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Update on Gifting: The Clawback Law Has Been Extended to January 1, 2026

As we wrote here earlier this year, Governor Cuomo proposed to extend the “clawback law,” which had expired on January 1, 2019, in his fiscal year 2020 Executive Budget.  As a reminder, the clawback law pulled the value of all taxable gifts made within three years of a New York resident taxpayer’s death back into the New York resident taxpayer’s estate for New York estate tax purposes.

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Final Regulations Issued Addressing 501(c)(4) Notification

The IRS has released final regulations regarding the requirement that 501(c)(4) social welfare organizations file notice of their formation with the IRS.

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New York Raises the Stakes in Relation to Breach Reporting and Securing “Private Information”

Following up on our post from June 7, Governor Cuomo has now signed the SHIELD Act into law.  New section 899-bb of the General Business Law, which creates substantive security obligations for all persons or businesses that own or license the defined “private information” of New Yorkers, goes into effect in 240 days, with the rest of the law taking effect within 90 days.

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Defense Contractors Get Ready: DoD Close to Unveiling New Cyber Certification Program

The Department of Defense (“DoD”) recently announced that a new cybersecurity standard and certification program for defense contractors, the Cybersecurity Capability Model Certification program (“CCMC”), is currently under development and nearly ready for deployment.

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What’s Old is New Again - NY SHIELD Act Passes the Senate

Cybersecurity law moves quickly and what may have been dead in one legislative session can come back in another to change the regulatory landscape in unexpected ways.  Case in point, the NY SHIELD Act, S5575A, which passed in the New York Senate this week.

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