Exemptions

News & Analysis as of

Wealth Management Update - August 2014

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Peabody Decision Tightens Requirements for Commission Payments and Exempt Status

State and federal law create an exemption from overtime compensation for employees engaged in sales who satisfy specific criteria. Although the requirements under each set of laws are not identical, each generally provides...more

Regulatory Threat to Water and Wastewater Treatment Facilities

A federal inter-agency Chemical Facility Safety and Security Working Group has called for the elimination of an exemption currently enjoyed by water and wastewater treatment facilities from the Chemical Facility and...more

California Supreme Court Splits From Federal Law on Commissioned Employee Exemption Compliance

On July 14, 2014, the California Supreme Court clarified the commissioned employee exemption from overtime under California law. In Peabody v. Time Warner Cable, Inc., the court confirmed that calculations necessary to...more

Community Colleges Not Subject to UTPCPL

It only stands to reason, yet it took almost 12 years and repeated appeals for the final determination by the Pennsylvania Supreme Court in Meyer v. Community College of Beaver County, No. 22 WAP 2012, 2014 Pa. LEXIS 1524...more

Overhaul of Washington State Investment Adviser Rules: What it Means for Hedge, Private Equity and Venture Capital Fund Managers...

In June 2014, the Washington State Department of Financial Institutions, Securities Division amended the rules applicable to investment advisers in the state of Washington in Chapter 460-24A of the Washington Administrative...more

SEC Issues Guidance on Proxy Voting Responsibilities of Investment Advisers, Their Use of Proxy Advisory Firms, and Application of...

On June 30, 2014, the Staff of the Securities and Exchange Commission’s Divisions of Investment Management and Corporation Finance issued guidance on the responsibilities of investment advisers in voting proxies and using...more

What Happened to Immigration Reform?

After years of debate over comprehensive immigration reform, it appears that – at least according to some reports – immigration reform is “officially dead.” At least any kind of House-approved immigration reform, that...more

FDA Issues Draft Guidance Eliminating Regulatory Controls on Medical Device Data Systems, Imaging Storage Devices, and Imaging...

On June 20, 2014, the United States Food and Drug Administration (FDA) issued a draft guidance document announcing that the agency does not intend to enforce the general regulatory controls applicable to medical device data...more

FDA Advises it Will Not Enforce Regulatory Controls for Low-Risk Medical Information Technology Devices

The U.S. Food and Drug Administration (FDA), in conjunction with the Office of the National Coordinator for Health Information Technology (ONC) and the Federal Communications Commission (FCC), recently issued a draft report...more

Senior Care Franchises: Important Regulatory News

Effective July 1, a home health agency that is not Medicare or Medicaid certified and does not provide skilled care is exempt from the requirement to be accredited in 400.471(2)(h), Florida Statutes. An amendment was passed...more

Inherited IRA Exposure To Creditors – Resolution At Last

We have written on the question whether inherited IRAs are exempt from creditors in a federal bankruptcy action. The various courts that have addressed the issue have gone in both directions....more

Supreme Court Decides Retirement-Fund Bankruptcy Exemption Case: Clark v. Rameker

On June 12, 2014, the United States Supreme Court decided Clark v. Rameker, No. 13-299, holding that funds in an individual retirement account (IRA) that a bankruptcy debtor obtained through inheritance are not "retirement...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

SEC Investment Management Staff Requests Certifications for Marked Copies of Exemptive Applications

The SEC’s Division of Investment Management issued an Information Update that describes the procedure for providing a version of an exemptive application marked to show changes from relevant precedent (in the case of an...more

Drones: Hollywood’s Requests for Regulatory Exemptions from the FAA Could Get UAS for Commercial Use Off the Ground

The lack of certainty regarding the use and regulation of unmanned aircraft systems (UAS) is prompting companies to seek creative ways to get their drones off the ground. This week, seven aerial photo and video production...more

Employee Benefit Plan is Governmental Plan, Even Though Employees are Not, says District Court in 11th Circuit.

It is a deceptively simple statement: Governmental employee benefit plans are exempt from ERISA. 29 U.S.C. § 1003(b)(1). But what about an employee benefit plan of an entity affiliated with a governmental entity, but whose...more

November Target For Proposed Exemption Changes

As we reported previously, in March President Obama directed the U.S. Labor Department to "modernize and streamline" its regulations governing the federal Fair Labor Standards Act's Section 13(a)(1) executive, administrative,...more

Religious Institutions Update - Lex Est Sanctio Sancta

"Church plans" are pension plans (including defined benefit or defined contribution plans) exempt (without an irrevocable election) from many of the legal requirements of the Employee Retirement Income Security Act (ERISA)...more

San Francisco Beautiful CEQA Decision Interpreting Class 3 Categorical Exemption For Installation of Small Structures Is Ordered...

On May 30, 2014, the Court of Appeal for the First Appellate District (Division 4) filed its order denying rehearing and granting the requests of real party in interest AT&T, Verizon, Remy Moose Manley and others to publish...more

California Supreme Court (!) Issues Strong Pro-Defense Wage and Hour Class Action Decision

“Depending on the nature of the claimed exemption and the facts of a particular case, a misclassification claim has the potential to raise numerous individual questions that may be difficult, or even impossible, to litigate...more

Exemption for Construction of Water and Sewer Lines

The PA Department of Revenue has renewed a ruling that a contractor may claim exemption for certain items installed in the construction of water and sanitary sewer lines for a private developer where the sewer lines will be...more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

Our Neighbors Filed Bankruptcy and Kept Everything. What Will We Lose?

This area of Bankruptcy law deals with a lot of ‘twos.’ There are two components of a Bankruptcy: assets and debts. There are two kinds of debts: dischargeable and non-dischargeable. There are two kinds of assets: exempt...more

Grave decisions for Cemetery Association and Office Building Owner; Tax Court rejects two petitions to enjoin collection of...

A longstanding exemption is denied. In Washington Park Cemetery Association, Inc. v. Marion County Assess et al., Cause No. 49T10-1404-TA-10, the non-profit Association owned a cemetery, mausoleum and crematory complex in...more

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