Key Questions When Determining Eligibility for State Historic Tax Credits
Real estate developers have long had ample reasons to take on projects involving historic buildings, courtesy of Section 47 of the Internal Revenue Code of 1986. As amended, Section 47 (the “Code”) provides for a rehabilitation tax credit, also commonly known as the historic tax credit (“HTC”) equal to 20% of qualified rehabilitation expenditures (“QREs”)…
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What SEC’s Transparency Rule Means for Investors, Advisers and Funds
Earlier this summer, we wrote about both new and amended rules proposed by the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) regarding private funds, their advisers, and transparency to investors (the “Proposed Rules”). On August 23, 2023, the SEC adopted the final rule (the “Rule”), which cut…
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Corporate Divorce Can Be Messy, But Not for Those Who Are Prepared
While no one enters a partnership expecting it to end in divorce, no one is immune to failure. In the world of business, partnerships can sometimes mirror the complexities of personal relationships. Often, it is the “we’ve known each other forever” handshake partnerships that explode the loudest. When business partners decide to separate their interests,…
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What IRS’s Low-Income Adder Guidance Means For Renewables Projects
The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects that otherwise would not be economically feasible. The IRS issued Revenue Procedure 2023-27 (“Rev. Proc. 23-27”) on August…
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Florida Business Climate Great for Pickleball, But Risks Are in Play
When discussing the ever-evolving landscape of Florida’s commercial real estate (CRE) market, one trend has begun to stand out — the rise of pickleball. This sport, once a leisurely pastime, has turned into a compelling investment opportunity, transforming the CRE sector and driving significant shifts in property acquisition and development strategies throughout Florida — but…
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How IRS Is Cracking Down on Employee Retention Tax Credit Fraud
The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar broadcast on July 25, 2023, hosted by the IRS’s Office of Fraud Enforcement and National Fraud Counsel, the presenters noted that ERC claims top…
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The Art of the Deal: Writers’ and Actors’ Strikes Will Provide Lessons for All
In the 1980 sequel to Star Wars, the Empire Strikes Back, the Imperial fleet of the Evil Empire, ruled by Darth Vader, attacks the Rebels and heroes of Star Wars: Han Solo, Leia, Chewbacca, C3PO and crew.[1] In the end, the heroes win out, but it took more than one movie to get there. Hollywood…
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Mezzanine, Bridge Financing Becoming Key Tools in Uncertain Economy
During periods of economic uncertainty and rising interest rates, alternative financing options such as mezzanine and bridge lending have emerged as attractive solutions for businesses. These specialized forms of financing provide flexibility, expedited funding, and risk mitigation strategies that traditional lending institutions may not offer. Mezzanine Lending: A Bridge to Growth Mezzanine lending occupies a…
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Prove It or Lose It: New York City Cracks Down on AI Hiring Software
Artificial Intelligence (“AI”) programs have gained notoriety by injecting ease into otherwise burdensome and difficult daily tasks. However, as with most innovative advancements, AI has also drawn concern from skeptics regarding the everyday effects such programs may have. With fast-growing scrutiny around AI’s use and evolvement, New York City has recently taken its own stab…
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The Ripple Effect: SEC’s Battle Vs. Crypto Gains Some Clarity
The U.S. Securities and Exchange Commission (“SEC”) is paying considerable attention to the world of cryptocurrency (“crypto”). According to the SEC website, the SEC has brought more than 50 enforcement actions against crypto companies since the start of 2021.[1] Most recently, on June 6, 2023, the SEC filed a complaint against Coinbase, Inc. and Coinbase…
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