Featured Publications

Real Estate: Alert - November 4, 2009

The Interstate Land Sales Full Disclosure Act (ILSA) is not a talisman that transforms a condo purchaser’s “buyer’s remorse” into a legally cognizable defense to a breach of contract claim, or so goes the clear implication of the Eleventh Circuit’s recent unanimous opinion, Stein v. Paradigm Mirasol, LLC. In broad context, the Court's decision is best understood as its attempt to inject some common sense into the two-year completion exemption. The ruling must be welcome news to condo developers because it is likely to dampen – at least temporarily – the recent proliferation of lawsuits from unhappy residential condo purchasers seeking to reverse or escape deals that have proven to be bad financial investments.

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International Trade: Alert - November 3, 2009

The Obama administration has adopted a dual-track strategy toward Iran by opening a dialogue while also laying the groundwork for tougher sanctions. In addition to discussing this and other developments in U.S.-Iran relations, this alert examines what tougher sanctions – as well as pending House and Senate bills and increasingly aggressive actions taken by federal agencies against specific foreign entities that are believed to have violated U.S. embargo or export laws – could mean for foreign companies and U.S. subsidiaries that do business with Iran, particularly its petroleum industry.

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Articles & White Papers

Avoid Criminal Prosecution – IRS Introduces a Six Month Settlement Initiative For those with Unreported Foreign Accounts
 

LISI Estate Planning Newsletter # 1438

April 1, 2009
 
Kevin E. Packman- Miami

On March 23, 2009, the IRS launched the IRS Offshore Incoming Reporting Initiative (the "Initiative"), a settlement for taxpayers to voluntarily disclose of undeclared offshore accounts. The Initiative ends on September 26, 2009, allowing six months for taxpayers to step forward. Those qualified will not be subjected to criminal or civil fraud penalties, but will have to file six years of tax returns and pay all retroactive taxes and interests accumulated.

Packman urges that taxpayers take advantage of the "Initiative" to come forward with any unreported or unfiled foreign accounts. Despite the seemingly harsh penalties, he argues that it is far better than criminal prosecution. Finally, he suggests that if taxpayers do follow through with their disclosure, they should seek legal representation with particular knowledge in this matter. Please click on the below link to view this article.

READ: Avoid Criminal Prosecution – IRS Introduces a Six Month Settlement Initiative For those with Unreported Foreign Accounts

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