The era of cryptocurrencies has come: whilst they were initially used as a specific means of payment and as a source of investments other functions are now being explored, such as the possibility of cryptocurrencies being directly contributed to a company in the context of its incorporation ...
On November 6, 2019, the IRS announced in Notice 2019-59 cost of living adjustments to the qualified plan dollar limits for 2020. Below is a summary of the limits that are generally relevant for most retirement plans. Effective January 1, 2020: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is increased from $19,000 to $19,500. The catch-up contribution limit for those age 50 or older is increased from $6,000 to $6,500 ...
This fall, an outbreak of lung illnesses allegedly related to vaping ignited public hysteria and legislative reactions in many states. The vaping and cannabis industries are already paying, and will continue to pay, high reputational and policy costs associated with these events, and the industries should also be aware that the widespread nature of reported injuries could lead to a substantial amount of costly mass tort litigation ...
Our partner, Felipe Moro, and our associate, Diego Lasagna, authored this year’s Thomson Reuter’s Practical Law guide about Banking Regulation in Chile, which provides, “a high level overview of the governance and supervision of banks, including legislation, regulatory bodies and the role of international standards, licensing, the rules on liquidity, foreign investment requirements, liquidation regimes and recent trends in the regulation of banks ...
Starting Nov. 1, 2019, employers in Illinois with at least 25 employees must comply with the Illinois Secure Choice Savings Program Act (Secure Choice Program) or offer employees an employer-sponsored retirement plan ...
After sending cryptocurrency enforcement letters in the summer of 2019, the IRS recently issued Revenue Ruling 2019-24 and an accompanying frequently asked questions (FAQs) with additional guidance on the taxation of cryptocurrency. The Revenue Ruling addresses the tax treatment of cryptocurrency "hard forks", where one version of the currency is split from its original ledger and a new version of the currency is created with a new ledger ...
In 2013, Virginia Ginni Rometty - CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age." Probably, you have read or heard: Data is the new oil! Data is the new bacon! Data is the new currency! These analogies have become very popular because data is now considered one of the most important commodities ...
On May 19, 2016, the concept of a “Bankruptcy,” as the legal term was defined, ceased to exist under Panamanian law. Law 12 of 2016 (the “Insolvency Law”) entered into force on that date and introduced new proceedings into our legal system. These proceedings are referred to as Reorganization and Liquidation ...
On 6 August 2019, the Supreme Court (“SC”) issued Regulation No. 4 of 2019 (“SC Reg 4/2019”), amending the previous regulation, SC Regulation No. 2 of 2015 on the Procedure for the Resolution of Small Claims Lawsuit (“Previous Regulation”). SC Reg 4/2019 came into force on 20 August 2019. In general, SC Reg 4/2019 provides more optimal and effective regulation than the Previous Regulation ...
With the recent proliferation of mass shootings and other deadly incidents, several states have taken on the issue of allowing mental and/or emotional impairments caused by post-traumatic stress disorder (PTSD) to be a compensable workers’ compensation condition for first responders without the requirement of a physical injury. In June 2019, House Bill 80, the budget bill for the Ohio Bureau of Workers’ Compensation, included such a proposal ...
In LG-2018-161055 the Court of appeal, in a case regarding preliminary action, gave an elaborated assessment regarding under what conditions an employer can deprive an employee of his or her duties in the notice period. Introduction An employer only exceptionally has the right to deprive a dismissed employee of his or her duties within the period of notice. For this to be possible, there must be "particularly compelling reasons" ...
Introduction Pursuant to UAE Federal Cabinet Resolution No. 56 of 2019, Emirates Development Bank has been appointed to maintain the register of finance lease contracts created pursuant to UAE Federal Law No. 8 of 2018 on Finance Lease (the Finance Lease Law or the Law). Background The Finance Lease Law was promulgated in December 2018. This Law creates a register (the Register) pursuant to which “Finance Lease Contracts” shall be registered ...
On September 23, 2019, the IRS published final regulations that amend the rules for hardship distributions from 401(k) and 403(b) plans. The regulations finalize the proposed regulations issued in November 2018 to implement statutory changes made by the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 intended to make it easier for plan participants to take hardship distributions ...
According to the recent insurance broker's Transactional Risk Insurance Claims Study1, the number of W&I claims have increased by 293% between 2016 and 2018 in Europe, the Middle East and Africa (the EMEA-region). One explanation is of course the triple increase W&I policies issued over the same period. The W&I market have become more mature than what it was just some few years back ...
In the False Claims Act (FCA) case of Feinwachs v. Minnesota Hospital Association, the district court recently upheld relator David Feinwachs’ claim of work-product privilege over emails sent to his work email account. No. 11-cv-0008, 2019 U.S. Dist. LEXIS 155027 (D. Minn. Sept. 11, 2019). Feinwachs was formerly general counsel of the Minnesota Hospital Association (MHA), a trade association of Minnesota hospitals and health care systems ...
On Sept. 30, IBM won dismissal of a federal False Claims Act (FCA) qui tam suit, Cimino v. IBM, No. 13-cv-00907 (APM), 2019 U.S. Dist. LEXIS 168059 (D.D.C. Sept. 30, 2019). In the suit, Relator Paul A. Cimino alleged IBM, assisted by Deloitte LLP, fabricated audit findings regarding Internal Revenue Service (IRS) usage of IBM-licensed software to coerce IRS into renewing its software enterprise license ...
In the False Claims Act (FCA) case of Feinwachs v. Minnesota Hospital Association, the district court recently upheld relator David Feinwachs’ claim of work-product privilege over emails sent to his work email account. No. 11-cv-0008, 2019 U.S. Dist. LEXIS 155027 (D. Minn. Sept. 11, 2019). Feinwachs was formerly general counsel of the Minnesota Hospital Association (MHA), a trade association of Minnesota hospitals and health care systems ...
Acting Food and Drug Administration (FDA) Commissioner Norman Sharpless has issued a statement warning Americans to stop using vaping products that emit THC until further testing can be done. Federal and state public health agencies, including the FDA, have been investigating an unprecedented wave of 1,000-plus cases of severe lung injuries and deaths among consumers who claimed they used vaping products containing THC, nicotine, or both ...
On October 10, 2019, the Federal Mine Safety and Health Review Commission (“Commission”) published a notice it would withdraw its simplified proceedings program. The withdrawal of the program becomes effective 45 days after publication in the Federal Register unless adverse comment is received ...
On Sept. 30, 2019, the IRS issued proposed regulations regarding how the employer-shared-responsibility provisions of the Affordable Care Act (ACA) and certain nondiscrimination rules under the Internal Revenue Code (Code) will apply to individual coverage health reimbursement accounts (HRAs). The proposed regulations aim to facilitate the adoption of individual coverage HRAs by employers on or after Jan. 1, 2020. Background On Oct ...
The Federal 340B Drug Discount Program (the “340B Program”) is a budget-neutral drug-pricing program that allows certain hospitals and clinics (“Covered Entities”) to buy discounted medication from drug manufacturers ...
Effective Oct. 17, 2019, hospital outpatient departments (HOPDs) and other facilities which previously were exempt from the Ambulatory Surgical Facility (ASF) licensure requirement may now meet the criteria of an ASF. Governor Mike DeWine’s budget bill contained provisions which modified the definition of an ASF and will expand the number of facilities subject to regulation under Ohio law as an ASF ...
Elite Dental Associates, Dallas (“Elite”) has agreed to pay $10,000 to the Office for Civil Rights (OCR) at the U.S. Department of Health and Human Services and to adopt a corrective action plan to settle potential violations of the HIPAA Privacy Rule[1]. According to OCR, Elite is a privately owned dental practice in Dallas, Texas, providing general, implant, and cosmetic dentistry ...
Activists and government leaders are sounding the death knell for our planet unless something is done about climate change. But while sustainability is important, sustainability reporting may not be the answer. In a headline-hogging speech at the UN last month, 16-year-old environmental activist Greta Thunberg berated politicians and business people for doing too little to arrest climate change, ruining the globe for future generations. High-profile scandals back up her claim ...
