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Tax Shelters: New IRS Disclosure Requirements Carry Serious Penalties
Touted as one of the most substantial overhauls of the Internal Revenue Code in years, the American Jobs Creation Act of 2004, Pub. L. No. 108-357, was signed by the President on Oct. 22, 2004. Like any number of omnibus Congressional tax bills, the “Jobs Act” is a broad-reaching collection of miscellaneous tax provisions.
Title VIII of the Act, in Subtitle B ' “Provisions Relating to Tax Shelters,” contains new provisions that limit the benefits of tax shelters. A “tax shelter” includes any plan or arrangement that has as a significant purpose the avoidance or evasion of federal income tax. IRC '6662(d)(2). [Except as noted, IRC references are to the Code as amended by the Jobs Act.]
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.