IRS Temporarily Suspends Employee Retention Tax Credit Program: Strategies for Affected Corporations and Law Firms

In a significant shift, the Internal Revenue Service (IRS) has temporarily suspended its widely utilized Employee Retention Tax Credit program. As of September 14, 2023, claims submitted will be placed on hold until the close of the year at the very least. This development was reported by Tucker Arensberg, P.C., via a recent update on…

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Embracing a ‘Speak Up’ Culture: The Key to Transforming Corporate Compliance and Performance

In the quest for optimal compliance, embracing a culture of ‘Speak Up’ can radically transform a corporation’s environment and performance. Based on a recent podcast series with Case IQ, legal professionals have shared various aspects of a successful speak-up regimen that can significantly augment corporate culture. A podcast series featuring Sharlyn Lauby, Jakub Ficner, Kenneth…

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CFTC Awards $15 Million to Whistleblowers for Crucial Assistance in Enforcement Actions

In a substantial gesture of recognition, the Commodity Futures Trading Commission (CFTC) has issued cumulative whistleblower awards totalling over $15 million to two individuals. This announcement, made on September 19, 2023, credits the aforementioned whistleblowers for providing pivotal information that bolstered two separate enforcement actions. The whistleblowers played an instrumental role in the legal task…

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Cannabis Industry on Alert: NLRB Ruling Accelerates Company-Union Negotiations

In a swift ruling, a judge has compelled a cannabis company to acknowledge and negotiate with a labor union following the seminal “Cemex” decision. This development signals a potential shift in how companies manage union organization efforts. Hinging on the National Labor Relation Board’s (“NLRB”) decision in the Cemex Construction Materials Pacific, LLC case(327 NLRB…

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Demise of Past-Practice Defense: A New Era in Labor Negotiations and Collective Bargaining

In recent times, the National Labor Relations Board has made decisions that significantly impact the ease with which employers can make unilateral decisions corresponding to past practices during the negotiation of a first contract, and when negotiating a successor contract following the expiration of the preceding one. Detailing such changes, Davis Wright Tremaine LLP identifies…

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India’s NFRA Enforces Stricter Fraud Reporting Obligations for Statutory Auditors

On June 26, 2023, the National Financial Reporting Authority of India (NFRA) issued a reminder to statutory auditors in India, emphasising their legal obligation to report any instances of fraud “against the company by its officers or employees,” amounting to one crore rupees or more (approximately $120,000), to the Indian Central Government. This decree clarifies…

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FinTech Revolution: Transforming Latin America’s Financial Landscape and Democratizing Access

With the evolution of technology, few sectors have experienced transformative change quite like the world of finance. This domain, colloquially known as FinTech, continues to show remarkable growth with startups drastically increasing accessibility to financial services–a phenomenon particularly impactful for unbanked and underserved communities. One notable emergence of this trend can be observed in the…

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IRS Denies Tax-Exempt Status to NIL Collectives, Impacting Student Athletes and Sports Industry

In a recent ruling, the Internal Revenue Service (IRS) has denied tax-exempt status to organizations formed to provide opportunities for student athletes to monetize their “name, image and likeness,” commonly referred to as “NIL”. This decision shakes up the fledgling industry built around NIL rights, the financial interests of which have gained growing attention in…

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California’s Felony Forfeiture Statute Withstands Legal Challenges: Exploring US Pension Reform Landscape

Two pension reform statutes have come under legislative scrutiny recently; while one managed to hold fast in the face of legal challenge, the other, unfortunately, was not so fortunate. These statutes are pivotal elements of legal discourse surrounding felony forfeiture, a topic that continues to gain traction among legal professionals. The first part of our…

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California Mandates Greenhouse Gas Emissions Disclosure for Billion-Dollar Companies

In a significant move by the State of California, a recent climate bill has been enacted that compels larger companies operating within the state to disclose their greenhouse gas emissions. As announced by Governor Newsom earlier this month, the legislation specifically targets companies with an annual revenue exceeding $1 billion – encompassing both public and…

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UK HR Legal Developments: Transgender Rights, Recruitment Responsibilities, and Share Incentive Schemes

In a recent update published in September 2023 by Bryan Cave Leighton Paisner, several critical legal developments were brought to light pertaining to Human Resources (HR) in United Kingdom (UK). For the industry’s professionals, following these transitions and implications is indeed of paramount importance. As reported here, a featured case involved assessing whether a transgender…

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Navigating European Renewable Energy Challenges Amid Post-Pandemic Uncertainties

The conundrum around the European Union’s (EU) renewable energy targets, particularly the 40% renewable goal, is attracting significant attention. Questions surrounding the actualization of this pledge, exacerbated by post-pandemic supply chain issues, decreased fossil fuel supply, and adverse weather events are rife. While the path toward achieving this goal is not transparent, the conversations surrounding…

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Navigating the Patchwork of State Abortion Laws Post Roe v. Wade Overturn: A Comprehensive Analysis

In the wake of the Supreme Court’s decision to overturn Roe v. Wade, state entities have been rendered responsible for protections concerning abortion. The resultant scenario encompasses a variegated patchwork of laws across the United States, with states treading diverse legislative pathways. While some have focused on fortifying their protections to bolster abortion access, others…

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EPA Petition Seeks Nationwide Permit for Uncovered Coal-Carrying Railcars

A recent development in environmental law has seen several environmental organizations, including the Sierra Club, issuing a Petition for Rulemaking to the U.S. Environmental Protection Agency (EPA) on September 26th. This petition has requested for the establishment of a nationwide National Pollutant Discharge Elimination System (NPDES) permit, specifically for uncovered railcars that transport coal, under…

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New England States Pioneering Consumer Data Privacy Legislation in the US

With an increasing spotlight on data privacy, both globally and within the United States, several New England states have taken the initiative in considering the adoption of comprehensive consumer data privacy legislation. The norm of sector-specific and activity-specific models for US privacy regulation is undergoing a rapid transformation, reflecting a growing awareness of the significant…

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California Biotech Firm Settles Deceptive Pricing Case, Underscoring Need for Honest Genetic Testing Marketing

On September 25, the California Attorney General Rob Bonta announced a settlement with a biotech company, Biora Therapeutics, Inc. (Biora). The settlement addressed misleading claims the company made about the cost of its genetic testing services. As mandated by the settlement agreement, Biora is now obligated to waive all outstanding debts for their California customers….

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