Alerts Archive

  • Jan 03 2014

    Joseph M. English jenglish@taylorenglish.com 678.336.7137 Many of us make New Year's Resolutions, but too few of us carry through with them long-term even though we know that keeping the resolutions will have a positive impact. Here are some New Year's Resolutions for Human Resources professionals designed to promote good health for your company in 2014 and beyond. The challenge is to stick with the resolutions! In 2014, I resolve to:Conduct or arrange for ...

  • Nov 04 2013

    Authors: Jonathan B. Wilson and Melissa E. McMorries On October 23, 2013 the Securities and Exchange Commission (the "SEC") issued proposed regulations (the "Proposed Rules") with respect to crowdfunding as contemplated by Title III of the Jumpstart our Business Startups Act of 2012 (the "JOBS Act"). The Proposed Rules are open for comment for 90 days from the date of publication in the federal register (a period that will likely run to the end of January, 2014). While ...

  • Nov 01 2013

    On October 31, 2013, The IRS announced the COLA adjustments for the caps on various employee benefit related provisions of the tax code. Click here to view the caps for 2014. Please contact Jan Marsh (678.336.7135) if you would like to discuss the caps for 2014.

  • Nov 01 2013

    On October 31, 2013, the IRS announced a modification to the nearly 30 year old "use it or lose it" rule for flexible spending arrangements ("FSAs").  A carry forward of up to $500 a year now will be permissible starting (subject to some conditions) with the 2013 plan year. Click here to view the IRS announcement and click here to view the related IRS fact sheet. Please contact Jan Marsh (678.336.7135) if you would like to discuss this modification to the "use it  or lose it ...

  • Oct 14 2013

    As with much of the hospitality industry, adult entertainment establishments are ripe to be hit with wage and hour cases. From tip pooling to contractor vs. employee misclassification issues, “strip clubs” are an industry that is seeing increasing litigation filed by workers at the clubs. Last month, the Judge in the case Sabrina Hart et al v. Rick's Cabaret International Inc., pending in the U.S. District Court for the Southern District of New York ruled that the ...

  • Sep 24 2013

    Have you ever been involved with a case where the EEOC's conciliation practices lacked key information sharing and other important settlement discussion substance?  If so, you may be interested in a new a set of cases coming from New York last week dealing another litigation blow to the EEOC.  In short, the court agreed that employers should not be forced to face a moving target during the conciliation process. Background Three women filed charges against Bloomberg L.P ...

  • Aug 29 2013

    On Thursday, August 29, 2013, the U.S. Department of the Treasury provided guidance on the recognition of same-sex marriages for tax purposes. Please click here to view the press release. Note that the links in the release to Revenue Ruling 2013-17, to a note on "frequently asked questions" and to Publication 555 currently do not work. The guidance will formally be effective on September 16, 2013, but taxpayers may elect to take advantage of this guidance at this time.

  • Aug 29 2013

    The Department of Labor (DOL) has issued updated guidance stating that the right to take leave to care for a spouse with a serious medical condition under the Family and Medical Leave Act (FMLA) now extends to same-sex spouses. The DOL guidance comes as a result of the U.S. Supreme Court's decision in United States v. Windsor, striking down as unconstitutional a portion of the Defense of Marriage Act, which provided, in part, that the federal government would not ...

  • Aug 29 2013

    On July 10, 2013 the Securities and Exchange Commission (SEC) proposed rules[1] (the "Proposed Rules") that would:

    • Require the filing of a Form D in Rule 506(c) offerings before the issuer engages in general solicitation;
    • Require the filing of a closing amendment to Form D after the termination of any Rule 506 offering;
    • Require written general solicitation materials used in Rule 506(c) offering to include certain legends and other disclosures;
    • Require the ...
  • Jul 17 2013

    On July 10, 2013, the Securities and Exchange Commission (SEC) issued final rules (the "New Rules") that: - Reverse its long standing ban on public advertising of private securities offerings, - Implement new reporting, notice and disclosure requirements for private offerings, and - Require issuers to perform due diligence for, and restrict the involvement of, felons and certain securities law violators ("bad actors") from being inside the issuer and part of its ...

  • Jul 10 2013

    On July 9, 2013, the IRS (click here to view a copy of IRS Notice 2013-45) confirmed that: 1. No penalty will be assessed against an employer or insurance company for failing for 2014 to satisfy the Obamacare tax reporting requirements under Internal Revenue Code §6055 and §6056. 2. No penalty will be assessed against an employer for failing for 2014 to provide healthcare coverage to its employees under the "pay" or "play" provisions of Internal Revenue Code §4980H. 3. An ...

  • Jul 09 2013

    On July 2, 2013, Taylor English reported that a senior Treasury Department official announced that the Obamacare tax reporting requirements for 2014 would be waived and, consequently, that the requirement that employers provide health coverage for their full-time employees or pay a tax penalty would be waived for 2014. At the end of last week, buried deep in more than 600 pages of guidance on other Obamacare provisions, the United States Department of Health and ...

  • Jul 03 2013

    On July 2, 2013, a senior Treasury Department official in a blog post (to read the original post, click here) announced that the Obamacare tax reporting requirements for 2014 would be waived and, consequently, that the requirement that employers provide health coverage for their full time employees or pay a tax penalty (commonly called the "play or pay" requirements) would be waived for 2014 since enforcing these play or pay requirements would be "impractical" in ...

  • May 09 2013

    Obamacare requires employers to provide a notice to employees regarding the opportunity to purchase health insurance through "exchanges" established by states (which currently will be 17) or by the federal government (which currently will be 33). The original deadline for the notice was March 1, 2013. The DOL late yesterday in Technical Release 2013-02 announced that the new notice deadline is October 1, 2013, which is the first day all 50 exchanges are scheduled to ...

  • Apr 19 2013

    Beginning on May 7, 2013, all U.S. employers must use the revised Form I-9 to verify the identity and employment authorization of individuals hired for employment in the United States. All employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This includes citizens and noncitizens. The new Form is stamped with the date "03/08/13" on the lower left corner. Although employers should begin using the ...

  • Mar 07 2013

    Late last week, the DOL released a relatively short set of "tips" for plan fiduciaries on how to select and monitor target date funds. Target date funds have become a popular investment option for participants in 401(k) plans and other plans which provide for participant directed investments. A copy of these "tips" is attached. The "tips" address some of the investment issues unique to target date funds, and we assume that the DOL will use these tips as an audit checklist ...

  • Jan 31 2013

    One provision in the Obamacare legislation requires in relevant part that applicable employers in accordance with DOL regulations provide a written notice to employees no later than March 1, 2013 informing them about (among other things) the existence of healthcare exchanges established under Obamacare, the services provided by these healthcare exchanges and the manner in which employees may contact a healthcare exchange. Last week the DOL extended this March 1 ...

  • Jan 24 2013

    Although the federal minimum wage remains at $7.25 an hour this year, 10 states have increased their minimum wage rates above this level effective January 1, 2013. These changes are generally due to required annual adjustments based on raises in the Consumer Price Index or inflation. In addition, several cities across the country, such as Albuquerque, San Francisco, and San Jose, bumped up their minimum wage rates, albeit not all effective January 1. Listed below are ...

  • Jan 09 2013

    Beginning January 1, 2013, employers are required to provide a new version of the form entitled Summary of Your Rights Under the FCRA (Summary of Rights) to individuals before taking any adverse action based on the contents of a consumer report. Fortunately, the adverse action process that employers are to follow under the Fair Credit Reporting Act (FCRA) has not changed, only the Summary of Rights form. To view a copy of the new Summary of Rights, Click here As a ...

  • Jan 03 2013

    The IRS last week released proposed regulations on the “employer shared responsibility” provisions of Obamacare which will become effective on January 1, 2014. See REG-138006-12. Very briefly, these provisions can subject a “covered” employer to a special tax if the covered employer does not offer “affordable health coverage” that provides a “minimum level of coverage” to its full-time employees and at least one of the covered employer’s ...

  • Oct 18 2012

    The IRS this morning announced the contribution and benefit limits for 2013. For example, the 401(k) contribution limit for 2013 has gone up from $17,000 to $17,500. The announcement notes that a number of the limitations have changed for 2013 because the cost-of-living index met the statutory thresholds needed for a change. To view the full announcement, Click here Please contact Jan Marsh 678.336.7135 if you want to discuss the IRS announcement in more detail.

  • Oct 16 2012

    The SEC Rule: On August 22, 2012 the SEC approved a Final Rule (Rule) requiring public companies to report and make public disclosure of so-called “Conflict Minerals”. The Rule was issued under the Dodd-Frank Act. The Rule will require publicly traded companies to adopt due diligence procedures for determining whether their products contain Conflict Minerals, and to make disclosure to the SEC and in its public reports if they do. While the Rule directly applies ...

  • Aug 28 2012

    We are sending this Alert to remind clients and friends that there is a window under the IRS's 409A correction program for correcting a 409A issue with respect to released-based severance without paying a 409A correction fee and, equally important, that this window will close on December 31, 2012. Very briefly, the IRS sees a 409A issue with any kind of open-ended provision for a released-based severance payment. For example, the IRS would see a 409A issue with the ...

  • Aug 17 2012

    Taylor English Attorneys Dianne L. Trenholm and Jonathan B. Wilson today submitted to FINRA comments in response to FINRA Regulatory Notice 12-34; Request for Comment on Regulation of Crowdfunding Activities. Crowdfunding – a new process in which small businesses and start-ups may soon be able to use Web-based “funding portals” to seek investors for private offerings of their securities -- was recently introduced to the public through the JOBS Act passed by ...

  • Jul 13 2012

    The DOL has upped the price for a service provider and a plan sponsor to come under the prohibited transaction exemption for a person who provides services to 401k plans and other deferred compensation plans subject to ERISA. Very briefly, a service provider should (absent an exemption) have made a disclosure to the plan sponsor on or before July 1 respecting its compensation and potential conflicts of interest. If a service provider failed to make such a disclosure ...

  • Jul 02 2012

    A relatively easy to read report on the individual mandate and related requirements which was prepared for the members of Congress by the Congressional Research Service and which was released to the public earlier this week. The report in relevant part seeks to explain how to compute the penalty tax for failing to comply with the individual mandate. To view the full 13 page report, Click here Please contact Jan Marsh 678.336.7135 if you would like to discuss the ...

  • May 30 2012

    The IRS this afternoon issued guidance on several FSA related matters— 1.   The Obamacare provision which limits employee contributions to FSAs to $2,500 a year will not apply to plan years which begin before 2013, 2.   The $2,500 limitation is applicable to the FSA’s plan year rather than the employee’s taxable year, 3.   A plan sponsor will have until the end of calendar year 2014 to amend its FSA to incorporate the $2,500 limit, 4.   If a plan provides for a grace period ...

  • Apr 19 2012

    The Internal Revenue Service on April 12 released a 61 page proposed regulation on the tax on group health plans which will fund Obamacare’s Patient-Centered Outcomes Research Trust Fund.   The insurance company pays the tax for an “insured” group health plan, and the plan sponsor pays the tax for a “self-insured” group health plan.  However, the proposed regulation clearly suggests that a group health plan will be treated as an “insured” group health ...

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