After months of eager anticipation, today the Department of the Treasury released regulations defining and refining certain requirements set forth in the "Opportunity Zone" law.
While the Opportunity Zone statute provided a framework for tax-deferred investments, most projects have been on hold pending the regulatory framework. The regulations released today answer many questions, while others remain unaddressed. According to today's release, more guidance will be forthcoming by the end of the year.
Some highlights of the proposed regulations include:
Substantial ...
The United States Department of Labor (DOL) recently announced its Wage and Hour Division (WHD) is reinstating its practice of issuing opinion letters with respect to the application of the Fair Labor Standards Act (FLSA) and the Family and Medical Leave Act (FMLA). Generally, the FLSA establishes minimum wage, overtime, recordkeeping and employment standards, and the FMLA makes unpaid leave available to certain eligible employees upon the occurrence of certain family events (i.e., birth or adoption of a child, care of a child, spouse or parent with a serious health condition, or a ...