As you probably know, in a like-kind exchange, any sale proceeds that you do not apply to purchasing a new investment property will be taxable (up to the total gain on the property). The challenge with making a like-kind exchange
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CMMC 2.0 Is Here to Stay: Where Do We Start?
Last December, the Department of Defense (“DoD”) published its proposed rule setting forth cybersecurity requirements for defense contractors and subcontractors. These requirements are designated with a particular Cybersecurity Maturity Model Certification (CMMC) level that is associated with the contractor’s…
Did you know some U.S. tax-exempt entities may be disadvantaged by investing through an offshore corporate blocker?
A common investment structure presented to domestic tax-exempt entities involves investing in flow-through operating businesses through a “blocker corporation.” Avoiding unrelated business taxable income (“UBTI”) is a key focus for many tax-exempt entities. By investing through a blocker corporation, the…
The BIPA Landscape Continues to Evolve
Using biometric identifiers and information continues to be a “go-to” method for authentication. Likewise, the Illinois Biometric Information Privacy Act (BIPA) continues to garner attention throughout Illinois and nationally as other states adopt differing biometric privacy laws. In response to…
Is Your Business Ready for Washington’s New Data Privacy Statute?
Major Portions Go Into Effect March 31, 2024, Including Its Private Right of Action
Washington’s “My Health, My Data Act” is a new data privacy statute that regulates the collection, sharing, selling, and processing of “consumer health data” by certain…
Did you know in a sale of assets to a partnership for cash and partnership interests you can reduce tax by specifying which assets are sold and which are exchanged for partnership interests?
A common structure in the acquisition of the assets of a business is for the seller to receive equity from the acquirer in addition to cash. Receipt of a partnership or LLC interest in exchange for property is generally non-taxable. A seller…
Illinois’ Genetic Information Privacy Act – The Next Big Thing?
In recent years, Illinois has become a focal point for privacy litigation, thanks in large part to the Biometric Information Privacy Act (BIPA), which has been the subject of numerous class action lawsuits. However, another Illinois privacy law, the Genetic…
Did you know there’s a straightforward way to have self-funded health and welfare benefits credited toward federal prevailing wage requirements?
The Infrastructure Investment and Jobs Act (2021) and the Inflation Reduction Act (2022) provide ample opportunity for construction industry employers to win government contracts. For some employers, one hindrance to competing for government construction contracts is that under the Davis-Bacon…
California Delivers to DoorDash $375,000 Civil Penalty: California AG Announces Second CCPA Settlement
On Wednesday, February 21, 2024, California Attorney General Rob Bonta announced that his office reached a settlement with DoorDash, which addresses allegations that the company facilitated several violations of both the California Consumer Privacy Act (CCPA) and the California Online…
MPCA Seeks Comments on Currently Unavoidable Uses of Intentionally Added PFAS
Minnesota is seeking public comment on the development of new rules to implement recent state legislation prohibiting offers to sell, the sale, and/or distribution of any product or product component containing any intentionally added per- and polyfluoroalkyl substances (PFAS)in the…