Certain so-called “Type III Non-functionally Integrated” supporting organizations operated in connection with public charities may be significantly affected by final and temporary regulations published by the U.S. Department of the Treasury on December 28, 2012. Click here for the alert.
The American Taxpayer Relief Act of 2012 (ATRA), signed by President Obama on January 2, 2013, prevents steep increases in estate, gift and generation-skipping transfer (GST) tax that would have otherwise applied in 2013. ATRA makes the exemption from each of these taxes $5 million, indexed for inflation after 2010 ($5.25M for 2013), and increases the tax rate from 35% to 40%. ATRA also continues to allow “portability” of any unused estate tax exemption from a deceased spouse to his or her surviving spouse. All changes are effective for individuals dying and gifts made after 2012. Finally, the annual gift exclusion is increased to $14,000 for 2013.
As the end of the year approaches, nonprofits engaged in conservation efforts should take note of changes affecting property tax exemptions in 2013. Recent changes include an ammendment to the Revenue and Taxation Code that expressly allows certain revenue-producing activities on lands exempt under the welfare exemption, and relief for nonprofits entering into operating agreements with the Department of Parks and Recreation.
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The Word of Mouth Marketing Association (WOMMA) has issued guidelines for “ethical word of mouth advertising,” which entails disclosures of “material connections” between companies and the parties who communicate about their products through social media. The WOMMA Guidelines are intended to provide companies and their marketers with a better sense of how to comply with Endorsement and Testimonial Guidelines issued by the Federal Trade Commission in 2009.
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San Francisco has expanded its Plastic Bag Reduction Ordinance, which previously applied only to San Francisco-based supermarket and pharmacy chains. All San Francisco-based retail stores must comply with the ordinance by October 1, 2012, and all San Francisco-based restaurants must comply by October 1, 2013.
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On September 11, 2012, Mayor Lee approved a new disability access ordinance that will affect any landlord that leases 7,500 square feet or less to small businesses for premises to be used as a public accommodation. The ordinance creates new requirements for landlords that enter into or amend such a lease.
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Protecting your trademark against counterfeiters just got a boost from a federal appeals court decision finding attorney’s fees available in counterfeiting actions.
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As we have previously reported, this is the best opportunity in modern history for affluent families to transfer wealth to junior generations. Congress implemented several tax provisions impacting gift, estate and GST tax planning that are effective only for 2011-2012, which are presently set to expire on December 31, 2012.
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In February, 2012, the Obama Administration presented its 2012-2013 budget proposal, that included several provisions that would have a profound effect on the estate, gift and generation-skipping tax (GST) law. Although it is unlikely that these proposals will become effective in their current form, it is a strong indication of the direction that future legislation may take.
The California Supreme Court issued its long-awaited decision on meal and rest breaks in Brinker Restaurant Corp. v. Superior Court on April 12, 2012. The Court concluded that while employers must relieve their employees of all work duties during required unpaid meal breaks, they “need not ensure that no work is done” during those breaks. This is significant – and welcome – news for California employers.
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