Doing Business in Florida Blog
OFCCP Again Delays Adoption of Regulations Addressing Construction Industry Employment Practices
September 26, 2016
Frank Scruggs
On Friday, September 23, 2016, the Office of Federal Contract Compliance Programs (“OFCCP”) announced yet another delay in the adoption of regulations setting forth new nondiscrimination and affirmative action requirements for covered federal contractors in the construction industry. Through responses to Frequently Asked Questions, the OFCCP said that new utilization goals for companies that contract to provide construction services to federal agencies would not be established because they, “would not likely increase the number of women and minorities gaining employment opportunities in the trades.”
Subject Matter Jurisdiction Trumps All in Appeals
September 21, 2016
Paul A. Avron and Ilyse M. Homer
Eleventh Circuit case law confirms that the court continues to be vigilant—as it is required to be—to ensure that it possesses subject matter jurisdiction under 28 U.S.C. § 1291 before hearing an appeal. When a litigant considers whether it should prosecute an appeal, it should start its analysis with the threshold issue of whether it can prosecute an appeal, that is, whether the Eleventh Circuit has the power to hear the appeal. With limited exceptions beyond the scope of this blog post, the Eleventh Circuit can only hear appeals of final orders or judgments, i.e., those which leave nothing for the trial court to do but execute judgment. Catlin v. United States, 324 U.S. 229, 233 (1945).
Proposed Regulations Target Elimination of Valuation Discounts for Intra-Family Transfers
September 19, 2016
Nancy K. Watkin
The Internal Revenue Service recently issued Proposed Regulations that could have a dramatic impact on estate planning and the succession of interests in family-controlled entities between family members by eliminating or severely restricting the availability of valuation discounts in connection with a variety of estate planning strategies. These discounts are frequently used to reduce estate and gift taxes.
"Money for Nothing, but the Checks for Free" – Free Money for Fiduciaries
September 18, 2016
Brian G. Rich and Ashley Dillman Bruce
Often, when businesses fail, they end up either in bankruptcy court as a chapter 7 debtor or in a state court liquidation proceeding such as an assignment for the benefit of creditors. In these instances, a fiduciary is appointed to wind-down the affairs of the business, liquidate assets, and pay allowed claims. In many situations the fiduciary is left with records which are either incomplete or in disarray and little money to pay the costs of administration. One often overlooked asset for easy recovery can be unclaimed funds. Unclaimed funds are deposits, insurance refunds, or other funds that have been remitted but which were never cashed or claimed. These funds are deposited with the State of Florida and wait until someone comes forward with a claim.
Wind v. Wave: Making the Critical Distinction of Damage Caused by Storm Winds and Storm Surge
September 8, 2016
Michael J. Higer and Gina Clausen Lozier
Considerations for Warehouse Mortgage Lenders
September 7, 2016
Phyllis S. Bean
Beware of the Tax Traps of Employer-Owned Life Insurance Contracts
September 6, 2016
Mitchell W. Goldberg
Time to Get Your Lottery Ticket! Florida's Quota Beverage License Drawing Is the Lottery for the Hospitality Industry
August 8, 2016
Paul S. Figg
Tax Court Reminder: Puerto Ricans Are Subject to U.S. Self-Employment Tax
August 7, 2016
Mitchell W. Goldberg
To Lien or Not to Lien (a Liquor License): Understanding the Benefits and the Risks
August 7, 2016
Paul S. Figg
Changes Coming to Florida Cleanup Rules
July 28, 2016
Daniel H. Thompson
Commercial property transactions often involve much haggling between seller and purchaser over potential contamination liabilities, with known contamination problems sometimes ruining marketability. The ownership and redevelopment of contaminated property has historically been a risky business in Florida because of prescriptive and potentially costly state and local cleanup requirements and nervous lenders. Further complicating matters is the fact that the persons responsible for cleanup (“responsible parties”) can include current and former property owners, lessees, or “operators” on the property.
Life Settlement Investments: Avoiding the Pitfalls in the Event the Life Settlement Company Files for Bankruptcy
July 17, 2016
Deborah B. Talenfeld
For those who may be considering an investment in life settlements (see my previous blog for background), recent bankruptcy filings of life settlement entities have raised a concern not often considered when determining whether or not to invest: what would happen if the entity that owns or manages the underlying insurance policy(s) ends up in bankruptcy. Life settlement companies typically include provisions in their purchase agreements that downplay the potential ramifications of a bankruptcy filing. Such companies state how they, or the underlying insurance company, have been in business for many years, that the investor is a beneficiary of the policy, or similar words of comfort. However, these are just words, and they do not in and of themselves provide any protection to the investor.