the changes coming to the New York Paid Family Leave (“NYPFL”) program. On January 1, 2021, the amount of employee contributions, the number of weeks of leave and benefits, and the amount of weekly benefits granted under the program are scheduled to increase. This will be the last of three annual increases in weekly benefits.
Part 6 of a series featuring our video Rules of the Road: Return to Work in the Time of COVID-19.
Simple in theory. Challenging in practice.
While we all intuitively know that we should stay home when we are feeling unwell, a fall 2019 survey suggests just the opposite—that approximately 90% of workers generally “push through” and come to work anyway. The reality is that employees come to work when they are sick for a myriad of reasons: to stay atop long to-do lists, meet production goals, because they think the business would crumble without them, or that somehow taking a sick day and staying home might be a sign of weakness. Given the current environment, there is also the very real financial reality and concern of missing a day’s worth of pay, particularly for those in economically vulnerable positions.
Updates to USCIS Policy on New Forms, Premium Processing, and Filing Fee Increases Take Effect on October 2, 2020
As previously reported in Epstein Becker Green’s August 2020 Immigration Alert, U.S. Citizenship and Immigration Services (“USCIS”) announced that it will increase filing fees effective October 2, 2020. In line with the announcement, USCIS has updated its Policy Manual and the Federal Register with the following changes:
Rainmaking Recommendation from Jaimie Field: Follow the Yellow Brick Road – An Allegory for Rainmakers
The number one thing that lawyers have been talking about over the last month or so is business development and in this week’s rainmaking recommendation from expert and trainer, Jaimie Field, she talks about following the yellow brick road of rainmaking to business development success.
In a very weird walk down the Yellow Brick Road to the Emerald City to ask the Wizard for new clients and matters, members of the executive committee of Gale, Scarecrow, Tinman and Lion, LLP, a 100+ lawyer firm are chanting “Pandemics, Politics, and Recessions, Oh my,” over and over again through their masks.
Ohio joined six other states in enacting a law limiting employers’ liability in COVID-19 lawsuits. Specifically, H.B. 606 (the “Good Samaritan Expansion Bill”) grants qualified civil immunity to healthcare providers, individuals, schools, corporations, estates, trusts, partnerships, associations, for profit and non-profit entities, governmental entities, religious entities, and state institutions of higher education.