By Sabrina D. JohnsonMarch 18, 2024 As explained in more depth in our previous article, FinCEN Corporate Transparency Act Update, every corporation, limited liability company, or other entity formed by filing with the secretary of state (such as, in California, a limited partnership) is a “Reporting Company.” Each Reporting Company is required to file with…
Read MoreBy Adrian ReynaFebruary 22, 2024 Hazardous substance liability under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) can be a costly and unforeseen consequence of purchasing a property. However, purchasing parties to a real estate transaction may qualify for an exemption to CERCLA liability if they satisfy certain requirements, including conducting environmental due diligence…
Read More2024 is here, and with it begins the Corporate Transparency Act (“CTA”) compliance requirements. As a quick refresher (and as discussed in our previous article, FinCEN Corporate Transparency Act Update): every corporation, limited liability company, or other entity formed by filing with the secretary of state (such as, in California, a limited partnership) is a…
Read MoreBy Márcia H. Yafuso LoeffelholzJanuary 29, 2024 In most sales of investment or business real estate property where there is a “gain” (i.e., income is made on the sale), tax must be paid on that gain at the time of the sale of the property. Internal Revenue Code (“I.R.C.”) § 1031 allows one to defer…
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Read MoreBy Beth AbramsonDecember 7, 2023 California Senate Bill 4 (“SB4”) was signed into law on October 11, 2023 and focuses on streamlining the approval process for affordable housing developments on sites owned by religious institutions and independent higher education institutions even if the site is not zoned for residential purposes. If certain requirements are met,…
Read MoreDecember 1, 2023 Many property owners enter into license agreements to enable others to use some or all of their property, whether on an exclusive or non-exclusive basis. License agreements are permissions to use, often characterized as revocable, and typically personal for the benefit of the licensee (i.e., not assignable, as a lease would be)….
Read MoreBy Sabrina D. JohnsonNovember 9, 2023 As outlined in our previous update, the Corporate Transparency Act (“CTA”) requires many businesses (“Reporting Companies”) to provide information regarding the identities of their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”). FinCEN will begin accepting filings for beneficial ownership reporting starting January 1, 2024 (though, as of…
Read MoreBy Jeremy B. Fancher, Neil S. Hyytinen, & Sabrina D. JohnsonAugust 31, 2023 UPDATED: U.S. agencies issued their amended final rule regarding changes mandated by the Sackett decision. Read more here. Introduction In a highly anticipated decision, the U.S. Supreme Court significantly narrowed federal jurisdiction over wetlands and bodies of water under the Clean Water…
Read MoreBy Jeremy B. FancherJune 1, 2023 We are writing to inform you of a recent development regarding conservation easements that may have a significant impact on your charitable deductions. In order to preserve your charitable deduction from a grant of a conservation easement, you must act to amend your easement deed by July 24, 2023….
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