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Showing 16 posts by Amanda J. Dernovshek.

Department of Labor Releases Employee Benefits and Cybersecurity Best Practices

IT manOn April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance has been highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. The EBSA guidance focuses on actions that plan sponsors, plan fiduciaries, record-keepers, and plan participants can take. Read More ›

Categories: Cybersecurity, Department of Labor, Employee Benefits

A Brief Legal Guide to Buying a Distressed Business

Business MovingEarlier in the pandemic, our team identified the economic crisis caused by COVID-19 as a growth opportunity for businesses with the vision and the resources to take advantage. One such opportunity is the chance to diversify or grow by acquiring distressed competitors, suppliers, or customers. Read More ›

Categories: Chapter 11, Contracts, Mergers & Acquisitions

Women Owned Small Business Certification Program - Part Two: Certification and Benefits

Certification ReviewThis is the second part in a series discussing the Women Owned Small Business (“WOSB”) certification program with the U.S. Small Business Administration (“SBA”). Part One  summarizes the eligibility requirements.

This post, Part Two, briefly reviews the certification process and the benefits of certification. Read More ›

Categories: Compliance, Did you Know?

2021 Arrives with Additional Flexibility for Flexible Spending Accounts

FSA ChecklistDuring 2020, a number of newly enacted laws created flexibility for various employee benefit plans. Please see Foster Swift’s publications on this topic here. The Consolidated Appropriations Act of 2021 (the “Act”), which was signed into law on December 27, 2020, provides additional flexibility for Health Flexible Spending Accounts (“Health FSAs”) and Dependent Care Assistance Plans (“DCAPs”), specifically. Read More ›

Categories: Employee Benefits

Women Owned Small Business Certification Program - Part One: Requirements

Business Owners2020 brought uncertainty to the world and, for many businesses, financial instability. In addition, 2020 brought inequities and disparities in our society to the forefront. To address both of these issues, many businesses are striving to achieve increased diversity in the workplace, while simultaneously seeking additional opportunities to secure financial opportunities. Read More ›

Categories: Did you Know?

I Want Out: Dealing with Contracts in the Time of Corornavirus

Fabrication schedule with Force MajeureIn March 2020, we published an article about how the Coronavirus impacts your contracts and whether force majeure clauses could excuse non-performance. Since then, our attorneys have received a number of questions from clients related to the Coronavirus/Covid-19 and how our clients may address issues of performance, delivery, and payment when the Coronavirus impacts a company’s ability to complete its responsibilities under a contract.

As a country, we have seen the Olympics, music events, sporting events, Broadway performances, and many other events cancelled as a result of the Coronavirus. Many companies have struggled to address the cancellations without facing massive financial impact, but without proper prior planning, the last few months have been financially difficult. Read More ›

Categories: Contracts

New Safe Harbor Announced for Electronic Disclosures Required by ERISA

EmailFor more articles from the June 2020 Issue of Business & Tax Law News, click here.

The Employee Retirement Income Security Act of 1974 (“ERISA”) and its applicable regulations require a plan administrator to provide a number of notices to plan participants. For example, an ERISA plan administrator must provide to all plan participants a Summary Plan Description (“SPD”) that provides an overview of plan terms. Additionally, a plan administrator must provide a Summary of Material Modifications (“SMM”) to plan participants every time it makes certain changes to the plan. Read More ›

Categories: Electronic Health Records, Employee Benefits

A Guide to the Employee Retention Tax Credit: An Alternative to the PPP

PPP Loan with Sticky NoteFor more articles from the June 2020 issue of Business & Tax Law News, click here.

The CARES Act created the Employee Retention Tax Credit (“ERTC”), which is designed to provide financial relief to employers during the COVID-19 pandemic. The ERTC is a refundable tax credit that is credited against an employer’s share of social security taxes for specific wages paid on or after March 12, 2020 and before January 1, 2021. An eligible employer can access ERTC funds by (1) immediately reducing employment tax obligations, (2) applying for an advance payment of the estimated credit, or (3) calculating the final credit amount at the end of the applicable calendar quarter, usually on Form 941.  Importantly, an employer that has received a Paycheck Protection Program (PPP) loan cannot also claim the ERTC (unless the employer has repaid its PPP loan by May 14, 2020). Read More ›

Categories: Employment, Tax

Latest Trend in Executive Compensation: To Include Diversity & Inclusion or Not?

Diversity & Inclusion in WorkplaceCompanies are increasingly tying executive compensation to diversity and inclusion (“D&I”) initiatives in an effort to increase female and minority representation among the workforce and management. Despite progress in recent years, an overwhelming majority of executives in the United States remain Caucasian males. Many companies have previously adopted diversity measures at the directorship-level; however a lack of diversity remains at the management level and among the rank and file employees. Read More ›

Categories: Compliance, Employment, Inspirational, Liability

Cyber Insurance: Is it right for you?

Block on KeyboardWe are frequently asked about insurance policies that cover internet-based risks like those involving network security like data breaches and ransomware, as well as data privacy related risks like class action lawsuits for privacy violations and costs related to the increasingly complex landscape of privacy rules. Read More ›

Categories: Cybersecurity, Insurance