On August 20, 2024, the US District Court for the Northern District of Texas issued a nationwide injunction barring the Federal Trade Commission’s Final Rule that bans all noncompete agreements.
Read more about the court’s decision and what it means for employers and business entities here.
On August 15, 2024, the Internal Revenue Service (IRS) released Announcement 2024-30, which provides a second Employee Retention Credit Voluntary Disclosure Program for employers to resolve erroneous claims. This program aims to help employers avoid civil litigation, penalties, and interest by settling their civil tax liabilities. It will run through November 22, 2024.
Read more about the new program and other IRS developments in our Weekly IRS Roundup here.
In response to evolving market demands, an increasing number of hospitals and health systems are considering creating provider-sponsored health plans (PHSPs), which are health insurance plans owned and operated by healthcare providers. McDermott’s healthcare team recently hosted a webinar exploring how PSHPs may offer hospitals a strategic pathway towards achieving sustainable, patient-centered care delivery by driving improvements in care coordination, health outcomes, and member satisfaction.
The European Commission recently published a new Competition Policy Brief that classifies certain agreements related to labor markets as serious antitrust infringements.
It is essential for companies with workforces in the European Union to educate their human resources and recruiting departments on what constitutes an antitrust infringement. Further, no-poach agreements used in connection with M&A due diligence and negotiations, cooperation agreements, or joint venture situations should also be reviewed in detail to ensure they do not go beyond what is permitted.
The Internal Revenue Service (IRS) recently released a new revenue procedure that outlines how sponsors of defined benefit pension plans should request approval to use plan-specific substitute mortality tables for plan years beginning on or after January 1, 2025. The IRS also issued new proposed regulations that would increase penalties for employers that erroneously claimed employment tax credit refunds under the Families First Coronavirus Response Act; the Coronavirus Aid, Relief, and Economic Security Act; and the American Rescue Plan Act of 2021.
Check out this Weekly IRS Roundup here for more information.
