Navigating changing consumer privacy laws can feel like chasing a moving target. Nineteen states have now enacted consumer privacy legislation, and while some, like California and Texas, have introduced unique thresholds, many have adopted what’s known as the "Virginia model." In this post, we’ll explore how simplifying your strategy could save you time, money, and legal headaches while setting you apart as a privacy-forward company.

Having an effective privacy policy is essential for any organization. Here we share the steps you need to ensure your privacy policy is effective and legally binding.

Proactive data protection is non-negotiable. If your organization lacks clarity on where its sensitive data resides or how to manage breaches, you’re one breach away from chaos.

The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department (often referred to as BOI Reporting Requirement) were preliminarily blocked nationwide by a Texas federal court on Tuesday.

Many SaaS organizations need to look over a Data Protection Addendum (DPA) to see if their system meets the Data Protection Addendum criteria out of the box. 100% of the time, it doesn’t.

Company Data Protection Addendums are meant to be overprotective; it’s on the attorney and company working together to make the contract reflect reality.

Let’s review 5 changes you can make today to become compliant.

All organizations need to map their privacy data. You need to map information like what personal information you have, why you have it, who you get it from, who can see it, and how is it stored and deleted. 

No matter what privacy law you’re trying to comply with, your policies need to match your practices.

The Colorado Privacy Act (CPA) is emerging as a model for state-level privacy regulation. Recent amendments focus on biometric information and children’s privacy, which when combined with Colorado’s AI Act (more on this in later posts), arguably put Colorado ahead of California in the race to shame the feds on privacy law. This issue-spotting guide will help you understand the amendments and the steps businesses subject to the CPA must take to comply.

The Corporate Transparency Act, implemented on January 1, 2024, mandates smaller corporations and limited liability companies to file beneficial ownership information (BOI) reports with FinCEN to combat illegal financial activities. Despite a federal district court's ruling deeming the act unconstitutional in National Small Business United v. Yellen, the decision currently only impacts specific plaintiffs, while other businesses are still required to comply. As litigation unfolds, businesses established before 2024 have until January 1, 2025, to fulfill their filing obligations, while newer entities must act promptly within 90 days of incorporation to adhere to the law.

The FTC voted to ban most non-compete agreements for for-profit workers. This will have an enormous impact on the Mergers and Acquisitions landscape. Legal challenges are anticipated due to questions about the FTC's authority, potentially delaying the rule's implementation, so business buyers should monitor developments and consider adjusting agreements accordingly. In the meantime, reviewing non-compete agreements and exploring narrower alternatives like NDAs is advisable

Prepare for selling your business by signing a Non-Disclosure Agreement and responding to buyer checklists. Upload relevant documents to a Virtual Data Room, ensuring a smooth transition for the buyer. Protect your assets, like client lists, and seek professional guidance throughout the process to maximize success.

Question: Did you always know you wanted to do privacy law?

Answer: Nope.

Avid these NAICS in the grass-don’t forget to pay attention to your NAICS code on your tax filings this year if you’re planning an acquisition! SBA financing Is actually available to 100% buyouts of companies where the Seller has the same NAICS code as the Buyer

Preparing for the sale of your accounting practice doesn't have to be daunting, even during tax season. By following these five strategies – raising rates strategically, documenting crucial information, planning staff changes, optimizing your profit margin, and assembling your team – you'll set yourself up for a successful sale when the time comes. Don't wait until May; start preparing now to make this tax season your step towards financial freedom.

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Valuing an accounting practice for sale is often more straight forward than other industries but still has some deal-specific wrinkles that can make it difficult to ascertain.

The National Labor Relations Board (NLRB) has issued new guidance on severance agreements, clarifying that employers cannot require employees to waive their rights under the National Labor Relations Act (NLRA) in exchange for severance benefits. The memo offers guidance on the kinds of severance agreement provisions that could violate the Act if enforced, including confidentiality, non-disclosure, and non-disparagement clauses. This new development has significant implications for both employers and employees, and it is essential to ensure that severance agreements comply with applicable laws and regulations.

Learn from John's experience - buying an accounting practice without legal counsel led to significant challenges, including lost time, delays, and client loss. Read on to understand the importance of seeking legal advice when purchasing an accounting practice and how it can protect your interests.