The IRS recently issued Revenue Procedure 2022-19, which permits S corporations to remedy certain inadvertent terminations of S corporation status and invalid elections without having to request a costly Private Letter Ruling. Previously, the IRS permitted such relief without a
Cole Schotz P.C
Cole Schotz, an Am Law 200 firm, provides legal services throughout the United States from its offices in New Jersey, New York, Delaware, Maryland, Texas, and Florida. We represent hundreds of businesses, large and small, and select individuals. Many have been clients for decades.
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Charitable Planning Update: Yvon Chouinard Donates Patagonia Stock to Two Nonprofits
Many of our clients are charitably inclined, and incorporate charitable planning into their overall estate planning. This can be as simple as making gifts to charities during life or via specific bequests in a Will. In addition, clients create donor…
2022/2023 Estate and Gift Tax Update
The IRS has announced the official estate and gift exclusion amounts for 2023.
For an estate of any decedent dying during calendar year 2023, the applicable exclusion is increased from $12.06 million to $12.92 million. This change increases not…
FTX Trading Ltd.
By Cole Schotz
On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11068). The company reports $10 to…
New Chapter 11 Filing – Fast Radius Inc.
By Cole Schotz
On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No.…
Westchester County’s New Wage Transparency Law Now in Effect
Effective November 6, 2022, a new wage transparency law, amending the Westchester County Human Rights Law, prohibits employers from advertising a job, promotion, or transfer opportunity without also including the minimum or maximum salary information in the job posting or…
Employer Alert: DOJ’s Active Prosecution of Employer “No-Poach” Agreements Nets First Guilty Plea
The DOJ is cracking down on anticompetitive activities
In connection with the Biden administration’s aims at promoting competition throughout the economy, the Department of Justice (“DOJ”) has started taking a more active role in investigating, as well as prosecuting, employers’…
Effective Today – New York City Pay Transparency Law
As of today, November 1, 2022, the New York City pay transparency law goes into effect. As we previously reported here, the law requires covered employers to disclose minimum and maximum salary information in job postings, promotions, and transfer…
New Chapter 11 Filing – Vesta Holdings, LLC
By Cole Schotz
On October 30, 2022, wealth advisory, risk management services and insurance brokerage services provider Vesta Holdings LLC of Mongomeryville, PA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of…
Commercial Real Estate Alert: New Jersey’s New PFAS Soil Standards Shake Up Cleanups & Closings
By Emily Lamond
The New Jersey Department of Environmental Protection (NJDEP) kicked off the week with publishing the long-anticipated, immediately effective Interim Soil Remediation Standards for four kinds of PFAS chemicals. The following Q&A provides preliminary guidance on whether this might affect you…