On December 20, 2012 Governor John Kasich signed into law Amended Substitute House Bill 510 to change the way Ohio taxes financial institutions. Beginning January 1, 2014, Ohio imposes a new business privilege tax on financial institutions doing business in Ohio.
A recent trial victory on behalf of a major banking client clarifies three key points of law in Ohio fiduciary litigation. In June 2012, a Vorys trial team led by Daniel J. Buckley and Lisa Babish Forbes defended a trustee in a five-day bench trial against numerous breach of fiduciary duty claims brought by successor trustees and beneficiaries.
On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued a number of mortgage-related rules, including its long-awaited qualified mortgage (QM) rules in an 804-page set of complex guidelines for residential real estate lending mandated by the Dodd-Frank Act. The rules take effect in January 2014.
On January 15, 2013, the Ohio Department of Developmental Disabilities (DODD) issued guidance to intermediate care facilities for individuals with intellectual disabilities (ICF/IID) regarding the state-wide assessments that will be completed by DODD during the first quarter of calendar year 2013.
In Revenue Procedure 2013-12, the IRS recently updated the Employee Plans Compliance Resolution System (EPCRS). The EPCRS program permits a retirement plan sponsor to correct operational, coverage and plan documentation errors in certain prescribed ways so as to preserve the tax-qualified status of the retirement plan.
On January 17, 2013, HHS announced the release of the long-awaited final omnibus HIPAA rule. According to HHS Office for Civil Rights Director Leon Rodriguez, "This final omnibus rule marks the most sweeping changes to the HIPAA Privacy and Security Rules since they were first implemented. ..."
On March 16, 2013, the First-to-File provisions of the American Invents Act (AIA) take effect, thus moving the United States from a First-to-Invent patent system to a First-to-File patent system. The United States Patent and Trademark Office (USPTO) rules and examination guidelines for the First-to-File provisions will apply to all patent applications having an effective filing date on or after March 16, 2013.
Bankers will recall that certain mortgage servicing organizations, many affiliated with large banking organizations, agreed to a comprehensive settlement process with regard to a variety of claims relating to residential mortgages generated in the 2009-2010 timeframe as part of enforcement actions commenced in 2011.
With the recent commencement of the 130th Ohio General Assembly, 2013 is already shaping up to be a pivotal year for Ohio tax issues. With that in mind, the Vorys state and local tax team and the Vorys governmental relations team present the Top Ten Tax Topics to Watch for in 2013.
IRS proposed regulations (published December 28, 2012) are a roadmap to the employer pay-or-play penalties going into effect in 2014 under the Patient Protection and Affordable Care Act (the ACA). Employers may rely on the proposed regulations until further guidance or final regulations are published.
The banking world has been rocked in recent weeks by news of very significant settlements between banks and federal regulators for alleged violations of laws and regulations pertaining to bank secrecy and money laundering. The level of these settlements should serve to remind bankers that the regulatory agencies take compliance with those laws and regulations very seriously.
On December 28, 2012, Governor Kasich announced the establishment of the new Ohio Incumbent Workforce Training Voucher Program (the Program), which is designed to offset a portion of a company’s costs to upgrade the skills of its incumbent workforce, and will provide reimbursement to eligible companies for specific training costs.
As all bankers know, the FDIC as receiver has "ramped up" it’s efforts to bring actions against directors, officers and "institution-affiliated parties" (IAPs) of failed institutions during the current banking challenges. The FDIC may elect to bring suit against former IAPs and others based upon simple negligence or gross negligence, and actions for both are often included in the complaint.
Ohio Governor John Kasich today signed the Amended Substitute House Bill 380, which requires the full disclosure of all asbestos bankruptcy trust claims made by plaintiffs with asbestos lawsuits in Ohio. The law will go into effect 90 days from today.
On Thursday, the Ohio General Assembly concluded its business for the 2011-2012 legislative session. The House and Senate debated a number of important measures during the fast-paced "Lame Duck"session following the November general election.
On December 7, 2012, the Supreme Court of Ohio ruled in favor of a coalition of businesses and county engineers that Ohio commercial activity tax (CAT) revenue derived from sales of gasoline and other motor vehicle fuels must be spent for highway purposes.
