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Is Trump the New Obama?
Ever since Donald Trump was elected President, businesses throughout the United States have expected a lessening of the pervasive regulatory regime in place under the Obama Administration. This expectation has come as a result of President's Trump's own rhetoric, and comments by key members of his Administration. President Trump has publicly stated his opinion that “Excessive regulation is killing jobs.” In addition, former White House Chief Strategist Stephen Bannon had voiced the goal of the “deconstruction of the administrative state.” However, employers should expect one major exception: immigration.
The Obama Years
Under President Obama, the federal government attempted to overcome the Congressional gridlock preventing passage of new legislation through two primary means: 1) issuing executive orders directing administrative agencies to promulgate new, stronger regulations on key issues without the need of legislative approval; and 2) increased/stricter enforcement of existing laws and regulations. This strategy manifested itself in multiple ways. Wage and hour and other forms of employment-related audits and investigations increased considerably during President Obama's terms in office. Additionally, his Department of Labor promulgated changes to multiple significant regulations, including the near-doubling of the white-collar exemption salary threshold and the narrowing of the “advice” exception to the Labor Management Reporting and Disclosure Act of 1959. With respect to immigration, President Obama stepped up audits of employers' Form I-9 records to crack down on businesses employing illegal aliens.
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Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
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Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.