The Internal Revenue Service (“IRS”) published details regarding the second Employee Retention Credit Voluntary Disclosure Program (the “Disclosure Program”) on August 15, 2024. The Disclosure Program will allow employers who previously received payments for their Employee Retention Credit (“ERC”) to repay 85% of the credit received.
The FTC’s ban on noncompete agreements has been struck down for all employers nationwide just two weeks before it was to take effect.
On August 17, 2024, new requirements governing the relationship between residential buyers, sellers, and real estate agents went into effect.
On July 24, 2024, FinCEN updated its Corporate Transparency Act FAQ section to confirm that disregarded entities may use their parent’s Employer Identification Number when filing Beneficial Ownership Reports.
After receiving complaints that disregarded entities required to file Beneficial Ownership Information (BOI) Reports could not do so using their parent’s Employer Identification Number (EIN), the Financial Crimes Enforcement Network (FinCEN) has corrected the issue.
On June 17, 2024, the IRS published Revenue Ruling 2024-14 as part of a package it says will raise an additional $50 billion dollars of income taxes over the next decade from “basis-shifting transactions.”
On June 6, 2024, the Supreme Court of the United States ruled that life-insurance proceeds required to be used to redeem stock of a deceased shareholder must be included in the value of the company for purposes of determining the deceased shareholder’s gross estate.
In a recent decision, the United States Supreme Court held that Section 3 of the Federal Arbitration Act requires a court to stay a proceeding pending arbitration and provides no discretion for the court to dismiss the action.
The EEOC recently issued its final regulations interpreting the Pregnant Workers Fairness Act (the “PWFA”), a law that became effective on June 27, 2023. The final rule, which becomes effective June 18, 2024, provides clarity regarding: (1) who and what types of limitations and medical conditions are covered under the PWFA; and (2) what accommodations are reasonable.
On May 3, 2024, the Treasury Department finalized regulations for the extension of time to make certain elections pertaining to the Generation Skipping Tax (GST) including elections for exemption allocations under section 2642(g).