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1
California's New Budget: Good Medicine or Temporary Relief?
Governor Schwarzenegger has finally signed a budget for California, a record 100 days after the deadline. However, according to a report recently released by California’s Legislative Analyst’s Office, most of the solutions for the current $19 billion budget deficit are "one-time or temporary in nature," which means California will likely face similarly large budget deficits in upcoming fiscal years.
United States
3 Nov 2010
2
Temporary Exclusion for 100% of Gain from Qualified Small Business Stock Acquired by Year End
On September 27, 2010, President Obama signed into law the Small Business Jobs and Credit Act of 2010 (the "SJBCA"), which includes a temporary exclusion for 100% of the gain recognized by non-corporate investors from the sale of qualified small business stock ("QSBS") acquired after September 27, 2010 and before January 1, 2011.
United States
4 Oct 2010
3
Congress Extends And Approves New Alternative Energy Tax Credits
The financial recovery legislation (H.R. 1424) that Congress passed and the President signed on October 3, 2008, also includes the Energy Improvement and Extension Act of 2008 (the “Act”), which contains about $17 billion in tax incentives for clean energy services.
United States
9 Oct 2008
4
The Current Regulatory Focus on Options Dating Practices
More than 50 publicly traded companies have announced over the past several weeks that the U.S. Department of Justice and/or the U.S. Securities and Exchange Commission are investigating how these companies dated stock option grants.
United States
 
20 Jul 2006
5
Recent Opinions Clarify New Massachusetts Law Regarding Independent Contractor Classifications
Last year, in a little-noticed amendment to the Massachusetts Weekly Payment of Wages Law ("MWPWL") embedded within "An Act Further Regulating Public Construction," the Commonwealth changed the standard for determining whether workers designated by Massachusetts employers as independent contractors are classified properly.
United States
 
6 Apr 2005
6
SEC Adopts Rule Regarding Redemption Fee and Intermediary Participation in Mutual Fund Efforts to Police Market Timing
At its open meeting last week, the SEC adopted new Rule 22c-2 (the "Rule") under the Investment Company Act of 1940, as amended. The Rule will require the board of any mutual fund that redeems shares within seven (7) days to adopt a redemption fee (of no more than 2% of the amount redeemed) or determine that a redemption fee is not appropriate or necessary for the fund. Unlike the SEC’s original proposal, the Rule does not require mutual funds to adopt a redemption fee.
United States
 
9 Mar 2005
7
Recent Legislation May Impact Offshore Hedge Fund Deferral Arrangements
Congress enacted Section 409A of the Internal Revenue Code as part of the American Jobs Creation Act of 2004 to restrict certain deferred compensation arrangements. The IRS recently issued Notice 2005-1, 2005-2 IRB 274, clarifying certain aspects of the statute, and additional guidance is expected throughout 2005.
United States
 
23 Feb 2005
8
IRS Issues Transitional and Other Guidance Relating to New Requirements for Non-Qualified Deferred Compensation Arrangements
The recently enacted American Jobs Creation Act of 2004 added new Section 409A to the Internal Revenue Code. Section 409A substantially changes the federal income tax treatment of non-qualified deferred compensation ("NQDC") arrangements maintained for employees, directors, and other individuals who provide services. Failure to comply with the new requirements will result in early taxation of NQDC, as well as a 20% penalty tax and additional interest payable to the IRS.
United States
 
6 Jan 2005
9
FASB Finalizes Statement on Stock Option and ESPP Expensing
As described in our May 2004 Client Alert entitled "FASB Issues Proposal on Stock Option and ESPP Expensing," stock option expensing is on its way. Not only will this affect stock option and other equity award practices, but most employee stock purchase plans, or ESPPs, that contain a discount or a so-called look-back feature (e.g., a purchase price equal to 85% of the lower of the starting or ending stock price) will also be affected. It is important that companies that grant stock optio
United States
 
5 Jan 2005
10
Employee Benefits Update - IRS and SSA Announce Dollar Limits and Thresholds for 2005
Also discussed in this update: President Signs Tax Bill with Significant Non-qualified Deferred Compensation Changes/Immediate Action Required; Withholding Requirements Increased for Supplemental Wage Payments in Excess of $1 Million; New Legislation Excludes Incentive Stock Option and Employee Stock Purchase Plan Income from Social Security Wages; Modified Definition of Dependent Potentially Affects Benefit Plans; Automatic Rollover Rules Go Into Effect March 28, 2005 and Guidance Issued on Lo
United States
16 Nov 2004
11
New Tax Law Will Require Substantial Changes to Many Non-Qualified Deferred Compensation Arrangements
Employers must take immediate action to review closely – and in many cases revise substantially – their non-qualified deferred compensation arrangements that cover employees or directors (or other independent contractors such as consultants), in light of new legislation (known as the American Jobs Creation Act) that has been approved by Congress.
United States
 
3 Nov 2004
12
New Federal Tax Legislation Enacted into Law
On October 22, 2004, President Bush signed into law the American Jobs Creation Act of 2004 ("AJCA"), a bill that modifies a wide range of provisions in federal income tax law.
United States
 
27 Oct 2004
13
New Federal Tax Legislation Favorably Affects S Corporations
On October 11, 2004, Congress passed a significant federal tax bill, the American Jobs Creation Act of 2004 ("AJCA"), which President Bush is expected to sign into law prior to the end of the year. Although AJCA was originally designed to end a U.S. tax credit for exported goods that had been determined to violate international trade agreements, the bill addresses many other areas of federal tax law.
United States
 
20 Oct 2004
14
Massachusetts Department of Revenue Finalizes Guidance on Same-Sex Marriage
The Massachusetts Department of Revenue finalized its Technical Information Release regarding the tax implications of same-sex marriage in Massachusetts. While the Release focuses primarily on issues concerning personal tax items (e.g., joint tax returns and estate taxes), the Release does address certain employee benefit issues.
United States
 
3 Aug 2004
15
US District Court Upholds California Financial Privacy Law Against Challenge on Preemption Grounds by Bank Trade Groups
The new California Financial Information Privacy Act (known as "SB1" and widely regarded as the strictest in the nation) took effect on July 1 after the U.S. District Court for the Eastern District of California in Sacramento, California (the "Court") rejected a challenge to the law by three bank trade groups. ABA et al. v. Lockyer, No. CIV. S 04-0778, slip op. (E.D. Cal. June 30, 2004).
United States
7 Jul 2004
16
FDIC Proposes Affiliate Transaction Rules
The FDIC proposed regulations governing transactions between insured state nonmember banks and their affiliates. The proposal is in large part intended to track the FRB’s Regulation W, which became effective in April, 2003. (See the November 5, 2002, Alert for a detailed description of Regulation W). However, the FDIC’s proposal does vary from Regulation W in certain significant ways. First, in a departure from the FDIC’s past practice, the proposal contemplates that the FDIC, rather than
United States
 
31 Mar 2004
18
United States
 
26 Sep 2001
19
United States
 
24 Jan 2001
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