Written By Welcome to our latest blog post, where we’ll be dishing out some fast and fascinating facts on the newest laws and regulations you need to know! As we all know, staying up-to-date with legal changes can be a daunting task, but fear not because we’ve got you covered. In this post, we’ll provide an overview of the most essential updates that could impact your personal or professional life. So sit back, grab a cup of coffee and let’s dive in!
The 2020 Tax Reform Law
The Tax Reform Law, officially known as the Tax Cuts and Jobs Act, was signed into law by President Donald Trump on December 22, 2017. The legislation is largely a reworking of the 2017 tax reform bill authored by then-Senator Bob Corker (R-TN), which passed the Senate with only Republican support and was vetoed by then-President Barack Obama.
The major changes made in the 2018 Tax Reform Law include:
· A reduction in the corporate tax rate from 35% to 21%, effective January 1, 2018;
· A reduction in the individual tax rates, including a decrease in the top marginal personal income tax rate from 39.6% to 37%. The estate tax will also be eliminated beginning in 2024; and
· The ability to deduct mortgage interest and property taxes from taxable income.
2020 Food and Drug Administration Regulations
The FDA is responsible for regulating products that come into contact with the human body, including food, drugs, and cosmetics. In 2020, the FDA will be implementing some important new regulations. Here are four of the most important:
1. GMO Labeling: Starting in 2020, all food products containing genetically modified organisms (GMOs) must be labeled as such. This includes both food sold in stores and food served at restaurants.
2. Tobacco Product Regulations: The FDA is increasing the nicotine levels in tobacco products to reduce addiction and hopefully prevent adolescents from starting to use tobacco products. These new standards will go into effect in August 2020.
3. Chemicals in Cosmetics: Starting in 2020, all cosmetic products must list any chemicals used in their manufacture on the label. This includes ingredients like fragrances, dyes, and metals.
4. Restrictions on Food Additives: In 2020, the FDA will restrict the use of many food additives, including artificial sweeteners, colors, and flavors. These restrictions are expected to reduce obesity and chronic diseases like heart disease and cancer.
The 2020 Patient Protection and Affordable Care Act
The Patient Protection and Affordable Care Act (ACA or PPACA) became law on March 23, 2010. It is the most significant health care reform in decades.
The ACA includes several important provisions that will affect patients and healthcare providers:
– Elimination of pre-existing condition exclusions: Prior to the ACA, people with pre-existing conditions could not be denied coverage or charged more for coverage based on their health status. This prohibition is now extended to children up to age 26 who are covered by their parents’ insurance.
– Guaranteed coverage for essential health benefits: Required provisions of all health plans will include a broad range of benefits, including maternity care and substance abuse treatment, which are considered “essential” by the U.S. Department of Health and Human Services. Plans that do not comply may be ineligible for tax credits to help individuals afford coverage.
– Community rating: All insurers must offer same-sex couples the same rates for coverage as they offer heterosexual couples, regardless of whether they have children together or not. This provision does not apply to plans offered through state insurance exchanges or employer-sponsored plans.
– Medicaid expansion: The ACA provides financial assistance to states so that more low income adults can gain access to quality healthcare. Beginning in 2014, all states are required to expand Medicaid eligibility to cover anyone making less than 138% of the federal poverty level (about $16,000 for an individual in 2016). Until then, 31 states and
2020 Immigration Laws
The U.S. immigration system is constantly changing, and new laws and regulations are enacted every year. Here are some key updates to know for 2020:
1. New EB-5 Immigrant Investor Program Rules
Starting in 2020, the government will only accept applications from investors who have a “fully approved” investment package. This means that applicants must have at least $500,000 in hand before their application can be submitted. Applicants who have already made a deposit with their investment company will not need to make any additional deposits to qualify under this new rule.
2. Increased Fee for Filing Citizenship Applications
In addition to the new $500,000 investment requirement, beginning in 2020 all citizenship applications will cost $325 per person (plus applicable taxes). This fee increase is intended to help the government recover costs associated with processing these applications and accelerating naturalization ceremonies for qualified applicants.
3. Increased Penalties for Overstaying a Visitor Visa
Overstaying a visitor visa will now result in penalties that include fines of up to $250 per day, imprisonment of up to six months, or both. These penalties will also apply if an individual overstays their visa because they are unable or unwilling to leave the United States without risk of permanent removal from the country.”
2020 State Budget Updates
The 2020 State Budget Updates is a compilation of new laws and regulations that will be in effect starting in 2020. The following are key updates to keep in mind as you plan your business:
1. The Affordable Care Act (ACA) is no longer the law of the land. As of 2020, all businesses with at least 50 employees must provide health insurance or pay a penalty.
2. The California Consumer Privacy Act (CCPA) will take effect on January 1, 2020. This new law requires businesses to get consent from consumers before collecting, using, or sharing personal data.
3. The Vehicle Registration Renewal Law will increase the registration renewal fee from $60 to $100 effective January 1, 2020.
4. The Agricultural Processing and Distribution Facilities Safety Regulations are set to go into effect on January 1, 2020. These regulations will require businesses that distribute agricultural products to comply with safety standards set by the USDA.
Conclusion
Thank you for reading our latest summary of important updates in the legal world. We hope that this has provided you with a snapshot of some of the most important changes taking place right now, and that it has helped to put everything into perspective. As always, if you have any questions or would like to discuss any of the topics covered in more detail, please do not hesitate to get in touch. You can contact us by email at info@legalzoom.com or by phone at 1-855-LAWZ-GOOD (1-855-529-4844).
Fast Facts: Essential Updates on New Laws and Regulations
Welcome to our latest blog post, where we’ll be dishing out some fast and fascinating facts on the newest laws and regulations you need to know! As we all know, staying up-to-date with legal changes can be a daunting task, but fear not because we’ve got you covered. In this post, we’ll provide an overview of the most essential updates that could impact your personal or professional life. So sit back, grab a cup of coffee and let’s dive in!
The 2020 Tax Reform Law
The Tax Reform Law, officially known as the Tax Cuts and Jobs Act, was signed into law by President Donald Trump on December 22, 2017. The legislation is largely a reworking of the 2017 tax reform bill authored by then-Senator Bob Corker (R-TN), which passed the Senate with only Republican support and was vetoed by then-President Barack Obama.
The major changes made in the 2018 Tax Reform Law include:
· A reduction in the corporate tax rate from 35% to 21%, effective January 1, 2018;
· A reduction in the individual tax rates, including a decrease in the top marginal personal income tax rate from 39.6% to 37%. The estate tax will also be eliminated beginning in 2024; and
· The ability to deduct mortgage interest and property taxes from taxable income.
2020 Food and Drug Administration Regulations
The FDA is responsible for regulating products that come into contact with the human body, including food, drugs, and cosmetics. In 2020, the FDA will be implementing some important new regulations. Here are four of the most important:
1. GMO Labeling: Starting in 2020, all food products containing genetically modified organisms (GMOs) must be labeled as such. This includes both food sold in stores and food served at restaurants.
2. Tobacco Product Regulations: The FDA is increasing the nicotine levels in tobacco products to reduce addiction and hopefully prevent adolescents from starting to use tobacco products. These new standards will go into effect in August 2020.
3. Chemicals in Cosmetics: Starting in 2020, all cosmetic products must list any chemicals used in their manufacture on the label. This includes ingredients like fragrances, dyes, and metals.
4. Restrictions on Food Additives: In 2020, the FDA will restrict the use of many food additives, including artificial sweeteners, colors, and flavors. These restrictions are expected to reduce obesity and chronic diseases like heart disease and cancer.
The 2020 Patient Protection and Affordable Care Act
The Patient Protection and Affordable Care Act (ACA or PPACA) became law on March 23, 2010. It is the most significant health care reform in decades.
The ACA includes several important provisions that will affect patients and healthcare providers:
– Elimination of pre-existing condition exclusions: Prior to the ACA, people with pre-existing conditions could not be denied coverage or charged more for coverage based on their health status. This prohibition is now extended to children up to age 26 who are covered by their parents’ insurance.
– Guaranteed coverage for essential health benefits: Required provisions of all health plans will include a broad range of benefits, including maternity care and substance abuse treatment, which are considered “essential” by the U.S. Department of Health and Human Services. Plans that do not comply may be ineligible for tax credits to help individuals afford coverage.
– Community rating: All insurers must offer same-sex couples the same rates for coverage as they offer heterosexual couples, regardless of whether they have children together or not. This provision does not apply to plans offered through state insurance exchanges or employer-sponsored plans.
– Medicaid expansion: The ACA provides financial assistance to states so that more low income adults can gain access to quality healthcare. Beginning in 2014, all states are required to expand Medicaid eligibility to cover anyone making less than 138% of the federal poverty level (about $16,000 for an individual in 2016). Until then, 31 states and
2020 Immigration Laws
The U.S. immigration system is constantly changing, and new laws and regulations are enacted every year. Here are some key updates to know for 2020:
1. New EB-5 Immigrant Investor Program Rules
Starting in 2020, the government will only accept applications from investors who have a “fully approved” investment package. This means that applicants must have at least $500,000 in hand before their application can be submitted. Applicants who have already made a deposit with their investment company will not need to make any additional deposits to qualify under this new rule.
2. Increased Fee for Filing Citizenship Applications
In addition to the new $500,000 investment requirement, beginning in 2020 all citizenship applications will cost $325 per person (plus applicable taxes). This fee increase is intended to help the government recover costs associated with processing these applications and accelerating naturalization ceremonies for qualified applicants.
3. Increased Penalties for Overstaying a Visitor Visa
Overstaying a visitor visa will now result in penalties that include fines of up to $250 per day, imprisonment of up to six months, or both. These penalties will also apply if an individual overstays their visa because they are unable or unwilling to leave the United States without risk of permanent removal from the country.”
2020 State Budget Updates
The 2020 State Budget Updates is a compilation of new laws and regulations that will be in effect starting in 2020. The following are key updates to keep in mind as you plan your business:
1. The Affordable Care Act (ACA) is no longer the law of the land. As of 2020, all businesses with at least 50 employees must provide health insurance or pay a penalty.
2. The California Consumer Privacy Act (CCPA) will take effect on January 1, 2020. This new law requires businesses to get consent from consumers before collecting, using, or sharing personal data.
3. The Vehicle Registration Renewal Law will increase the registration renewal fee from $60 to $100 effective January 1, 2020.
4. The Agricultural Processing and Distribution Facilities Safety Regulations are set to go into effect on January 1, 2020. These regulations will require businesses that distribute agricultural products to comply with safety standards set by the USDA.
Conclusion
Thank you for reading our latest summary of important updates in the legal world. We hope that this has provided you with a snapshot of some of the most important changes taking place right now, and that it has helped to put everything into perspective. As always, if you have any questions or would like to discuss any of the topics covered in more detail, please do not hesitate to get in touch. You can contact us by email at info@legalzoom.com or by phone at 1-855-LAWZ-GOOD (1-855-529-4844).
