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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Oral Partnership Agreement Warnings For Your Business

You don’t technically need to draft a partnership agreement when forming a New York oral partnership, but it is certainly advisable. As highlighted in a recent New York appellate decision, having a written contract in place can avoid a lot of legal headaches down the road when it comes to oral partnership agreements. In Gelman […]

Author: Robert E. Levy

October 8, 2013

Judge Allows Detroit to Keep Casino Tax Revenue

Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with creditors relating to these revenues take place, a bankruptcy court has ruled. U.S. Bankruptcy Judge Steven Rhodes authorized the struggling city to take in the casino tax revenue – which amounts to roughly $11 million each month – […]

Author: Joel R. Glucksman

October 8, 2013

Detroit Bankruptcy

Decanting By Various Means

Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into a new bottle. In the trust field, it means to transfer assets to a new trust to be governed by a new trust instrument that takes into account changes in law and […]

Author: James F. McDonough

October 8, 2013

Trusts

Beanie Baby Founder Pleads Guilty to $53-Million Tax Evasion

Ty Warner, founder of the iconic Beanie Baby empire, has agreed to plead guilty to federal tax evasion charges. His admission comes only days after being listed by Forbes as one of the richest people in the world. Warner was formally charged last week in a U.S. District Court for hiding more than $3.1 million in […]

Author: Scarinci Hollenbeck, LLC

October 7, 2013

IRS Publishes New Regulations for Deductible Business Repairs

The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may finally put an end to disputes and challenges between the federal tax agency and companies. The new rules, which broaden the scope of business expenditures that may qualify as deductible asset repairs, may help limit the number of corporate tax […]

Author: Scarinci Hollenbeck, LLC

October 4, 2013

Atari Files Reorganization Plan to Exit Bankruptcy

Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its French parent company Atari SA. In its filing, the bankrupt game-maker said it intends to give unsecured creditors a recovery of as much as 25 percent, Bloomberg reports. The company had intended to break away […]

Author: Joel R. Glucksman

October 4, 2013

Reorganization Plan

Former Qualcomm Executive Charged With Insider Trading

Insider trading has become a hot button issue for the Securities and Exchange Commission (SEC). From 2009 through 2012, the agency filed more insider trading actions (168 total) than in any three-year period in the agency’s history. The SEC’s pace has not slowed in 2013. Most recently, a former executive of Qualcomm Inc. was hit […]

Author: Scarinci Hollenbeck, LLC

October 3, 2013

Ecotality Files for Chapter 11 Bankruptcy

Ecotality, a green-energy company backed by the U.S. government, has followed in the footsteps of many other electric car battery producers and filed for protection under Chapter 11 of the bankruptcy law. The company filed its bankruptcy case in the United States Bankruptcy Court in Arizona, and plans to sell its assets in a bankruptcy auction […]

Author: Joel R. Glucksman

October 3, 2013

What Does the Government Shutdown Mean for New York and New Jersey Businesses?

What does the shutdown mean for New York and New Jersey businesses? The federal government officially entered a partial shutdown as members of Congress failed to reach an agreement on a budget bill Monday night. Around the country, “closed” signs went up at national monuments, and many federal agencies are working with skeleton crews. But […]

Author: Dan Brecher

October 2, 2013

EA Sports Enters Into Settlement Agreement With College Athletes

Video game producer Electronic Arts Sports and Collegiate Licensing Company have agreed to pay out roughly $40 million to former players whose likenesses were used without authorization and compensation. The settlement agreement will settle disputes against EA Sports and CLC, leaving the National Collegiate Athletic Association as the lone defendant in the controversial sports law dispute. […]

Author: Scarinci Hollenbeck, LLC

October 2, 2013

Settlement Agreement

IRS Scores $13 Million Victory Against BMC Software

The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications for multinational companies who have profits abroad. The court ruled that BMC Software will be forced to pay $13 million – plus penalties and interest – to the IRS in relation to a dispute about […]

Author: Scarinci Hollenbeck, LLC

October 2, 2013

Income Tax

Crossword Puzzle in Honor of the 100th Anniversary of the Revenue Act of 1913

Myles Mellor presented this crossword puzzle to Tax Note Today yesterday in honor of the 100th anniversary of the creation of the Internal Revenue Code. As you may know our federal tax code was born as a result of the 16th amendment to our constitution and it’s having its 100th birthday March 31. Let’s see […]

Author: Scarinci Hollenbeck, LLC

October 1, 2013

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