With interest rates nearly the highest they’ve been in decades, but property prices still high, sellers and buyers are looking for ways to finance real estate transactions while also availing themselves of IRC § 1031’s non-recognition of taxable gains in like-kind exchanges (“1031 Exchanges”). When considering options such as seller financing in 1031 Exchanges, both…
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By now, many of you may have heard of the Corporate Transparency Act (“CTA”) and how it may increase compliance costs for many of your businesses in 2024. In brief, beginning January 1, 2024, the CTA will require foreign businesses registered to conduct business in the United States, as well as domestic corporations, limited liability…
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People are understandably nervous about sharing personal data no matter the circumstances. That can be especially true regarding estate planning, given the existence of the recently enacted Corporate Transparency Act (“CTA”). There may be some ways, however, to mitigate the breach of privacy despite the wide-reaching effects of this legislation. Background on the CTA’s Requirements…
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The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims.[1] This surely will come as a relief to taxpayers who are (or were) concerned that they may have mistakenly claimed ERCs for tax years 2020-2022. As we detailed in our last…
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This past July, Florida became the latest state to adopt legislation with the goal of restricting foreign governments and individuals from real property ownership. Florida’s controversial new bill, SB 264, Interests of Foreign Countries is the 15th state-level bill enacted in 2023 related to such matters, with state lawmakers introducing similar bills in another 20…
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Whether you are an individual or couple purchasing a home for your family, or whether you represent an entity purchasing a commercial property for a real estate opportunity, and everything in between, understanding the finer details of your target property are becoming increasingly more critical to make good decisions. In a real estate market that…
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Recent client alerts have provided an overview of the new “private fund rules” adopted in late August by the U.S. Securities and Exchange Commission (SEC). These rules apply, subject to limited exceptions and carveouts, to all private funds and their advisers, regardless of whether they’re subject to federal or state regulators. These recent alerts discuss…
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In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks in the State of Israel. The IRS regularly grants extensions of deadlines for all sorts of circumstances. Most commentators, however, have overlooked an…
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Cloaked in secrecy, neither the terms of litigation financing agreements nor the attendant scuffles between financier and claimant, are typically aired in public. That changed for about four months of 2023, during which Sysco, a food distributor, and Burford Capital, a multi-billion dollar litigation financing firm, duked it out in federal and state court over…
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When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws and regulations. Gun trusts are a common mechanism for ensuring ease of ownership and inheritance of certain types of firearms and other weapons…
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