Commercial Law

The most recent news you need to know.

In an effort to increase comparability and consistency in how companies report income tax positions on financial statements, the Financial Accounting Standards Board ('FASB') issued on July 13, 2006 FASB Interpretation Number 48 ('FIN 48'), Accounting for Uncertainty in Income Taxes. FIN 48 changes the way companies must account for uncertain tax positions taken on federal, state and local, and international income tax returns for financial reporting purposes. Despite the requests for delay by numerous companies and trade and lobbying groups, the provisions of FIN 48 became effective for fiscal years beginning on or after Dec. 15, 2006. The provisions of FIN 48 apply broadly to all companies that issue financial statements in accordance with generally accepted accounting principles ('GAAP') and that are potentially subject to federal, state and local, or foreign income taxes.

Back in 1985, one of us contributed to an industry publication an article titled Strategies for Recovery in Lessee Bankruptcy. Twenty-two years later, the landscape of bankruptcy law and the leasing industry have changed dramatically, and issues and problems faced by the equipment lessor today have much different priorities. As the equipment leasing community contemplates the landscape today, some new approaches and decision drivers face the leasing executive when his lessee files Chapter 11, or threatens to do so.

A recent case of interest.

In Rosario v. Diagonal Realty, LLC (infra), the Court of Appeals addressed an issue that has perplexed New York courts since Congress amended the section 8 housing program almost ten years ago: Can a landlord terminate its participation in the program at the expiration of a rent-stabilized lease? The Court of Appeals held that the rent stabilization code prohibits termination, and that federal law does not pre-empt the code.

Have you ever had cases that you felt were appropriate for collaboration, where the clients and lawyers got started but then the clients disengaged from the collaborative process somewhere along the way? This article explains the value of a divorce coach in the collaborative process.

In order to stay ahead of the competition in today's economic environment, a law firm needs to be flexible and agile in adapting to change, whether through a corporate restructuring, adopting new technologies or processes, or introducing new products or services. Let's face it, for a firm to grow and be successful, change is inevitable. It's just part of doing business today.

No matter how conflicted inside counsel may be in their expectations of outside counsel, they all want you to be client-centric. Simply by taking tangible steps to clarify their priorities on an ongoing basis, you send a powerful message about yourself. Caring is the crucial first step.