Y2K liability looms for failures of third parties; companies must obtain written certification that suppliers and vendors are millennium-ready

Article Abstract:

Year 2000 liability may attach to third parties, and a company's year-2000 compliance program should include examination of the status of third-party systems relied on. A listing of the company's critical and noncritical vendors and suppliers is the first step, and this should include the obvious ones, such as software vendors and component-parts suppliers, as well as the less-than-bvious ones, such as the security-access system providers. Investigation of the year-2000 readiness of parties in this list should come next, and a written certification of this readiness should be obtained.

Corporate governance, Year 2000 transition (Computers)

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'97 act will affect private companies; it will have important effects, some favorable, some not, on income, estate and gift taxes

Article Abstract:

The Taxpayer Relief Act of 1997 makes changes in the taxation of the close corporation including ones for the owners of qualified small business stock, exemption from the alternative minimum tax for certain small business owners, and a new net operating loss period for some close corporations. Estate and gift tax changes for small business owners are also present.

Taxation, Close corporations, Closely held corporations, Estate tax, Estate taxes, Gift tax

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