News

03/07/2013

Employee Benefits Spotlight: Affordable Care Act Tax on Employers – New Proposed Regulations

On December 28, 2012 the IRS released proposed regulations on the calculation and determination of the employer penalty provisions of the Affordable Care Act (also commonly referred to as “Obamacare”). These provisions impose a tax on “large employers” who do not provide a minimum level of health coverage to full-time employees. Who is a “Large”
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03/04/2013

Immigration Alert: Sequestration Likely to Cause Delays for Travelers, Employers and Immigrants

Unless a compromise is reached between the House and Senate, sequestration will mean across-the-board cuts to federal agencies totaling up to $1.2 trillion over a period of ten years.  The Obama Administration and officials testifying before Congress expect the cuts to have a profound effect on the overall functions of government agencies regulating travel to
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02/28/2013

Immigration Spotlight: Legalization is Key Point of Contention in Comprehensive Immigration Reform

As previously reported, both the U.S. Congress and President Obama have recently focused on achieving Comprehensive Immigration Reform (CIR) to fix what many perceive as a “broken” U.S. immigration system.  While consensus concerning certain components of CIR such as increased border security and changes to visa availability for highly educated immigrants seems to be building,
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02/27/2013

IP Partner to Speak at Chicago Comic and Entertainment Expo

Intellectual Property Partner, Michael Lee is scheduled to address the Chicago Comic and Entertainment Expo (C2E2) on Saturday April 27, 2013 at 12:15 PM. His lecture entitled, The Legal Aspects of Becoming Famous: What You Need to Know to Make it Big, will discuss Intellectual Property law as it relates to creative industries. Details are
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Immigration Spotlight: Congress Holds Hearings on Immigration Reform; White House Immigration Proposal Leaked

Following President Obama’s State of the Union Address on February 12, 2013, during which the President asserted that Comprehensive Immigration Reform (“CIR”) is imminent, the Senate Judiciary Committee held its first CIR hearing on February 13, 2013.  The hearing covered a wide array of topics, including border security, additional visas for high-skilled workers, and family
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02/26/2013

Private Client Spotlight: Personal Liability of an Executor or Trustee for a Decedent’s Debts

“When can I distribute the money to the children?” is the most common question asked of attorneys advising executors.  A recent case in Texas shows the risk of personal liability when executors distribute the estate while there are outstanding bills. Executors are not the only fiduciaries with personal liability exposure.  Trustees of Living Trusts can
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02/25/2013

Employee Benefits Alert: IRS Updates Employee Plans Compliance Resolution System

Revenue Procedure 2013-12 amends the Employee Plans Compliance Resolution System (ERCRS) for plan corrections effective April 1, 2013.  The method of correction and type of correction method under EPCRS depends on the type of failure.  The three types of correction procedures available are Self-Correction Program (SCP), Voluntary Correction Program (VCP), and Audit Closing Agreement Program
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02/20/2013

Private Client Spotlight: Surrogate Court Accounting – Executor Cannot Shortchange the Surviving Spouse

When is 1/3 not 1/3?  When it’s not fair!  Surrogate Glen of the New York Surrogate Court recently ruled that a surviving spouse should receive more than what the executor computed to be her 1/3 elective share of her husband’s estate because the expenses allocated to the spouse were inequitable. Although a decedent in New
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Private Client Spotlight: IRS Increases Estate and Gift Tax Exemptions to $5.25million: It’s Never Too Late to Start Your Estate Plan

In anticipation of the estate and gift tax exemptions returning to pre-2001 levels, many high net worth individuals engaged in a variety of estate and gift tax planning to maximize their exemption.  However, The American Taxpayer Relief Act not only extended the increased exemption levels but indexed them for inflation.  The IRS announced on January
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02/13/2013

Immigration Spotlight: President Obama Addresses Comprehensive Immigration Reform as a Critical Component of Strengthening The State of The Union

On February 12, 2013, President Obama delivered the first State of the Union address of his second term in office. Approximately midway through his speech, while discussing the strength of the U.S. economy, President Obama introduced the subject of Comprehensive Immigration Reform. His comments mirrored the contents of the immigration reform plan he announced on
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