On November 1, 2016, the Internal Revenue Service (“IRS”) issued Notice 2016-66 identifying certain transactions relating to small captive insurance companies as a “transaction of interest.” Prior to this notice, the IRS had identified certain small captives as amongst its list of “Dirty Dozen Tax Scams.” Also, the IRS has been actively examining captives and […]
On October 4, 2016, the Treasury Department and Internal Revenue Service (IRS) issued revised regulations governing how recourse partnership liabilities are allocated among partners. These temporary regulations, which are binding on taxpayers immediately, relate to so-called “bottom-dollar payment obligations” (BDPOs). Generally, if a partner guarantees a recourse partnership liability, the liability will be allocated to […]
Benchmark Litigation lists Caplin & Drysdale’s Complex Litigation Group as “recommended” in the District of Columbia for 2016, the Group’s seventh year in the publication. Lawyers earning special recognition include Trevor W. Swett III, who continues to earn “local litigation star” status, and “future stars” Jeffrey A. Liesemer, Kevin C. Maclay, and James P. Wehner. […]
Introduction The Supreme Court will consider these key questions next term in Czyzewski v Jevic Holding Corp:(1)l May a Chapter 11 debtor in dire straits settle claims of the bankruptcy estate, receive courtapproval to distribute the settlement proceeds to junior creditors without paying priorityclaims and then obtain dismissal of the bankruptcy case on terms that […]
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IntroductionOn July 13 2016, the US Supreme Court issued its ruling in Puerto Rico v Franklin California Tax-Free Trust. Affirming the decision of the court of appeals, the Supreme Court ruled by a vote of fiveto two that the US Bankruptcy Code pre-empts the Recovery Act, which Puerto Rico enacted in 2014to address its mounting […]
Whether or not you have business or investments in the UK or the EU, you may be directly affected by the UK’s surprising vote to leave the EU. Here’s what you need to know. Officially, nothing much changes immediately. Until the UK invokes Article 50 of the Lisbon Treaty, the EU withdrawal notice, long-standing […]
Last month, the IRS issued comprehensive proposed regulations which mark the first official guidance since IRS Notice 2007-62 on the application of Code section 457 to certain deferred compensation plans of state and local governments and tax-exempt entities (the “Proposed Regulations”). This client alert is an update to our February 2009 client alert “Bona Fide […]
Above The Law (ATL) recently named Caplin & Drysdale‘s Bankruptcy Group among the ATL Top Law Firm Bankruptcy Practices along with thirty other firms across the country. Caplin was selected as one of the “go to” firms for Chapter 11 cases. ATL noted that for relatively small, “bantamweight” or boutique-style bankruptcy groups like Caplin & Drysdale: “huge […]
In a world of free-ranging capital and cross-border transactions, the question of whether US courtswill apply US law to transactions taking place in other countries is important. It is therefore a matterof both interest and concern that judges in the Southern District of New York have reached oppositeconclusions when asked to give extraterritorial effect to […]
The retirement and health plans of churches and certain other religious organizations are entitled to specific exemptions under federal benefits laws. These include an exemption from the fiduciary, funding, and other requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). They also include an exemption or accommodation from the contraceptive coverage mandate of […]
The Final Overtime Rule is Out: What Employers Must Do Before December to Comply On May 18, 2016, the U.S. Department of Labor (“DOL”) released its Final Rule amending the Fair Labor Standards Act’s (“FLSA”) white collar exemptions. The Final Rule increases the minimum salary threshold level in order to qualify an employee as […]
