Category: Client Update

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As Wiretap Act Claims Abound, ‘Submarine’ Counterattack Launched

The proliferation of class action lawsuit and arbitration claim filings under the Federal Wiretap Act and various state wiretap statutes has recently grown beyond California, as other states are now beginning to see more significant numbers of these claims. These mass filings that began in California under the California Invasion of Privacy Act (“CIPA”) have…
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1031 Exchanges and the Complexities of Seller Financing

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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Amid Corporate Transparency Act, You Gotta Represent In Transactions

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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Data Privacy Concerns With the CTA? Consider the Value of DAPTs

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 Brass Tacks: IRS Creates Process for Withdrawing ERC Claims

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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What Florida’s SB 264 Means for Foreign Ownership of Real Property

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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3 Key Inquiries to Make When Purchasing Rhode Island Real Estate

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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How SEC’s Private Fund Rules Will Affect Use of Side Letters

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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IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

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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Litigation Financier’s Battle Against Sysco Provides Food for Thought

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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