On January 1, 2021, Congress overrode President Trump’s veto and enacted the National Defense Authorization Act for Fiscal Year 2021, an omnibus bill that includes the Anti-Money Laundering Act of 2020 (the “Act”). The Act represents a considerable development in the United States anti-money laundering laws (“AML”) and the most sweeping AML legislation since the…
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The Internal Revenue Service (“IRS” or the “Service”) announced yesterday that it was extending the filing and payment deadlines for individual 2020 tax returns and federal tax payments for 2020 due on April 15, 2021 to May 17, 2021. In its announcement, the IRS said it would be providing formal guidance in the days to come. The Service…
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With the Biden Administration installed in the White House, and Democratic control established in both houses of Congress, it is much more likely that President Biden will propose significant Estate Tax reform. This article focuses on potential Biden Administration changes to laws governing: (a) the Estate Tax personal exemption and (b) the step-up in tax basis…
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The December 27, 2020 CARES Act Amendment (“CAA”) to the original COVID-19 CARES Act relief package includes several temporary amendments to the Bankruptcy Code designed to provide additional relief to bankruptcy debtors and additional protections for commercial landlords and suppliers adversely impacted by the COVID-19 pandemic. Key provisions include: Bankruptcy Debtor Eligibility for CARES Act…
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Will the statutory zoning changes recently enacted by the Massachusetts Legislature result in a rush of new development and start to address the goal of increasing housing in the Commonwealth? Prospects for growth in housing and residential real estate development in Massachusetts have the potential to expand significantly following the passage of a new Massachusetts…
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On January 19, 2021, the Internal Revenue Service (“IRS” or the “Service) issued Notice 2021-10 (the “2021 Notice”) extending relief measures first provided in Notice 2020-39 (the “2020 Notice”) related to investments by qualified opportunity funds (“QOFs”) in qualified opportunity zones (“QOZs”). This Client Alert summarizes the relevant provisions of the QOZ legislation in the Internal…
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Lenders have long relied on the London Interbank Offered Rate, or, “LIBOR”, as a benchmark interest rate for variable rate financial products. In late July of 2017, the United Kingdom’s Financial Conduct Authority announced that LIBOR would be phased out by the year 2021. With an estimated US$350 trillion in outstanding financial products, including loans,…
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Since the onset of the COVID-19 pandemic, courts throughout the country have faced unprecedented challenges to their goal of providing an avenue for justice to litigants. As the pandemic continues to unfold, state and federal courts have struggled with the logistical hurdles that come with court closures and changing procedural rules as states take measures…
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Twenty twenty-one will be a big year for businesses and not just because of COVID-19. With the election over and the inauguration forthcoming, we wanted to bring you a brief forecast of what businesses can expect during the Biden Administration. While the President-Elect’s transition platform provides clues, the Administration’s future business and employment policy goals…
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The U.S. Treasury and Small Business Administration (“SBA”) officially reopened the Paycheck Protection Program (“PPP”) on January 11, 2021, but with a caveat. PPP funds are initially only available for those for businesses applying through community financial institutions (“CFI”) that typically serve the concerns of traditionally underserved small businesses. The SBA has announced that this…
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