From the US CHAMBER OF COMMERCE: Privacy Shield: What Successful Transatlantic Cooperation Looks Like
By, KARA SUTTON Senior Manager, Center for Global Regulatory Cooperation. Dated posted 9/ 18/ 17 (link source)
U.S. and EU government officials are convening today in Washington, D.C. to begin the first annual review of the EU-U.S. Privacy Shield Framework. The Privacy Shield is an important viable legal tool that enables the transfer of data cross-border between the United States and the European Union alongside commitments to strong protections for consumers.
In its first year, the Privacy Shield has significantly contributed to increasing American and European consumer confidence, while allowing businesses large and small alike to provide products and services across the Atlantic. The EU-U.S. Privacy Shield is successful on many levels:
It facilitates the movement of data cross-border for American and European businesses, while meeting the rigorous privacy expectations of American and European consumers.
It triggers a thorough review of company’s privacy practices, resulting in demonstrable changes to how they do business and protect consumer privacy, in order to certify.
It enhances accountability by establishing a meaningful U.S. government and EU Commission process for addressing any consumer concerns that arise.
It ensures timely and swift action in response to consumer privacy concerns, though relatively few companies have received complaints.
It is accessible as more than 2,400 American and European companies have been certified, half of which are small and medium sized businesses.
It serves more broadly as a model for regulatory cooperation demonstrating that it is possible to find solutions that bridge different regulatory frameworks.
Digital connectivity and corresponding data flows are the lifeblood to the billions of dollars in trade and trillions of dollars in investment that underpin the U.S.-EU economic relationship. Data flows between the United States and European Union are currently the highest in the world, approximately 50 percent greater than those between the United States and Asia. And, hundreds of thousands of jobs on both sides of the Atlantic and across all sectors depend on the ability to move cross-border data.
The Privacy Shield is vitally important for American and European companies to continue to transfer data across the Atlantic and do business and sets a high standard for the protection of consumer data. It has filled the void of uncertainty following the European Court of Justice’s invalidation of its predecessor, the Safe Harbor Framework.
Over the past year, Privacy Shield-certified companies have shown a commitment to the new obligations in the agreement by enacting necessary changes to ensure strong protections for citizens. Meanwhile, the U.S. government and European Commission have worked together to implement a lasting agreement with important accountability mechanisms.
US CHAMBER OF COMMERCE: When Disaster Strikes, Businesses Step Up
By, THOMAS J. DONOHUE President and CEO, U.S. Chamber of Commerce
Posted on their webpage 9/ 18/ 17 (link source)
As our country continues reeling from two devastating hurricanes, Americans from all walks of life are extending their hands and their prayers to help those in need. The business community is right there with them, offering assistance and resources to employees, customers, and anyone we can reach who was impacted. For years, the U.S. Chamber of Commerce Foundation’s Corporate Citizenship Center has helped marshal support and coordinate private sector recovery efforts following disasters. This time is no different.
Before Hurricanes Harvey and Irma made landfall, the Foundation began activating its resources and reaching out to local leaders on the ground in at-risk areas. We set up our 24-hour Disaster Help Desk to field questions and supply information to area business leaders. Along with our federation of state and local chambers, we alerted local businesses to the dangers and explained what they could do to brace for impact.
After the storms hit, we kicked into high gear—touching base with FEMA’s Private Sector Division to plan how we could assist the federal government. We hosted a disaster coordination call following each storm with companies willing to lend a hand, then provided the government with information regarding the supplies and expertise companies were offering. We also spoke up about local business needs we became aware of.
Hundreds of companies ranging from Walmart to Royal Caribbean to Boeing have donated money to relief efforts. Airbnb offered free stays for evacuees and emergency personnel, Comcast opened nearly 10,000 free Wi-Fi hotspots so that people could stay connected, and Caterpillar provided portable generators to power relief efforts and trucks to rescue the stranded. Countless other companies large and small have provided help, and many continue to do so. We profile additional examples on our corporate aid tracker at uschamberfoundation.org.
There is a long road to recovery ahead for the millions impacted by these storms. For many residents, their power is still out, their homes are underwater, and they need to focus on their families before they can return to work. Many local businesses are dealing with the same problems. For some, it remains impossible to open up shop or resume operations. Business leaders seeking information can contact our Disaster Help Desk at 1-888-MY-BIZ-HELP. As recovery efforts proceed, those affected can count on the support of the business community over the weeks and months to come.
DEPT. OF LABOR BLOG: 5 Facts About Working Women and Retirement
Blog posted on 9/ 18/ 17 (link source)
Ensuring women’s economic security through retirement can, and should, start early − and we have resources to help. Here are five facts to know about women and retirement:
1) Women live longer but often have less saved for retirement.
You probably knew women tend to live a little longer than men, but did you know they also tend to have less saved for retirement? On average, a woman retiring at age 65 can expect to live another 21 years, nearly three years longer than a man retiring at the same age. The median balance of women’s retirement accounts in 2016 was only $20,680 compared to $31,371 for men, as reported by Vanguard.
2) Many women aren’t saving for retirement at work.
Approximately 54 percent of working women are not participating in an employer-sponsored retirement plan either by choice (7 percent), ineligibility (9 percent), or because none was offered (37 percent), according to the National Institute for Retirement Security.
3) Mothers’ wages are increasingly important to the economic security of their families.
Almost 60 percent of all women over age 16 were in the workforce in 2015. For mothers with children under 18, the participation rate jumps to nearly 70 percent. Additionally, the number of mothers who are the sole or primary earner has increased significantly in the past few decades. Mothers provide at least half of the family’s income in 40.9 percent of households with children under age 18, up from 11.3 percent in 1960.
4) Mothers are nearly five times more likely to work part-time than fathers.
Despite strides in women’s earnings over the past decades, employed mothers are nearly five times more likely to work part-time than fathers, due in part to caregiving duties. Part-time workers are less likely to be covered by an employer-provided retirement savings plan, and may have less money to save on their own.
5) Women are at greater risk of experiencing poverty in retirement.
Women face a higher risk of poverty in retirement and are much more likely than men to depend on Social Security payments. For 27.4 percent of women age 65 and over, Social Security benefits comprise 90 percent of their total income. Forty-six percent of all elderly unmarried women (including widows) who received Social Security benefits in 2014 relied on it for 90 percent or more of their income.
Even if a woman can only set aside a small amount each pay period or month, those savings will compound over time. Women who do not have access to an employer-sponsored retirement plan should know that anyone receiving compensation or married to someone receiving compensation can contribute to an IRA. In addition, self-employed women can start a Simplified Employee Pension Plan (SEP) or a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE).
The time for working women to plan and save for the future is while they are working. Learn where to start by reading “Women and Retirement Savings,” a short publication from the U.S. Department of Labor’s Employee Benefits Security Administration. Explore more relevant data in the issue brief, “Older Women Workers and Economic Security,” from the Department’s Women’s Bureau.
IRS Expands Tax Relief to Victims of Hurricane Irma in Florida; Extension Filers Have Until Jan. 31 to File
PRESS RELEASE ISSUED 9/ 15/ 17 (link source)
WASHINGTON -- Hurricane Irma victims in Florida have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15.
The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for either individual assistance or public assistance in Florida.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Sept. 4, 2017 in Florida. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period.
This includes the Sept. 15, 2017 and Jan. 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief.
A variety of business tax deadlines are also affected including the Oct. 31 deadline for quarterly payroll and excise tax returns. Businesses with extensions also have the additional time including, among others, calendar-year partnerships whose 2016 extensions run out on Sept. 15, 2017 and calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017. The disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.
In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period. Check out the disaster relief page for the time periods that apply to each jurisdiction.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016). See Publication 547 for details.
The tax relief is part of a coordinated federal response to the damage caused by severe storms and flooding and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.
WORLD AND NATIONAL NEWS BRIEFS
From the UN NEWS CENTER:
More than 128 countries back pledged reforms to shape ‘21st century UN’
18 September 2017 – Pledging to overhaul the United Nations bureaucracy to make the world body stronger and more responsive to the people it serves, Secretary-General António Guterres today launched a pledge of support for reforms that has the backing of 128 countries.
Use political weight to eliminate sexual exploitation and abuse, UN official urges global leaders
17 September 2017 – Ahead of a high-level United Nations meeting on preventing sexual exploitation and abuse, the Organization's Special Coordinator on the issue is urging global leaders to join the “Circle of Leadership,” lend the political weight of their offices, and act – both at the national and international levels – to eradicate the scourge.
NATIONAL
AP: Maria grows to a Cat 3, nears already battered Caribbean
SAN JUAN, Puerto Rico — Hurricane Maria grew into a Category 3 storm on Monday as it barreled toward a potentially devastating collision with islands in the eastern Caribbean. Forecasters warned it was likely to grow even stronger.
USA TODAY (video): 'Cow whisperer' boy in wheelchair leads steer, melts hearts
Alec Gotto, 11, despite a neurological disorder that paralyzed him at 8 months old, has become an enthusiastic exhibitor of Angus beef cattle.
Daily Bible Verse: Let nothing be done through selfish ambition or conceit, but in lowliness of mind let each esteem others better than himself. Let each of you look out not only for his own interests, but also for the interests of others.
Philippians 2:3-4 NKJV
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