By Neil Smola Governor Maura Healey signed a tax relief package into law on October 4, 2023, making changes to how the Massachusetts estate tax is calculated. The new law doubles the Massachusetts estate tax exemption from $1 million to $2 million. The new law also removes the so-called “estate tax cliff” so that only...
Client AlertsCorporate & BusinessNonprofitGifts of Privately Held Company Interests to a Charity
August 11, 2023
By Elizabeth O. Manchester and Lawrence J. Sheh Overview Donors with ownership interests in privately held companies (i.e., limited liability companies, corporations, partnerships) have the ability to utilize the interest to make a charitable gift. This strategy becomes particularly useful and relevant when Donor is selling his or her business to a third party. Donors...
Client AlertsCorporate & BusinessNewsSupreme Court Rules for Twitter and Declines to Address Section 230 in Much-Anticipated ISIS Case
June 9, 2023
By Madeline Ursini and David DiSegna On May 18, 2023, in Twitter, Inc. v. Taamneh et al., the United States Supreme Court ruled against an Islamic State of Iraq and Syria (“ISIS”) attack victim’s family who sought to hold Twitter, and other social media platforms, accountable for aiding and abetting ISIS. The family alleged that...
By Madeline Ursini and Brian J. Reilly The Department of Commerce’s Bureau of Economic Analysis (“BEA”) conducts a benchmark survey on foreign direct investment every 5 years. The BE-12 survey is the BEA’s most comprehensive survey and produces statistics on the scale and effects of foreign-owned business activities in the United States. The most recent...
Client AlertsCorporate & BusinessNewsCorporate Transparency Act: Is Your Company Subject to the New Beneficial Owner Reporting Requirements?
May 9, 2023
By Madeline Ursini, Brian J. Reilly and Lawrence J. Sheh In 2021, as part of the Anti-Money Laundering Act of 2020, Congress enacted the Corporate Transparency Act in an effort to prevent and combat illicit activities such as money laundering, terrorist financing, corruption, and tax fraud. In furtherance of this goal, beginning on January 1,...
Client AlertsCorporate & BusinessNew City of Cambridge Zoning Ordinances Could Have Potential Impact on Developers Throughout New England
December 14, 2022
On October 24, 2022, the City of Cambridge, Massachusetts amended its zoning code to abolish all minimum parking requirements. Previously, the Cambridge regulation required all new multi-family residential developments to have at least one off-street parking space per unit. The Cambridge City Council’s amendment eliminated this requirement for all multi-family developments comprised of more than...
With a stroke of his pen on Wednesday, Governor McKee signed the bill that dramatically changes the landscape for marijuana cultivation, possession, sale and use in Rhode Island. Many of the changes are effective immediately. There have been many failed attempts at such legislation over the past decade, but momentum has grown over the past...
Attorney Dan Marran published a new Practice Point for the American Bar Association’s Commercial & Business Litigation Committee. Click here to view.
CannabisClient AlertsCorporate & BusinessIs Legal Adult-Use Cannabis Finally Coming to RI in 2022?
January 27, 2022
Rhode Island House Speaker Joe Shekarchi seems to think so. While he has been quoted in local media saying that while the legislature is “still not there” on a final product, he is at least ready to say that “we’ve worked down to almost one issue that’s left.” That specific issue, it seems, is who...
Client AlertsCorporate & BusinessSBA Provides New Guidance on Loan Necessity Questionnaires for PPP Loan Recipients: Prepare Now or Risk Being Denied Forgiveness
December 11, 2020
On December 9, 2020, the Small Business Administration (the “SBA”) released Paycheck Protection Program (“PPP”) Loans FAQ #53, which provides additional information regarding the Loan Necessity Questionnaires (SBA Forms 3509 or 3510) that will be required for all PPP borrowers that, together with their affiliates, received loans of $2 million or more. The SBA is requiring that these...
