The Financial Crimes Enforcement Network (FinCEN) finalized a rule on August 28, 2024 that creates new reporting requirements for certain transfers of residential real estate. Under the new rule, transfers of residential real estate not already subject to the Anti-Money Laundering and Countering the Financing of Terrorism regulatory regime will be required to submit a Real Estate Report.

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.

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.