Business

Understanding Section 174 Tax Code Changes

Tax years beginning after 2022 brought with them an uncomfortable change for many in the video game industry. Section 174 of the Internal Revenue Code, which previously allowed taxpayers to immediately expense their research and development expenses, now required taxpayers to capitalize and amortize those expenditures over a five- or even fifteen-year period. For many …

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The Digital Services Act

Beginning January 1, 2024, the European Union’s Digital Services Act (DSA) went into effect, introducing new regulations for online platforms, hosting services, and intermediary services operating or providing services in the EU.  With most of the requirements of the DSA coming into force by February 17, 2024, it becomes important for businesses to know whether …

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Social media account ownership when a content creator relationship breaks down

This week, the US Court of Appeals for the Second Circuit vacated portions of the US District Court for the Southern District of New York’s decision in the JLM Couture, Inc. v Hayley Paige Gutman case. Among other things, the case involved the determination of social media account ownership and the enforceability of non-compete obligations …

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US state privacy law update: what’s on the menu for 2024

In this article, we’ll be taking a basic overview of the new state privacy laws becoming effective in 2024, what they have in common, and where they differ. Since the Utah Consumer Privacy Act (UCPA)was technically only in effect for one day in 2023, we’ve included it in this 2024 roundup as well. 2023 U.S. …

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The Corporate Transparency Act

Next year, many companies will have a new compliance requirement. Beginning January 1, 2024, the Corporate Transparency Act (CTA) will require that domestic US companies and foreign entities operating within the US disclose their Beneficial Ownership Information.  Under the CTA, companies will have to file their BOI report with the Financial Crimes Enforcement Network, or …

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Corporate Formalities and Meetings 101, Part 1

Maintaining proper corporate formalities and record-keeping practices is crucial for a company’s good governance and legal compliance. Failure to maintain corporate formalities can remove the liability protection provided by a corporate entity, and failure to maintain corporate books and records can make any number of activities more difficult, from day to day operations, to fundraising …

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What is an 83(b) election? And what does it have to do with restricted stock?

As exciting as receiving equity in a growing startup can be, without advanced planning, that equity can carry with it some severe tax consequences. An 83(b) election is a tool that new stockholders who are subject to vesting can use to mitigate the tax burden that otherwise comes with the vesting of their shares. Granting …

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SAG-AFTRA 2023 Strike Update

As of September 25, 2023, SAG-AFTRA’s members voted 98.32% in favor of a strike authorization on the Interactive Media Agreement which covers the union’s work on video games. The industry bargaining group representing signatory game companies to the Interactive Media Agreement consists of the following companies: Activision Productions Inc., Blindlight LLC, Disney Character Voices Inc., …

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