The Department of Treasury and the Internal Revenue Service has extended additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due. This Read More »
The Small Business Administration and U.S. Treasury Department responded to recent Congressional and media attention to businesses that received Paycheck Protection Program (PPP) loans. In public statements of Secretary Mnuchin and SBA's updated Frequently Asked Questions (FAQ) effective as of April 29, 2020, the government clarified its approach when auditing PPP loans. A loan audit Read More »
Across the country, businesses are reopening and adapting to the COVID-19 pandemic. In doing so, however, businesses must keep in mind new data security regulations from New York that could impact their operations. As of March 21, 2020, New York may penalize qualifying businesses that fail to implement "reasonable safeguards" over collected data or fail Read More »
As businesses reopen, owners are confronted with untold challenges. Reopening and rehiring decisions are fraught with uncertainty in ordinary times but the governmental response to the pandemic adds additional considerations including: The impact on enhanced unemployment benefits.The need to accommodate employees as they cope with personal, child and elder care, and health concerns and demands.The Read More »
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 »
What Is It? The New York Health and Essential Rights Act ("NY HERO Act"), enacted in May 2021, requires employers to establish new health and safety measures regarding airborne infectious diseases. The Act also gives the New York State Department of Labor ("NYSDOL") authority to develop minimum standards for employers to follow to help prevent Read More »
The Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC) have requested public comment on proposed guidance that outlines examples of policies and procedures for risk-based reconsiderations of value (ROVs) for Read More »
UPDATE: On November 30, 2023, FinCEN amended the rule to extend the filing deadline for certain BOI reports during the first year of reporting. Reporting Companies formed after January 1, 2024, and before January 1, 2025, will now have 90 days to file their initial reports. Previously, Reporting Companies only had 30 days to report. Read More »