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Aviation: Centerline: Newsletter - November 2008

Because of the perception that there are only limited export controls on most civil aircraft, consideration of U.S. export laws often is given scant attention in many international transactions. This is true particularly in the business aviation industry where sellers of used aircraft may not routinely engage in export transactions; it is also critical for foreign owners of U.S. origin aircraft, who may not understand how the U.S. government exerts jurisdic­tion over aircraft even after they are sold abroad. The recent rash of U.S. enforcement actions highlights the need for both U.S. and for­eign companies to understand and comply with U.S. export restrictions.

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Environment: Alert - November 19, 2008

California has a growing body of legislation and case law addressing climate change, accompanied by the ongoing development of new regulatory programs to reduce GHG emissions. In late October, three agencies – the California Air Resources Board, the South Coast Air Quality Manage­ment District and San Diego County – issued draft guidance materials addressing CEQA significance thresholds for GHG. This represents an important step toward understanding the CEQA direction being considered by agencies with both the expertise and the legal mandate to address GHG emissions.

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Private Wealth Services
Newsletter - Fall 2007
 
In this Issue...
IRS Extends Section 409A Compliance Date – But Most Employers Must Take Action Prior to December 31, 2007
 
 September 24, 2007
 
David O'Leary - Chicago

Section 409A of the Internal Revenue Code imposes significant restrictions on the payment of deferred compensation under severance plans, equity compensation plans, executive employment agreements and other agreements. On September 10, 2007, the Internal Revenue Service issued Notice 2007-78, extending the document compliance date from December 31, 2007, to December 31, 2008. Unfortunately, the notice only extends the date that the amendments to the documents must be drafted in order for the plan or arrangement to comply with Section 409A. The notice does nothing to extend the time by which decisions regarding plan design must be made or deferral elections changed. In addition, beginning January 1, 2008, all plans and arrangements must be operated in full compliance with Section 409A – even if the plan documents have not been updated.

In order to take advantage of significant planning opportunities, it’s important to act quickly to review your plans and arrangements prior to the December 31, 2007, deadline.

For more information, email David O’Leary at David.Oleary@hklaw.com or call toll free, 1-888-688-8500.