On 22 March 2024, Treasury proposed regulations identifying exceptions to the 45-day advance notice period that the IRS must provide taxpayers before contacting third parties during audit. The Taxpayer First Act (2019) made several structural changes to the IRS and the Code that—in theory—establish some degree of equilibrium in the audit process and protect taxpayers from (real or perceived) process-related abuses.
One such change was requiring the IRS to provide taxpayers substantive, advance notice before contacting third parties for information during an exam.
On 14 November 2023, the IRS issued the long-awaited proposed implementing regulations (REG-142338-07) under section 4966, added by the Pension Protection Act of 2006 (“Proposed Regulations”). The Proposed Regulations address many definitions related to donor advised funds, donors and donor advisors. The proposed regulations are intended to help taxpayers understand how the imposition of excise taxes on taxable distributions may apply to them.
The Department of Justice’s (DOJ) Antitrust Division (“Division”) has launched the Task Force on Health Care Monopolies and Collusion. This new Task Force, made up of lawyers, economists, industry experts, data scientists, and technologists from across the Division, will work on investigations and policies across the healthcare space. In particular, the Task Force will focus on consolidated markets, particularly where business operations affect customer care, the use of healthcare data, labor issues, and technology services in the healthcare space.
Last year, the National Labor Relations Board (NLRB)’s General Counsel was relentless in overturning precedential decisions and standards impacting both unionized and non-unionized employers. The result was an overall employee-friendly shift to labor laws encouraging both unionization and concerted employee actions impacting working conditions. Key developments included restricting confidentiality and non-disparagement clauses in employee severance agreements, and attacking certain restrictions in noncompete agreements.
The Department of Justice’s (DOJ) Antitrust Division has launched the Task Force on Health Care Monopolies and Collusion. This new Task Force, made up of lawyers, economists, industry experts, data scientists, and technologists from across the Division, will work on investigations and policies across the healthcare space. In particular, the Task Force will focus on consolidated markets, particularly where business operations affect customer care, the use of healthcare data, labor issues, and technology services in the healthcare space.
On March 7, 2024, Public Safety Canada updated its Guidance on the application of Fighting Against Forced Labour and Child Labour in Supply Chains Act (Supply Chains Act). Businesses operating in Canada are encouraged to review the key changes summarized below to confirm that their assessment of reporting obligations continue to align with Public Safety Canada’s Guidance. The deadline for submitting reports under the Supply Chains Act is 31 May 2024.
On 26 March 2024, the IRS Advance Pricing and Mutual Agreement (APMA) Program issued their 25th annual Advance Pricing Agreement (APA) report describing the experience, structure, and activities of the APMA Program during calendar year 2023. The report provides statistical information about the numbers of APA applications received and resolved during the year, including countries involved and transfer pricing methods employed. This article identifies key takeaways based on the data from the report and our experience advising companies during the APA process.
Esparza v. Kohl’s, Inc., confirms that sharing electronic data with third-party applications or service providers without the website visitor’s consent creates a risk of lawsuits and potential liability for website defendants in states that require all parties to consent to interception of communications.
The Federal Trade Commission (FTC) recently issued its highly anticipated final rule on noncompetes, imposing a near-total ban on worker noncompetes in the United States. Barring injunctive relief from legal challenges (which have already started), the rule will take effect 120 days from publication in the federal register.
On April 10, 2024, the Department of Justice Antitrust Division announced that it had secured a guilty plea from a fuel truck company owner for conspiracy to monopolize trade in violation of Section 2 of the Sherman Act. This policy shift has expanded the scope of the DOJ’s criminal antitrust enforcement agenda. Accordingly, companies should ensure that their employees are properly complying with antitrust regulations and continue to monitor as this revived area of antitrust law develops.