International activities conducted by tax-exempt organizations have been a high-focus area for decades. Today, this subject continues to be a high enforcement priority for the IRS, who actively seeks to ensure that foreign assets and expenditures are used for charitable purposes. Tax laws prohibit the diversion of charitable assets to any noncharitable purpose; this includes financial support of terrorist organizations and activities. Needless to say, cooperation and partnerships with other federal agencies are crucial to combat the existing abuses in this area.

In a June 17, 2021 decision, the Affordable Care Act (ACA, “Obamacare”) survived its third and presumably final challenge as the Supreme Court rejected the challenge in a 7-2 decision. This margin of victory was wider than the 5-4 and 6-3 decisions from the prior two Supreme Court cases applicable to the ACA (in 2012 and 2015, respectively). 

For over a decade, New Yorkers have been using the New York State Statutory Short Form Power of Attorney (“2010 POA”) which also contained the Statutory Gifts Rider. The implementation and execution of the 2010 POA have been confusing and complex for most New Yorkers. 

The first computer virus appeared shortly after Apple introduced its first computer in the 1970s. In the early 1980s after the PC was introduced, viruses immediately followed. Some of the early malware did no real damage–they were created just to prove it could be done. Yet some did real damage, and the history of malware began.

For companies where ownership is vested exclusively in one individual, there is often a need to address continuity of the company in the event of the sole owner’s death or incapacity. The surviving spouse of an owner may not want to be encumbered with a business foreign to him, and an unclear line of succession could lead to in-fighting or panicking among employees at all levels of the business; in this way, an asset that has produced income for loved ones in the past now becomes a potential liability.