On January 31, 2024, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans.
On January 1, 2024, Canada entered the last phase of CPP enhancements introduced in 2016 through Bill C-26, An Act to amend the Canada Pension Plan, the Canada Pension Plan Investment Board Act and the Income Tax Act.
Illinois state and local legislatures kept busy in 2023 with the enactment of numerous new labor and employment laws, including significant changes to paid and sick leave for employees and new protections for temporary laborers and independent contractors
While the DOJ has initiated at least two new Foreign Corrupt Practices Act enforcement actions against U.S. companies, it has also announced several decisions not to prosecute—most recently involving a U.S. biotech firm and its subsidiaries.
The federal government, states, counties, and cities were active again this year passing workplace legislation intended for the most part to protect employees, creating new compliance obligations for employers.