Within the past two months, there has been a flurry of activity in the cannabis space, including continued litigation over Indiana’s hemp laws,1 the release of Indiana’s 2021 hemp grower/handler application by the Office of Indiana State Chemist &…
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA” or the “Act”) as part of the greater National Defense Authorization Act for Fiscal Year 2021. The CTA requires certain domestic and foreign companies to disclose…
Congress finally agreed on a new COVID relief package, passed the Consolidated Appropriations Act, 2021 (the "Act") after months of intense negotiations about scope and dollars, and has sent the Act to President Trump for his signature. The…
On Friday, December 4th, 2020, the U.S. House of Representatives passed H.R. 3884, the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) by a vote of 228 to 164. If enacted, the MORE Act would end federal prohibition of cannabis,…
On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which, respectively, provided additional guidance regarding the IRS position on the non-deductibility of expenses funded with…
On October 30, 2020, the SBA released two additional questionnaires that will need to be submitted by for-profit and non-profit PPP borrowers as part of their loan forgiveness applications. This follows a notice issued by the SBA on October 28 in…
On October 22, 2020, the United States Department of Agriculture (“USDA”) approved the Indiana State Hemp Plan (the “Plan”), allowing hemp growers to grow and process hemp commercially in Indiana without obtaining the previously required university…
On July 16, 2020, the Court of Justice of the European Union (CJEU) in Luxembourg issued its long-anticipated decision in the case of Data Protection Commission v. Facebook Ireland, Schrems (Schrems II). The decision concludes two years of…
On October 2, 2020, a Procedural Notice issued by the SBA (the “Notice”) became effective that provides information and procedures addressing requirements for approval of changes of ownership for an entity that has received funds under the Paycheck…
Background
In early September 2019, the IDOR launched the first of four rollouts of a tax modernization project, Project NextDOR, and is launching Phase 2 this month. Project NextDOR’s new technology includes INTIME, a new online e-services portal…
In its monthly payroll industry teleconference held on September 3, 2020, the Internal Revenue Service (IRS) confirmed that the payroll tax deferral of the employee portion of the FICA tax described in IRS Notice 2020-65 is not required. Employers…
On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to the private placement definition of “accredited investor” in Regulation D under the Securities Act of 1933 (the “Securities Act”). The…
