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Highlights of Recently Enacted Tax Laws for Law Firms, Clients, Lawyers, and Staff
This article addresses two significant changes made by the Small Business and Work Opportunity Tax Act of 2007 ('Small Business Act') ' the new preparer penalty provisions (up to 50% of the fee for preparing the tax return), which have broad implications for attorneys who offer tax advice to their clients and the revised kiddie tax provisions, which now reach a substantially larger group of children. This article also details pertinent changes made by the Tax Relief and Health Care Act of 2006 ('TRHCA'), which extend the time for several tax cuts that had expired at the end of 2005, make certain tax breaks more beneficial, and provide greater flexibility regarding health savings accounts. Noteworthy new TRHCA provisions are highlighted that can benefit law firms and their clients, as well as individual attorneys and staff members and their families.
Since Form 1040 paper forms had already been printed when TRHCA was enacted, a few special instructions are noted for those filing on paper versus electronically.
Revised Standards for Preparers
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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 Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?