News & Publications

The IRS has released final regulations and additional guidance on the QBI deduction just before the first tax season where taxpayers can claim the deduction. The new guidance provides some clarity on who qualifies for the QBI deduction and how to calculate the deduction amount. QBI deduction in action The QBI deduction is up to 20% of QBI received from a PTE, subject to certain limitations. QBI is equal to the net amount of income, [...]

The First Circuit Court of Appeals recently affirmed a district court's ruling that three exclusions do not bar coverage under a management liability policy for a lawsuit filed by pension funds alleging that an investment firm "mismanaged and squandered money" the funds had invested. The appellate court in Scottsdale Insurance Co. v. Bryne upheld the $3 million policy limits award plus post-judgment interest, holding that the insurer failed to meet its burden of proof that [...]

Commercial mortgage-backed securities ("CMBS") loans and balance-sheet loans are not created equal. While there are many similarities between the two types of loans, the differences are material and important. Identifying and understanding these differences and the ways in which they may impact a borrower is essential to providing effective borrower representation.1 CMBS Loans Overview Generally CMBS loans are typically non-recourse loans that materially comply with a standardized set of requirements (e.g., single-asset borrower) and have [...]