The coalition of law firms, including Taft, that have been working together for over a decade to lead litigation and secure settlements on behalf of those harmed by PFAS contamination, have announced another major settlement to address this “forever chemicals”
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US EPA Releases National Drinking Water Standards
On April 10, 2024, the U.S. EPA released its federally enforceable drinking water limits for certain toxic PFAS “forever chemicals” under the federal Safe Drinking Water Act. The final rule will “reduce PFAS exposure for approximately 100 million people, prevent…
California Privacy Protection Agency Issues “Minimal” Guidance on CCPA in First Enforcement Advisory
Yesterday, the California Privacy Protection Agency (CPPA) issued its first enforcement advisory regarding the California Consumer Privacy Act (CCPA). Enforcement Advisory No. 2024-01(the Advisory) is solely devoted to data minimalization, which the CPPA describes as “a foundational principle in…
Did you know you may be able to make a 1031 exchange of property that you sell on an installment note?
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…
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…