IRS Re-Extends Many Deadlines for Qualified Opportunity Funds

Recently released IRS Notice 2021-10, provides additional relief for "qualified opportunity funds" ("QOFs"), their investors and "qualified opportunity zone businesses" extending many of the previously extended deadlines due to the Coronavirus. Previously, the IRS extended the 180-day deadline for taxpayers to invest eligible capital gains into a QOF to July 15, 2020 ( https://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/ ) and also extended Read More »

Coming Soon: Many New and Existing Corporations, LLCs and Similar Entities Must Report Owners’ Personal Information to U.S. Treasury Department

At the start of the new year, the National Defense Authorization Act ("NDAA") was enacted into law and included the Corporate Transparency Act ("CTA"). The CTA subjects individuals who own, or apply to form, businesses organized as corporations, limited liability companies, partnerships or similar entities to heightened reporting to the Financial Crimes Enforcement Network ("FinCEN") Read More »

USCIS Publishes Final Rule Creating a Wage-Based Selection Process for H-1Bs

On January 8, 2021, USCIS published a final rule (the “Rule“) creating a wage-based selection process for new cap-subject H-1B petitions titled Modification of Registration Requirement for Petitioners Seeking To File Cap-Subject H-1B Petitions which is scheduled to take effect on March 9, 2021, before this year’s H-1B lottery.  The Rule gives priority to the petitions offering Read More »

U.S. District Court Sets Aside the DHS and DOL Wage Rules

The U.S. District Court in California has set aside the DOL interim final rule, Strengthening Wage Protections for the Temporary and Permanent Employment of Certain Aliens in the United States, significantly increasing the prevailing wages to be paid to certain temporary and permanent foreign workers (“DOL Rule”) and the DHS interim final rule, Strengthening the H-1B Nonimmigrant Read More »

New DOL and DHS Rules Significantly Impact H-1B Program

On October 8, 2020, the Department of Labor ("DOL") and Department of Homeland Security ("DHS") published new rules that will have a considerable impact on the H-1B visa program. The DOL rule substantially modifies and increases prevailing wages payable to foreign workers and limits the H-1B program to the most highly paid professionals, regardless of Read More »

New York Paid Sick Leave Legislation

Following New York's enactment of temporary COVID-19 emergency paid sick leave benefits in March, New York enacted permanent paid sick leave legislation on April 3, 2020. Governor Cuomo signed the State Budget (Senate Bill S7506B) into law, which includes a provision that amends the New York Labor Law to require employers to provide paid sick Read More »

SBA Releases Responses to FAQs on the Application for Forgiveness of the PPP Loan

On August 4, 2020, the Small Business Administration (SBA) released responses to Frequently Asked Questions ("FAQs") regarding the application for forgiveness of the Paycheck Protection Program ("PPP") Loan.  The FAQs are available here. The questions and responses range from questions regarding the type of forgiveness application used by sole proprietors who have no employees (Answer - Read More »