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Business & Tax Law News
  
  

September 14, 2021

In this issue:

  

  

  
   Remote Cyberattack   

Cybersecurity Impact on Small Businesses in Wake of Colonial Pipeline

Taylor A. Gast

In the wake of the Colonial Pipeline ransomware attack, cyber attacks such as ransomware and phishing continue to be a major threat for all businesses, large or small. 

In a recent episode of Expert Connexions, business and cybersecurity attorney Taylor Gast joined moderator Julie Holton along with other panelists to discuss the circumstances of the pipeline ransomware crisis along with common mistakes that all businesses make along the way that can eventually land them in hot water...

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   Older Couple Looking at Retirement Plan   

IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues

Amanda J. Dernovshek, Julie L. Hamlet and
Mindi M. Johnson

On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.

We have provided a summary of the changes below...

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Video: Legal Issues for College-Bound Children 

As a new crop of first-year college students begin a new chapter in their lives, what can parents do to better prepare themselves and their children?

What happens if a child gets in an accident? What happens if the child receives an MIP?

On a recent segment of Foster Swift's Second Wednesday Morning Break, moderator Patricia Scott interviewed fellow attorneys Amanda Afton Martin and Robert Easterly on the subject of 'Legal Issues for College-Bound Children'.

In the following video:

  • Amanda discusses the timing and importance of certain estate planning documents that parents and their adult children should have prepared and in place before the child goes off to college such as a patient advocate designation naming someone to make medical decisions on the child's behalf if they are unable to do so.
  • Robert discusses possible run-ins and scenarios that college students may have with law enforcement and lists steps on what the students can do to not further escalate the situation they may find themselves in such as a traffic stop.

See the full Q and A discussion here: https://youtu.be/B-0_E_Qi-XI

  

  

  
  

Proactive Legal Strategies Create Competitive Advantages in New Era for Businesses

With many employees back to in-person work and businesses moving forward into the next phase of the post-COVID era, the importance of using legal counsel to stay ahead of continuous changes in the law is crucial to avoiding issues that can further hinder a business’s progress in the “new era”.

It is important to stay on top of trending business strategies and keeping resources at your fingertips. Be sure to check out our monthly Second Wednesday Morning Break virtual session where we discuss a different trending legal topic. 

Most recently, John Mashni discussed the importance of protecting your business's intellectual property and keeping your name and brand safe.

If you have questions or concerns about changes in the law as we move into the final stretch of 2021, please reach out to your Foster Swift attorney or contact us at info@fosterswift.com.

  

  

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Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

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