IRS Regulations Target Family Estate Tax Planning

The U.S. Treasury recently issued proposed regulations under Section 2704 of the Internal Revenue Code that severely limit the use of valuation discounts for transfers of limited liability company ("LLC"), partnership and corporate ownership interests among family members. If finalized as proposed, the regulations will negatively impact popular estate planning strategies, such as the gifting Read More »

New York State Enacts 12-Week Paid Family Leave Law

Governor Cuomo signed legislation on April 4, 2016, enacting a 12-week paid family leave law for employees in New York (the "Paid Family Leave Law").  The Paid Family Leave Law will phase in over four years beginning in 2018 and will require employers to allow eligible employees up to 12 weeks of paid time off Read More »

DEC Issues Revised Regulations Defining Terms for Purposes of the Brownfield Cleanup Program

On March 9, 2016, the New York State Department of Environmental Conservation (DEC) issued revised proposed regulations defining terms relating to the Brownfield Cleanup Program (BCP) tax credits for sites located in New York City.  The revisions modify proposed regulations issued last June and discussed in our prior alert.  The revised proposed regulations apparently reflect the DEC's Read More »

New York Expands Scope of its Workplace Discrimination Laws

New York Governor Andrew Cuomo has signed into law several bills that expand protections against gender discrimination, sexual harassment, and domestic violence. This comprehensive legislation amended several New York laws that directly impact New York employers. A summary of the recent changes and how it affects employers is provided below. 1. The remedies available to Read More »