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Tax Implications of Budget Reconciliation Bill
Part I of this article (in last month's issue) identified the proposed changes in partnership tax law as proposed by the Biden Administration and implemented by a Democratic Congress. The proposed changes are intended to simplify the tax law and permit the IRS to be able to audit and collect taxes in a more effective and efficient fashion. We showed how using benefit laws that have been on the books for over 30 years we can provide a seamless platform for owners of pass thru entities to reduce income estate and transfer taxes. This installment discusses how to use this platform to fund not only for death benefits but also for alternatives to deferred compensation for business and estate planning purposes for pass-through entities.
Life insurance on owners, key and top hat employees can be a powerful tool. It can generate tax-exempt proceeds that can use to help protect themselves against the death of key personnel while providing critical liquidity to the company if it must buy back shares from a deceased owner's estate. This can be especially important for pass thru entities, LLCs, LLPs, and S corporations, which often have a unique interest in controlling the makeup of their shareholders/owners to ensure continued qualification under Subchapter S.
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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
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
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.