Question Presented: What should LLCs do in preparation of the new IRS partnership tax audit and assessment rules? Short Answer As of December 31, 2017, the IRS will require all entities taxed as partnerships to pay for imputed taxes on partners for prior tax years at the partnership level. Most LLCs elect to be treated…
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Delaware Enacts Comprehensive Online Privacy Protection Law: Is Your Business Compliant?
The Delaware Online Privacy and Protection Act (“DOPPA”) became effective on January 1, 2016. This new law requires compliance in three major areas: (1) conspicuous posting of a compliant privacy policy; (2) advertising and marketing to children; and (3) enhancing the privacy protections of users of digital books (“e-books”). Why should a business be concerned…
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New York State: Banks and Insurance Providers – New Cyber-Security Standards
Effective March 1, 2017, all banks and entities providing insurance in New York State will be required to meet new, minimum cyber-security standards, and certify compliance each February 15 after internal risk assessments are performed. While some larger entities may already meet these standards, many will not. Entities which also engage in business in other…
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Defined Terms? Fuhgeddaboudit!
In September 2016, the Oxford English Dictionary (“OED”) added the word “fuhgeddaboudit”, among others, as part of its quarterly update. The term is defined as: “In representations of regional speech (associated especially with New York and New Jersey): ‘forget about it’, used to indicate that a suggested scenario is unlikely or undesirable.” However, anyone who…
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