November 2013           News | Upcoming Programs & CLE | Reports | Get Involved

CLE

Dodd-Frank & Derivatives: Status Update
Monday, November 18 9:00 AM -
12:00 PM

An update on recent developments concerning Dodd-Frank and derivatives.

A Practical Guide to LLCs
Friday, November 22 9:00 AM -
1:00 PM

A practical introduction to LLCs, the panel will compare the LLC to corporations, partnerships and limited partnerships, citing the advantages and disadvantages of each such entity and how a choice-of-entity decision can utilize an LLC.

2nd Annual Institute for Corporate Counsel: Navigating the Boardroom, the Courtroom & the Space Between
Friday,
December 6
9:00 AM -
5:00 PM

An immersive all-day program with instruction on fulfilling the role of a corporate legal advisor and topics including “Navigating through Bet-the-Company Litigation”and “Confronting and Combating Ethical Dilemmas in the Boardroom.”

Tax Aspects for Early Stage Companies in NYC: A Guide to Successful Business Tax Planning
Tuesday, December 10 9:00 AM -
12:00 PM

This program is designed to familiarize practitioners with the tax issues that early stage companies and their owners frequently encounter; the program will discuss the tax benefits and costs of operating as a corporation, a S corporation, a partnership, a limited liability company and a sole proprietorship.

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Proposed Amendments to Tax Abatements
The City Bar closely follows ongoing legislative changes in Albany. The Committees on Estate and Gift Taxation and Trusts, Estates, and Surrogate's Courts recently supported A.6556/S.4851, which deals with the tax treatment of trusts created for surviving spouses who are not U.S. citizens. The bill passed both houses of the Legislature and awaits delivery to the Governor’s Office.

Obligation to Disclose Interests in Foreign Corporations
The Committee on Taxation of Business Entities issued a report entitled Report Offering Proposals to Eliminate Duplicative or Otherwise Unnecessary Filing Requirements for Certain Interests in Foreign Corporations and Foreign Partnerships. The report considers various circumstances in which the obligation to disclose certain interests in foreign corporations and foreign partnerships appears overbroad. Under current law, United States persons who own certain specified interests in foreign corporations or foreign partnerships are subject to special reporting requirements, including the obligation to file select IRS forms. The report notes that the rules pertaining to such filing requirements can be counterintuitive, and the penalties and other consequences attendant to a failure to file such forms when required can be quite severe. The report offers a number of proposals to remedy this situation.

Real Property Income and Expense Statements
The Committee on Condemnation and Tax Certiorari expressed concerns with certain aspects of New York City Council Intro No. 906-A, which deals with requiring income and expense statements from property owners for tax assessment purposes. The concerns outlined in the report include that: 1) the Department of Finance should be obligated to publish a non-filer/defect list earlier than February 1st; 2) the requirement to affirmatively file a given property’s exclusion from Real Property Income and Expense statements is unfair and unnecessary; 3) there is no valid rationale to de-couple the statutory penalties from one another; and 4) making the Real Property Income and Expense statement non-filing monetary penalty a lien upon real estate is unfair to new owners. Incorporating these suggested refinements, the report notes, would serve to enhance fairness to the taxpaying public.

Cooperative/Condominium Real Property Tax Abatement
In a joint report, the Committees on Legal Problems of the Aging and Trusts, Estates and Surrogate’s Courts expressed support for A.6658/S.4600, which would amend the Real Property Tax Law (RPTL) to provide that a tax abatement may be granted to a cooperative or condominium dwelling unit held in trust for the benefit of a person or persons who would otherwise be eligible for the abatement had they owned the unit directly. The report also suggests that the Legislature should consider a future corrective amendment to RPTL section 467-a(b-1), and possibly RPTL sections 458(7), 458-a(5), 458-b(6), 459-c(9) and 467(10), so that they apply if a current beneficiary of the trust would be eligible for the tax benefit were he or she the owner of the property as opposed to requiring that the trust be “solely” for such beneficiary’s benefit. The bill has been signed into law by the Governor.

The Prudent Investor Act (PIA)
The Committee on Trusts, Estates and Surrogate’s Courts issued a report in support of amendments to the EPTL Section 11-2.3(b)(5) proposed by the New York State Bar Association, which would change current law to clarify the calculation of trustee’s commissions in situations where such commissions are based on the amount of the trust’s income or the trust’s principal. This change, the report notes, is consistent with the precepts of the PIA and would result in a consistency of practice and eliminate the uncertainty which exists under current law.

Committee Involvement--It's Never too Late
Committees are how the City Bar’s work gets done. Working on a committee can give you great experience while opening up a number of career doors, some you may not even anticipate.

A full list of the City Bar committees along with a brief description of each and an application form can be found on the City Bar’s website. As a number of City Bar committees have more applicants than available slots, please consider applying to more than one committee.

Legislative Affairs
Have an interest in or questions about the City Bar’s legislative work? Send an email to legislation@nycbar.org, visit our website or follow us on Facebook and Twitter.

Updates include recent City Bar reports, news and upcoming programs in a particular practice area and are issued periodically to City Bar members.