Homestead Protection & Estate Planning – A Comparison Between Massachusetts & Florida
A Declaration of Homestead is a legal document informing the public that the homeowner is asserting his or her rights to protect their home from creditors. In many states, there is a property tax exemption for property that is titled in homestead. Almost all of the states allow the primary residence to be homesteaded. However,…
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Covid-19 – Extension Of $7.5 Million Subchapter V Debt Limit
As previously reported by DarrowEverett, the Small Business Reorganization Act of 2019, created Subchapter V of chapter 11 of the Bankruptcy Code, which became effective on February 19, 2020 (11 U.S.C. §§ 1181-1195 “Subchapter V”). Subchapter V focuses on small business debtors and aims to remove some of the complexity and costs associated with a traditional…
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Is An Extended Leave Of Absence A Reasonable Accommodation Under The Americans With Disabilities Act?
NOTE: This Client Alert applies to employers who are covered by the Americans with Disabilities Act (“ADA”). An employer is covered by the ADA if it employs fifteen or more individuals. The ADA is enforced by the Equal Employment Opportunity Commission (“EEOC”). In its most basic sense, the ADA requires employers to ensure that qualified…
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Stamp Taxes On Cannabis – Two Similar Regimes, Two Different Outcomes
Recreational cannabis, aka marijuana, is legal in 15 states, as well as Guam and Washington, D.C., and legalization is imminent in New York State.[1] Not all cannabis, however, is created equal – many states impose stamp taxes on illegal marijuana – even states where recreational use is legal. This Client Alert contrasts the approach of two different…
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The Anti-Money Laundering Act Of 2020: The Most Sweeping AML Legislation Since The Passage Of The Usa Patriot Act
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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Covid-19 – Irs Extends 2020 Individual Tax Return Filing and Payment Dates
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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Covid 19 – It is the Time to Review and Adjust One’s Estate Plan
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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Covid 19 – Bankruptcy Related Changes In The Cares Act Amendment: Eligibility Of Commercial Landlords And Lenders; And Cares Act Funding While In Bankruptcy
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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The Potential Impact Of The Recently Enacted Enabling Partnerships For Growth Act On Local Zoning And The Development Of Residential Real Estate In Massachusetts
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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Irs Notice Extends Qualified Opportunity Zone Relief
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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