COSGRAVE LAW / Legal Ez

Oregon’s ABLE Savings Plan officially launched this morning.  Take a look at the eligibility cheat sheet and then head over to www.oregonABLEsavings.com  to open an account for your eligible loved ones.  The online system is said to be “fun, simple and only takes 10-15 minutes to complete.”  If you set one up, please let us know […]

Yesterday, the IRS finally confirmed that it will recognize unnecessary QTIP elections on 706 returns filed to elect portability. This is good news and answers an ambiguity created by the final portability regulations that were issued last year. A qualified terminable interest property (“QTIP”) election is an election under which a portion of a deceased […]

Negotiating and executing a lease is tricky, even without the state-legal, federally-illegal cannabis industry in the mix.  So what should a landlord consider if choosing to lease to a business that operates in the cannabis industry?  And what should a cannabis licensee do to protect its interests?  The following are six basic rules for landlords […]

As I mentioned in my last post, the IRS recently released proposed regulations which effectively end valuation discounts that have been relied upon for over 20 years. If the IRS’s current timetable holds, these regulations may become final as early as January 1, 2017. Although that date isn’t set in stone, we expect that the […]

If you’ve been putting off making gifts of your closely held business interests, you may want to kick start that process. Yesterday, the Treasury department announced its proposed regulations to curb taxpayers’ ability to take significant fractional interest discounts when valuing gifts of closely held business interests for estate and gift tax purposes.  These proposed regulations are targeting, […]

Join us as Cosgrave partner Shane Swilley co-presents at a webinar on Tuesday, June 7, at 10 a.m. PT regarding the DOL’s new overtime rules.  SIGN UP HERE   The ALFA International Webinar Series: Exempt Today – Gone Tomorrow.  What Every Employer Needs to Know about Compliance with the New Overtime Rules. TUESDAY, JUNE 7, 2016 […]

In 2014, Congress passed the Achieving Better Life Experience (“ABLE”) Act which authorizes the use of 529A accounts – or “ABLE accounts” – as an alternative/supplement to Special Needs Trusts.  The ABLE Act allows individuals to establish ABLE accounts similar to the college savings accounts you may recognize as “529 Accounts”. The ABLE accounts were […]

If you are a member of a partnership or LLC taxed as a partnership, you should take note of recent changes to the partnership audit rules. Last winter, Congress passed the Bipartisan Budget Act of 2015 (the “BBA”) which repealed the partnership audit and litigation rules under the Tax Equity and Fiscal Responsibility Act of […]

Our last post talked about the changes that the Bipartisan Budget Act of 2015 (the “BBA”) made to the partnership audit rules.  As we mentioned, these rules affect all partnerships, including LLCs taxed as partnerships.  Luckily, Congress did include some relief for certain partnerships from the new rules. How can you opt out? A partnership […]

Dear Loyal Subscribers and Beverage Entrepreneurs: We have been operating the Cosgrave Beverage Blog in this space since August 2012. We have had a lot of fun writing about the ins and outs of the intersection between our vibrant beverage community and Oregon law. And the good news is that we will continue to blog […]