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London Senior Associate Speaks to Leading Wealth Management Publication in Asia, ‘Hubbis’

London Senior Associate Ruben Sinha recently met with Hubbis via video link to provide his insight into what the BCLP Family Asset Protection Team offers, and why asset protection is becoming increasingly important to international families when substantial wealth is at stake. “My perspective is that while in Asia there has been some progress in the sphere of estate and succession planning, there has not been sufficient emphasis or focus on asset protection,” he explained in the July 9 interview. He highlighted that for the international super rich “the potential risks and financial impact that family litigation and divorce can have on a family’s wealth can be disastrous’’ and should not be overlooked. The full article can be read here.

Chambers High Net Worth 2020 Name BCLP Attorneys

Chambers High Net Worth 2020 Name BCLP Attorneys

July 15, 2020

Authored by: BCLP

Chambers & Partners has recognized Bryan Cave Leighton Paisner in the 2020 edition of Chambers High Net Worth Guide. The publication named 10 Private Client and Family Asset Protection lawyers across the globe as leading lawyers in their field.

 The Chambers High Net Worth Guide ranks the top lawyers and law firms for international private wealth. The guide also recommends leading accountancy firms, private banks, wealth managers, trust companies and other professional advisers to HNW and UHNW clients around the world.

FIRM RANKINGS:

Georgia

Private Wealth Law – Band 2

London (Firms)

Private Wealth Law – Band 3

Missouri

Private Wealth Law – Band 1

Russia

Private Wealth Law – Band 3

 

RANKED LAWYERS:

Family/Matrimonial: High Net Worth

UK

Elizabeth Hicks – Band 1

 

Private Wealth Law

GEORGIA

Kimberly Civins – Band 2

Tiffany McKenzie – Up and Coming

LONDON (FIRMS)

Damian Bloom – Band 3

Reshmi

BCLP Associate Jessie Rose Publishes Article on LGBTQ* Legal Terminology

In the UK, same-sex couples have been able to enter into civil partnerships since 2005 and marry since 2014. However, the legal meaning of terms such as child, mother and father have not necessarily adapted to encompass LGBTQ* families. In the first of two blogs, Associate Jessie Rose examines the potential impact of outdated legal terminology on LGBTQ* families. The full blog post can be found here.

IRS extends more tax deadlines; EO operations affected during COVID-19 and more

Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The extensions apply to many forms and tax payments made by tax-exempt organizations, including:

  • Form 990-series annual information returns or notices (Forms 990, 990-EZ, 990-PF, 990-BL, 990-N (e-postcard))
  • Forms 8871 and 8872
  • Form 5227
  • Form 990-T
  • Form 1120-POL
  • Form 4720
  • Form 8976

See Notice 2020-23 and Rev. Proc. 2018-58 for more information, including a complete list of affected forms, tax payments and other time-sensitive actions.

IRS operations during COVID-19: mission-critical functions continue

In response to the coronavirus (COVID-19) crisis, the

U.S. Congressional CARES Act & Nonprofit Organizations

Loan Programs

Small Business Loan Program Expansion – “Paycheck Protection Program”: Provides 100% guarantee for bank loans made to qualifying business/organizations during the period of February 15, 2020 to June 30, 2020.  To qualify, nonprofits must not have more than 500 total full-time and part-time employees.  Nonprofit organizations with more than 500 employees are not eligible for this program. Detailed guidance from the firm on this program can be found here.

Emergency Economic Injury Grants – “Disaster Loans”: Nonprofits with fewer than 500 employees who apply for an economic injury disaster loan with the SBA may receive up to $10,000 as an advance against the loan within 3 days of application if SBA certifies that the entity is eligible.  This is to enable nonprofits to quickly access financial assistance while their loan application is being processed.  Eligibility is based solely on applicant’s credit score.  Funds can be used for payroll

COVID-19 Update – How the CARES Act Effects Tax Benefits Related to Charitable Giving

On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”). The Act was one of several Congressional responses to the COVID-19 emergency and it covered many areas, including the tax benefits related to charitable giving.

Generally, there are limitations on deductions for charitable contributions for both individual and corporate taxpayers based on the taxpayer’s adjusted gross income (“AGI”), in the case of individuals, and taxable income, in the case of corporations. The CARES Act increases the limit on individual taxpayers’ deductions for cash contributions to public charities from 60% of the individual’s AGI to 100% of the individual’s AGI. This increase effectively suspends the limit for individuals in 2020.  For corporate taxpayers, the CARES Act increased the income limits on the deduction for charitable cash contributions from 10% of the corporation’s taxable income to 25% of the corporation’s

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