JD Supra United States

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  • Gifts for the People – Proposed Drastic Changes to Federal Gift Tax Law

    Let the taxpayer beware: the recently proposed “For the 99.5 Percent Act” introduced by Senators Bernie Sanders and Sheldon Whitehouse would radically limit the ability of parents or grandparents to make annual exclusion gifts for their families. 
 Under present law, $15,000 per donee is excluded from taxable gifts. Gifts that are excluded do not count toward an individual’s lifetime exemption from gift or estate taxes. Gifts of $15,000 may be made to any one or more recipients, and married couples can effectively gift $30,000 to any person through the concept of gift splitting...

  • Filing Deadlines and To-Do List for April 2021

 Form 13H: Following an initial filing of Form 13H, all large traders must make an amended filing to correct inaccurate information promptly (within ten days) following the quarter-end in which the information became stale (unless they are on Inactive Status). Recommended due date: April 10, 2021. (Note: Neither the SEC nor its staff has provided guidance on the definition of “promptly” for Form 13H.)

  • CFPB Settles with Yorba Capital Over Debt Collection Litigation Notices

    On April 6, the Consumer Financial Protection Bureau (CFPB) issued a consent order against California-based debt collector Yorba Capital Management LLC and its sole owner Daniel Portilla, Jr. for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act. The consent order permanently bans Yorba and Portilla from the debt collection business and orders restitution and penalties to resolve the findings of the CFPB.

  • A Farewell to Bernie: Internal Reporting

    Bernie Madoff died yesterday. I cannot think of one person who embodied so many of the things that the compliance profession stands against than Madoff. From fraud, to lying, to ruining lives and about everything in between; it was all wrapped up in Madoff. Given the complete failure of the Securities and Exchange Commission (SEC) to shut Madoff down after whistleblower Harry Markopolis alerted authorities to the massive fraud, I thought the fall of Madoff would be a good introduction into some best practices regarding an internal reporting system. The 2020 FCPA Resource Guide stated, “An effective compliance program should include a mechanism for an organization’s employees and others to report suspected or actual misconduct or violations of the company’s policies on a confidential basis and without fear of retaliation.”

  • Third Circuit Affirms Dismissal Of Employee Who Advocated Violence In A Social Media Post

    In a recent employee termination case, the Third Circuit Court of Appeals recently upheld the dismissal of race discrimination claims by a bank employee who was terminated due to a social media post. 
 Plaintiff, a Caucasian woman, was employed as a project manager in her employer’s wealth management department...

  • Passport Rejected — A New Twist in the COVID-19 Passport Chapter

    Seyfarth Synopsis: Similar to mask mandates, COVID-19 passports—a means to prove one’s vaccination status—are becoming a political lightning rod in the United States. Where states like New York have viewed such passports as a viable tool for promoting safe in-person interactions, others, like Florida and Texas, have viewed them as an affront to privacy and individual liberties. For multi-state employers considering a passport solution, these developments command attention.

  • SPAC Attack! SPAC IPOs Are Booming

    We have all seen the daily stories about SPACs (special purpose acquisition companies) and their attack on the IPO and M&A markets over the last 15 months. For context, the number of SPAC initial public offerings (IPOs) has exploded...

  • Bristol-Myers Squibb Settles MDRP Underpayment Claim For $75 Million

    The U.S. Department of Justice recently announced that Bristol-Myers Squibb (BMS) agreed to pay $75 million, plus interest, to resolve allegations that it knowingly underpaid rebates owed under the Medicaid Drug Rebate Program (MDRP). Of that total, $41 million plus interest will be paid to the federal government and the remainder to various state Medicaid programs...

  • When Does My Duty To Preserve End?

    Generally, a litigation hold letter* will issue to preserve documents and information potentially relevant to a reasonably anticipated lawsuit. However, when does one’s duty to preserve potentially relevant documents end? Unfortunately, the answer is not necessarily when the litigation ends. Indeed, a recent decision out of California reminds us there may be instances when one’s preservation obligations are ongoing, even after a litigation is dismissed...

  • New York’s Adult-Use Cannabis Law: Multifaceted Licensing With A Purpose

    First in a series on the New York State Cannabis/Marijuana Regulation & Taxation Act- 
 New York state recently passed long-awaited adult-use cannabis legislation, taking the lead on other key jurisdictions with medical use-only systems, such as Florida and Pennsylvania. While the bill awaits implementation, now is the time for entities interested in entering the market to gear up for the application process...

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