Financial institutions should start investigating if they need to comply with the new federal rule seeking to reduce discriminatory practices in small business loan applications. Small business lending rule background The Consumer Financial Protection Bureau (CFPB) issued the rule in March 2023 under the much-anticipated Section 1071 of the Dodd-Frank Act of 2011 for the collection and reporting of small business loan application information. The rule is intended to serve as a tool for regulators and the public to identify discriminatory practices in...

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The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life in order, protect you from running afoul of U.S. tax laws, and support your position under an IRS audit. KEEP CONTEMPORANEOUS RECORDS It’s much easier to...

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On September 21st, the Bank of England ended a run of 14 straight interest rate hikes, maintaining the interest rate at 5.25%. Data showing inflation running below expectations was a determinant, as the bank said in a statement, “There are increasing signs of some impact of tighter monetary policy on the labor market and on the momentum in the real economy more generally.” According to the Financial Times, the majority of eurozone businesses reported continued falls in activity and new orders this...

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On September 19, 2023, U.S. Citizenship and Immigration Services (USCIS) submitted proposed regulations for federal review entitled “Modernizing H-1B Requirements and Oversight and Providing Flexibility in the F-1 Program.” These proposed regulations, currently under review with the Office of Management and Budget (OMB), would amend governing rules regarding H-1B specialty occupation workers and F-1 students who are the beneficiaries of timely filed H-1B cap-subject petitions. Quick Hits The Office of Management and Budget is currently reviewing proposed changes to H-1B requirements...

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Osborne Clarke recently launched a report on an Ageing Workforce. The report was produced by Censuswide, who surveyed 700 employees aged between 35-55 and working in different industry sectors across the UK. It explores areas including benefits, pensions, retirement planning, training and skill sets and offers employers a valuable tool in their planning for incentivizing, supporting and retaining older employees. The ability to work on a flexible basis and from different locations (including overseas) continues to be an important benefit,...

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In recent weeks, Arm, Instacart, and Klaviyo priced their IPOs, marking some of the first notable IPOs by technology companies in the past 18 months. As macroeconomic conditions and market sentiment appear to stabilize, whispers of IPO potential have started to emanate from the boardrooms of late-stage private companies, underwriters, and venture funds. After an 18-month quiet period, there are finally signs of life. Are IPOs back and will they be here to stay? Can Marquee Deals Reinvigorate the Market? Investor...

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The IRS is leveraging its Inflation Reduction Act (IRA) funding to target its compliance efforts on high-income and high-wealth individuals, complex partnerships, and large corporations. As part of these initiatives, the IRS recently announced that it is establishing a special group to focus on large or complex passthrough entities. The new passthrough group will include employees joining the IRS under its recently announced plan to hire more than 3,700 new employees to help with its expanded enforcement efforts. The IRS...

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