2016 Follow-Up Payments on Promissory Notes and Guarantees. If you sold property (for example, real estate, stock, or an interest in a family limited partnership or other closely-held entity) to a family member or a trust for a promissory note in the past, the purchaser should make the proper interest payments. Also, if the transaction involved a guarantee of any part of debt, the guarantor should receive the proper guarantee fees. Gift Tax Returns ...
The 2018 West Virginia legislative session was a busy one regarding consumer finance law. Legislators focused on the West Virginia Consumer Credit and Protection Act and the West Virginia Safe Mortgage Licensing Act. The West Virginia Legislature passed at least three bills this past session that affect consumers or financial transactions ...
The next 60-day regular session of the West Virginia Legislature commences on Wednesday, January 9, 2019. While much of the nation seemed transfixed by the recent electoral changes, the most significant political change in the West Virginia Legislature actually preceded the 2018 general election. Indeed, the House of Delegates elected a new Speaker, Roger Hanshaw (R-Clay), in August 2018 to replace Tim Armstead who resigned to accept an appointment to the Supreme Court of Appeals ...
Dinsmore’s Government Relations team was involved in several significant legislative initiatives affecting the health care sector during the 2019 regular session of the West Virginia legislature. Most notably, Dinsmore was involved in the passage of HB 2010, relating to foster care ...
The 2020 election in California as pertains to national politics was never in doubt, but despite being a deeply blue state, Californians continued to show their divide on taxing businesses and making major changes to the statewide tax code. Several ballot initiatives, both at the state and municipal level, would have radically altered how businesses and executives are taxed ...
The Government Accountability Office (GAO) recently issued its Annual Report to Congress, which provides statistics concerning bid protest filings for Fiscal Year (FY) 2020, including the number of protests filed and sustained. The chart below, included in GAO's Annual Report, summarizes this information. Click here to view the summary table As shown above, most of the data points remained constant from the prior year ...
The Pennsylvania General Assembly has concluded the legislative session. COVID-19 significantly changed the format and content of the legislative session. The operating rules were amended to permit remote voting, and the legislative focus centered on the impact of COVID-19 on schools, communities, businesses and the Pennsylvania budget for the FY 2020-2021. Below is a snapshot of some of the key areas addressed during this session ...
With the New Year, California rings in a lot of legislative changes, including a new standard for evaluating independent contractor classifications. Here is what you need to know: Independent Contractors Effective Jan. 1, 2020, Assembly Bill 5 (AB-5) became law in California by adding section 2750.3 to the Labor Code. AB-5 is the legislative response to the California Supreme Court decision in Dynamex v ...
In a slightly surprising, but nevertheless welcome, South African 2020 Budget Speech today, the Honourable Minister of Finance announced that there would be no significant tax increases to the major taxes for the forthcoming tax year. Widely anticipated increases to value-added tax (“VAT”), income tax, capital gains tax and estate duty did not materialise ...
Key Points In addition to five key victories for housing advocates discussed in an earlier alert, the California Senate passed many additional housing bills not included in their “Building Opportunities for All” Housing Package. Bills from the Housing Package that would have approved an affordable housing bond (SB 5), residential housing on certain commercial sites (SB 6), and local housing data reporting requirements (SB 477) all failed to win approval ...
Housing Highlights Throughout California, most single-family zoned parcels may now be split into two lots, with up to four primary residences. Density bonus applications may no longer be rejected if a proposed waiver of development standards will cause specific adverse impacts on the physical environment. Developers’ ability to lock in development standards under SB 330 and the Housing Accountability Act has been extended from 2025 to 2030 ...
After what can only be described as a difficult year (an annus horribilis!) for employers and employees alike, we turn our attention to 2021 and look at some of the more significant legislative changes coming into force this year. Furlough continues The Coronavirus Job Retention Scheme has been extended until 30 April 2021 ...
There were big changes in 2020 in the world of restructuring and insolvency legislation with the introduction of two new restructuring tools: the Moratorium and the Restructuring Plan, as well as the reintroduction of Crown preference. However, due to the government-imposed moratorium while the pandemic runs its course, we have seen hardly any real effects of those reforms ...
The outlook for the year ahead is uncertain with the effects of post-Brexit rules to contend with and COVID-19 continuing to restrict the way we live and work. We look at what the year may have in store for the construction industry. COVID-19 There is no doubt that the pandemic has caused challenges for the construction industry and is likely to have a significant impact into 2021 ...
If anyone had told you that 2020 would be a year in which you are virtually guaranteed a lie-flat bed in economy class, businesses instructed employees not to come into the office, and budget supermarket Sheng Siong’s shares outperformed bank blue chip DBS’s, you would have sent the chap to have his head checked.But as the new coronavirus spread worldwide, the ensuing Covid-19 pandemic forced billions into lockdown ...
The living sector will continue to provide opportunities and challenges for investors, developers and residents, alike. The government is set to turn the page on pandemic restrictions, with most set to stop in England on 26 January. Time will tell if this will be the year when we can get back to a more normal way of life, but one thing we can be sure of is that the living sector will continue to provide opportunities and challenges for investors, developers and residents, alike ...
By all accounts, in common with 2021, broad uncertainty will remain a key theme for the UK economy in 2022. Statistics from 2021 are an unhelpful indicator for 2022. But all signs currently point to a slowing of the UK economy in 2022 following an undeniable 2021 bounce-back as people matched unexpected savings with spending on goods, services and holidays ...
As we go into 2022, the future direction of the planning system in England remains uncertain. Planning Bill The planning white paper proposals for a hybrid mix of discretionary decision making and codified zonal planning have proved particularly controversial with concerns about what could be seen as a ‘top down’ approach contributing to the outcome of the Chesham and Amersham by election ...
A look at trends and influences which we expect to impact mid-market banking and finance in 2022. Last year’s article heavily featured COVID-19, its impact, and expected patterns of recovery. While the pandemic continues to have a huge impact on our lives, most stakeholders have learnt to live with this uncertainty and businesses have adapted accordingly ...
On November 17, 2023, New York State Governor Kathy Hochul signed into law Senate Bill 4516, amending General Obligation Law Section 5-336 (GOL 5-336). As set forth in our earlier alert from when the law was first enacted, Section 5-336 limited employers’ use of nondisclosure provisions in agreements releasing claims involving sexual harassment ...
A summary of the key takeaways from a recent webinar on 2023 Changes to the Immigration Rules. The webinar was hosted by Pavan Sumal and Rachel Harvey and a recording of the webinar can be found below along with a summary of the key takeaways ...
The year ahead will see a better resourced FCA announcing and implementing reform in many different markets. It will see a focus on protecting consumers in the current economic climate and a focus on understanding newer and faster paced markets, particularly those where consumer detriment is a real risk. In a written statement to Parliament on the 9 December 2022, the chancellor set out an ambitious list of reforms that, at any other time, the financial services sector would run towards ...
