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  • March 18, 2024
    The European Union recently passed a sweeping law regulating corporations and business leaders with respect to artificial intelligence. The first legislation of its kind, the EU Artificial Intelligence Act seeks to impose legal and ethical standards on companies that develop and use AI. While the act does not impose legal obligations on organizations that operate exclusively in the United States, it will serve as a harbinger and potential model for AI restrictions that may one day be passed by the U.S. Congress and state legislatures.
  • March 14, 2024
    Congress perhaps made an unintended drafting error in the Tax Cuts and Jobs Act when it required a taxpayer to decrease its deduction for research and experimental expenditures. The apparent drafting error is in IRC §280C(c)(1), which provides that if a taxpayer’s research credit for a taxable year exceeds the amount allowable as a deduction for research expenditures for the taxable year, the amount of research expenses chargeable to capital account must be reduced by the excess and not by the full amount of the credit.  
  • March 13, 2024
    In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act, raising the debt limits for bankruptcy cases under the Small Business Reorganization Act and under chapter 13, making more debtors eligible for relief under these provisions of the Bankruptcy Code. The increases were temporary and will revert to lower values in June unless Congress extends them or makes them permanent. This significant change could affect the eligibility of businesses seeking bankruptcy protection and may create a surge in bankruptcy filings before the deadline.
  • March 12, 2024
    The United States District Court of the Eastern District of Texas has struck down the 2023 NLRB regulations defining joint employer status, opining that they were overbroad and could allow a finding of joint employer status even when the putative joint employer did not meet the common law definition of an employer. 
  • March 7, 2024
    Unscrupulous promotors caused many taxpayers to file claims for the Employee Retention Credit even when they did not qualify. As a result, the IRS views claims for this credit with suspicion and has created several programs allowing taxpayers to withdraw their claims without penalty. In conjunction with this this approach, the IRS has now begun sending letters to taxpayers who have claimed the Employee Retention Credit requesting additional evidence supporting the claim.
  • March 5, 2024
    On March 1, 2024, an Alabama federal court declared the Corporate Transparency Act (CTA) unconstitutional—but only enjoined its enforcement as to the specific litigants.
  • March 1, 2024
    Concerns that the Supreme Court's opinion in MOAC Mall Holdings LLC v Transform Holdco LLC may affect property sales in bankruptcy cases have been put to rest following a recent Fifth Circuit opinion that stated Section 363(m) is alive and well and continues to bar challenges to good faith bankruptcy sales.
  • February 29, 2024
    The SEC's Groundbreaking Theory in the Panuwat Case
    In SEC v Panuwat, a federal jury in California will hear a novel insider trading theory that the court has allowed to proceed to trial. The SEC says it is unlawful for an individual to purchase securities of a company even if neither the individual nor his employer possess any material nonpublic information from that company. Just as employees and companies should not buy or sell their own company’s stock based on material, nonpublic information, if the Panuwat decision stands they may not be able to buy or sell stock of another company based on their own company’s nonpublic information about the other company.
  • February 26, 2024
    Michigan’s new Prevailing Wage for State Projects Act (the “Act”) became effective on February 13, 2024, which requires construction workers who are working on public sector capital improvement projects sponsored or financed by the state, to be paid wages and fringe benefits that are commensurate with the wages and fringe benefits paid to other construction workers working in the same locality on similar contracts.
  • February 26, 2024
    In 2023, U.S. Customs and Border Protection heightened enforcement of the Uyghur Forced Labor Prevention Act. Increasing enforcement and political pressure means that importers should take steps now to prevent a potential shipment seizure by CBP.