Exemptions

News & Analysis as of

Participation of 100 Hours May Be Sufficient to Generate Active Income Exempt from the 3.8 Percent Health Care Tax on Net...

As business owners begin filing their 2013 federal income tax returns and pay the 3.8 percent tax on net investment income for the first time, they should be aware that 100 hours of participation in an activity may be...more

American Icon Amends Stock Plan To Make It Section 25102(o) Eligible – Why?

Section 102 the National Securities Markets Improvement Act (which amended Section 18 of the Securities Act of 1933) deems securities listed (or authorized for listing) on the NYSE, the American Stock Exchange or the National...more

NJ Federal Court Rules Pension Plan Established By Church-Controlled Hospital Not an ERISA-Exempt Church Plan

On March 31, 2014 the U.S. District Court in New Jersey held that a defined benefit pension plan established by St. Peter’s Healthcare System was not a church plan exempt under ERISA despite the fact that St. Peter’s is...more

Why Tax-Exempt Organizations Should Plan for Joint Ventures

Non-profit organizations, which are exempt from federal income tax under Internal Revenue Code section 501(c)(3) (each a “Tax- Exempt Organization”), may find it necessary or beneficial for their operational goals to enter...more

The Waiting Game: What to Do (and Not Do) While an Exemption Application is Pending

So, you have thoughtfully and thoroughly prepared the Form 1023 Application for Recognition of Exemption Under Section 501(c)(3) (“Form 1023” or “application”) on behalf of a charity, and filed it with the IRS along with a...more

Proposed Narrowing of Licensing Exemption under California Finance Lenders Law

The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The...more

Court of Appeal Says Communications on Personal Communicating Devices are Exempt from Disclosure under Public Records Act

Reversing a Superior Court ruling that had caused quite a splash a few months ago, in City of San Jose v. Superior Court (H039498, March 27, 2014), the Sixth District of the Court of Appeal has held that communications to and...more

Prospectus Exemption for Distributions to Existing Security Holders

On March 13, 2014, Canadian securities regulators in all jurisdictions except Ontario and Newfoundland and Labrador adopted a prospectus exemption for issuers listed on the Toronto Stock Exchange (TSX), the TSX Venture...more

President Obama Directs the DOL to Attack FLSA Exemptions

Everybody is talking about it – President Obama’s announcement at the end of last week that existing overtime regulations be “modernized” and “streamlined” – but what exactly does this mean? The answer is, only time will...more

Expanded Commercial Loan Exemption Under California Finance Lenders Law

As a result of the passage of Assembly Bill No. 1091 (“AB 1091”), persons1 that make only occasional commercial loans in California may be able to take advantage of an expanded licensing exemption under the California Finance...more

CPSC Holding Third Party Testing Exemptions Workshop

The CPSC is voting soon on whether to hold a workshop to discuss potential ways to reduce third party testing costs through additional “determinations” that certain products or materials do not require third party testing....more

Specific Plan EIRs and Exemptions for Follow-On Actions

The 2013 legislative session began with high hopes that California’s landmark environmental law – the California Environmental Quality Act (CEQA) – would be reformed. Developers, builders, and public agencies across the state...more

NFA Provides Further Guidance on Bylaw 1101 Obligations of Members Who Do Business with CPOs/CTAs Relying on an Exemption or...

The National Futures Association (the “NFA”) issued Notice I-14-06 providing guidance to its members regarding their Bylaw 1101 obligation to determine the CFTC registration and NFA membership status of persons with whom they...more

NFA Issues Notice to Members Regarding Member Obligations Under NFA Bylaw 1101 and Compliance Rule 2-36(d)

Under Commodity Futures Trading Commission regulations, any person claiming an exemption or exclusion from commodity pool operator (CPO) or commodity trading advisor (CTA) registration pursuant to CFTC Regulations 4.5,...more

SEC Further Extends Securities Law Exemptions for Security-Based Swaps

The SEC adopted amendments to the expiration dates of certain interim final rules adopted in July 2011. The interim final rules provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and...more

SEC Extends Exemptions for Security-based Swaps

On February 5, the Securities and Exchange Commission issued an extension of interim final rules that provide exemptions for security-based swaps from securities laws under the Securities Act of 1933, the Securities Exchange...more

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

Personal Property Exemption Deadline Next Monday

The deadline to file for Michigan’s new Personal Property Tax Exemption is next Monday, February 10, 2014. In 2012, Gov. Snyder signed the law providing a personal property tax exemption to taxpayers who own equipment...more

Proposed Regulations Expand the Definition of Excepted Benefits

Recently issued proposed regulations would expand the categories of excepted benefits under the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code (the Code) and the Public Health Service Act. ...more

Congress Exempts U.S. Population Of Endangered Species From ESA

On January 17, 2014, President Obama signed into law the $1.1 trillion dollar Omnibus Spending Bill, thereby funding the federal government through October 1. Included in the Bill was a provision directing the Secretary of...more

CPO and CTA Annual Affirmation of Exemptions Due in March

Pursuant to Commodity Futures Trading Commission (CFTC) regulations, persons claiming an exemption or exclusion from registration as a commodity pool operator (CPO) or a commodity trading advisor (CTA), under CFTC Regulations...more

Plans for UK Public Register of Company Beneficial Ownership

In June 2013 we provided an update on proposals by the UK Government to establish a more rigorous transparent disclosure regime relating to ownership of UK incorporated companies, including their beneficial ownership. While...more

SJC Case Could Result in Loss of Property Tax Exemptions for Certain Conservation Land

A property tax dispute involving a $172 property tax on conservation land owned by The New England Forestry Foundation (the “Foundation”) in the Town of Hawley could impact land conservation organizations throughout the...more

ERISA: Court Disregards Three Decades of IRS Letter Rulings – “Church Plan” Exemption Applies Only if Plan Established by “Church”

You already know that a “church plan” is exempt from ERISA, unless the Plan specifically elects to be governed by ERISA under Internal Revenue Code Section 410(d). But what does it take to become a “church plan”?...more

District Court Strikes Down Rental Allowance Tax Exemption for Ministers

A federal court recently declared unconstitutional Internal Revenue Code Section 107(2), which excludes from gross income a rental allowance paid to a “minister of the gospel” as part of his or her compensation, on the...more

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