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Focus on the Fringes
The IRS is midstream in its now well-publicized expanded enforcement program, implemented, in significant part, through its “soft contacts” initiative. Somewhat surprisingly, the IRS has been forthcoming concerning the “hot spots” attracting its scrutiny. At the same time, however, the “soft contacts” spotlight is starting to attract the attention of state charity officials willing to assert jurisdiction in executive compensation controversies. Predictably, fueled by this regulatory attention, as well as published studies of executive compensation and loans, the media has expanded its coverage of nonprofit exposes.
The IRS has just published proposed regulations seeking to clarify the interrelationship between the requirements for tax-exempt status and the imposition of intermediate sanctions. This against the backdrop of the Senate Finance Committee hearings on Charitable Organizations, the Committee staff's recommendations for legislative reform (published earlier this year), and the more recently published Final Report of the Panel on the Nonprofit Sector.
This article assumes the reader's general familiarity with the above developments, and focuses on the developments' immediate impact regarding executive compensation paid to the executives of exempt organizations. Special attention is paid to the IRS's newly proposed intermediate sanction regulations as applied within the context of the so-called “excess benefit” rules.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.