Tax

How Rebooted Paycheck Protection Program Works: Part 2

Excerpt from Practical Guidance

Attorneys at Cozen O'Connor analyze key provisions of the U.S. Small Business Administration's two new interim final rules regulating first-draw and second-draw loans under the reinstituted Paycheck Protection Program.

How Rebooted Paycheck Protection Program Works: Part 1

Excerpt from Practical Guidance

Attorneys at Cozen O'Connor provide an overview of the recently reinstituted Paycheck Protection Program's provisions for new borrowers to receive loans and existing borrowers to receive additional funding, and the U.S. Small Business Administration's startup of the program.

Law Firms Should Note GCs' Growing Focus On Biz Strategies

Amid the challenges of the pandemic, a shifting digital landscape, and increasing calls for diversity and inclusion, general counsel responsibilities are expanding into six new areas, highlighting the need for both in-house and outside counsel to serve as strategic and empathetic business leaders, say Wendy King at FTI Consulting and David Horrigan at Relativity.

How To Reliably Value Income-Producing Real Estate

Amid the pandemic-fueled surge in tax appeals and loan workouts, using the income approach to calculate the present worth of a property's future income provides the most reliable indication of value and does not rely on subjective adjustments, say Mark Dunec at FTI Consulting and Anthony DellaPelle at McKirdy Riskin.

What New AML Law Means For Correspondent Banking

In light of the National Defense Authorization Act’s recent overhaul of the Bank Secrecy Act and related anti-money laundering laws, foreign banks maintaining correspondent bank accounts in the U.S. should be aware of law enforcement's expanded authority to access bank records for their transactions, say attorneys at Arnold & Porter.

6 Changes The Legal Industry Should Prepare For

As clients increasingly demand better efficiency, predictability and cost-effectiveness from their legal partners, especially during the pandemic, law firms and other legal service providers may need to explore new ways to bundle and deliver services — and move away from billing by time, says Joey Seeber at Level Legal.

Arizona May Have Nudged US Law Firms Toward Future IPOs

No U.S. law firm has its shares listed on a public stock exchange unlike some lucrative overseas counterparts, but by allowing nonattorneys to become stakeholders in law firms, Arizona may have paved the way for this to change should other U.S. states — particularly New York — follow suit, says Marc Lieberman at Kutak Rock.

Addressing The Security Risks Of University Foreign Funding

Higher education institutions that accept foreign funding should address serious concomitant security risks by identifying specific sources and establishing compliance procedures that promote transparency, protect data and research, and account for U.S. national security interests, say attorneys at Manatt.

What's On The Horizon For Unclaimed Property In 2021

Unclaimed property professionals who run holder compliance programs should buckle themselves in for what portends to be a perfect storm of legislative, enforcement and litigation contests this year between state administrators and holders, say attorneys at Alston & Bird.

4 Legal Industry Trends Litigation Financiers Are Watching

Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

Tips For Forming A Real Estate Fund

Multi-asset real estate funds may provide investors with opportunities to deploy capital during the pandemic-induced market downturn, but several structural questions should be considered before raising a fund, say Matt Ertman and Max Brunner at Allen Matkins.

2 Cases Highlight Superpriority Lien Risks For Lenders

Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.

4 Steps For Public Cos. Subject To New Executive Pay Rules

To comply with recently finalized Internal Revenue Service regulations implementing the Tax Cuts and Jobs Act's $1 million cap on compensation deductions, employee benefit and tax executives at public companies should understand who their covered employees are and identify compensation agreements subject to the rules, say Samuel Krause and Teresa Abney at Crowell & Moring.

Lenders' Role Will Be Key In NYC Green Building Loans

New York City's Climate Mobilization Act, which will soon restrict large buildings' carbon emissions, provides for a loan program to help owners finance energy-efficient improvements — but the program's success will depend on mortgage lenders' participation, says Jason Rozes at Dechert.

A Lawyer's Guide To Setting Well-Being Goals In 2021

In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.