Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community property “opt-in” option is a welcome addition to the Florida statutes, which, when analyzed carefully, may provide income tax benefits, particularly for homeowners…
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With housing availability at record lows in many communities across the U.S., including gateway cities such as New York,[1] and commercial office space still not fully recovered from the COVID-19 pandemic,[2] the federal government is attempting to alleviate both issues by incentivizing the conversion of former office space to residential use.[3] The Biden Administration recently…
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Deadlock, majority oppression, or usurpation of corporate opportunities are all well-tread grounds for disputes between co-owners of closely held entities. These disputes often culminate in one shareholder buying out the other as an alternative to dissolution or a freeze-out merger. In such instances, ascertaining the value at which that co-owner’s shares must be purchased can…
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In an effort to “fundamentally change [the State’s] approach to housing development, particularly for the moderate and affordable development we need most,” the Rhode Island General Assembly recently passed a slew of legislation intended to “cut through the frustrating red tape that is standing in the way of the development of new housing, moving housing…
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Whether you have been naughty or nice this year, if you are buying or selling leads or otherwise are a participant in the lead generation industry, you may be getting a lump of coal in your stocking. Don’t get upset just yet with Santa because this unwanted gift is expected to get delivered straight to…
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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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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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