Showing 43 posts by Taylor A. Gast.
SEC Expands Accredited Investor Definition to Include Sophisticated Investors, Others
On August 26, 2020 the Securities and Exchange Commission (SEC) adopted amendments to Rule 501(a) of the Securities Act that expand the definition of “accredited investor” to include additional categories of investors who may invest in unregistered private offerings. This amendment is intended to provide greater access to private investment markets. The amendments become effective 60 days after the new rule is published in the Federal Register. Read More ›
Categories: Entity Planning, Entity Selection, Organization & Planning, News, Startup, Venture Capital/Funding
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A Guide to the Employee Retention Tax Credit: An Alternative to the PPP
For 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
Cyber Insurance: Is it right for you?
We 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
Legal Cybersecurity Hotline Launched
This blog post has since been updated with new information
Hackers are more sophisticated than ever. It is often not a matter of ‘if’ but ‘when’ a data breach will occur. October is National Cybersecurity Awareness Month and with new threats frequently reported in the media; individuals, businesses, municipalities and other organizations need to do their due diligence in preparing for the inevitable. Read More ›
Categories: Cybersecurity
Using Vendor Management to Protect Your Business's Data
As a business or business owner, one thing to consider when creating a cybersecurity plan, is a vendor management program. Vendor management programs can help businesses address risks that arise when working with vendors and third parties that might be receiving sensitive information or business information. Read More ›
Categories: Cloud Computing, Cybersecurity, Digital Assets, IT Contracts
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
Updates on Federal and State Privacy Legislation and the FTC’s Authority
The International Association of Privacy Professionals Global Privacy Summit (“GPS”) occurred at the beginning of this month in Washington, D.C., giving more than 4,000 privacy professionals the chance to meet, reconnect, discuss developing issues, and learn from leaders in data privacy and security. Much of the conversation centered around the General Data Protection Regulation ("GDPR"), now approaching one year since its effective date. Read More ›
How are Businesses Preparing for Proposed Federal Data Privacy Legislation? Part Two: Conduct a Data Assessment and Address Risks
This is the second part in a series discussing the actions that companies can take to prepare for potential data privacy legislation. Part One summarizes and discusses recently proposed data privacy legislation. Read More ›
Categories: Compliance, Cybersecurity, Digital Assets, IT Contracts
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
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