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Showing 11 posts by Amanda J. Dernovshek.

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

Three Steps to Forming an LLC

A limited liability company (“LLC”) provides many benefits and protection to its owners. When forming an LLC there are several steps you should take. Below are three key steps to setting up your LLC. Read More ›

Categories: Compliance, Contracts, Entity Selection, Organization & Planning, Startup

Children's Online Privacy Protection Act: Are You Compliant?

The Children’s Online Privacy Protection Act (“COPPA”) was enacted in 1998 and was created to address concerns with the online collection of children’s personal information. Recently, the Federal Trade Commission (“FTC”) has announced several large fines for companies not in compliance. Read More ›

Categories: Compliance, Liability, Privacy, Technology

Michigan Marijuana Retailers: Data Privacy and Cybersecurity Risks

More than 30 states have legalized medical marijuana and more than 10 have legalized marijuana for recreational use, including Michigan in a 2018 ballot proposal. Marijuana retailers have significant issues to address as the industry and the rules governing it mature over time. Among those issues, retailers should not overlook data privacy and cybersecurity issues.   Read More ›

Categories: Cybersecurity, Electronic Health Records, HIPAA

SEC-Regulated Companies Should Address Cybersecurity to Avoid Enforcement Risks

If 2018 was any indication, cybersecurity compliance should be high on the list of SEC-regulated companies’ priorities in 2019. Take, for example, the SEC’s 2018 enforcement action against Voya Financial Advisor, Inc. (“Voya”) for violation of the Red Flags Rule, which resulted in a $1 million settlement. Read More ›

Categories: Compliance, Cybersecurity

Are Boards of Directors Responsible for Cybersecurity?

Whose responsibility within a company is cybersecurity? Should key decisions fall to IT, or should higher management be involved more heavily in day-to-day cybersecurity risk management? Given the large fines and compliance obligations facing companies today, it’s probably obvious to most that data privacy and security is not just a technology issue. Read More ›

Categories: Cybersecurity, Digital Assets