The IRS has extended additional deadlines for required retirement plan amendments. Notice 2022-45 extends the deadline for amending qualified retirement plans to comply with certain provisions of the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
The National Labor Relations Board (NLRB) issued a Notice of Proposed Rulemaking (NPRM) that would, if adopted, make it much easier for the NLRB to find a company to be a "joint employer" of persons directly employed by its contractors, vendors, suppliers and franchisees.
The Public Company Accounting Oversight Board (PCAOB) announced on August 26, 2022, that it has signed a Statement of Protocol (SOP) Agreement with the China Securities Regulatory Commission (CSRC) and China’s Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigations (together, the “SOP Agreement”), establishes a framework for the PCAOB to conduct complete inspections and investigations of PCAOB-registered public accounting firms based in mainland China and Hong Kong.
On Aug. 24, 2022, the IRS released Notice 2022-36 providing automatic relief from failure to file penalties for the 2019 and 2020 tax years for a significant number of individuals and businesses that were late in filing their 2019-2020 tax returns.
The Inflation Reduction Act of 2022, which passed both chambers of Congress on Aug. 12, 2022, includes tax provisions meant to raise government revenues and subsidize green energy initiatives.
When an entity in financial distress is declared bankrupt or placed under a court-supervised rescue mechanism under the Restructuring Law, among the many legal consequences are those pertaining to real estate assets that it owns. The inclusion of such assets can prove a blessing or a burden.
Three courts—the Supreme Court, the Sixth Circuit, and the Tax Court—recently rejected administrative guidance in tax cases because the guidance was either wrong as applied, unnecessary, or inapplicable.
On June 23, 2022, the Michigan Court of Appeals ruled that an arbitration agreement contained in a personnel manual was not enforceable because the associated disclaimer indicated that the manual did not create a “contract of employment.”
The Michigan Supreme Court has ruled that discrimination on the basis of sexual orientation and gender identity is discrimination because of sex prohibited by the Michigan Elliott-Larsen Civil Rights Act (“ELCRA”). The 5-2 decision was issued on July 28, 2022, in the case of Rouch World, LLC, v. Department of Civil Rights.
