BW INSIGHTS

IRS Announces Guidance on Basis-Shifting Transactions by Related-Party Partnerships

By Maggie Simonson Schild & Christopher L. Nuss | 07.25.2024

On June 17, 2024, the Internal Revenue Service (IRS) and Treasury announced new guidance aiming to curtail abusive basis-shifting transactions by related-party partnerships. The Treasury and IRS plan to propose regulations targeting transactions in which partners shift basis from one asset to another, thereby increasing the second asset’s basis... Read More

BrownWinick Team Participates in the 2024 Firm Annual Volunteer Day

By BrownWinick | 07.18.2024

On July 17, 2024, over 80 BrownWinick attorneys and staff participated in our firm's annual volunteer day. Groups of attorneys and staff went to five different locations across the metro to serve including the Blank Park Zoo, Animal Rescue League, Habitat for Humanity, YMCA Supporting Housing Campus, and Ronald McDonald House. Learn more about... Read More

Court Blocks FTC Rule Banning Employment Noncompete Agreements on a Limited Basis

By Danielle Smid | 07.10.2024

On May 7, 2024, the Federal Trade Commission (FTC) issued a Final Rule banning most post-employment non-competes for all workers, except senior executives, employed by for-profit employers. However, recent judicial decisions are stirring up problems for the Final Rule. Important Court Rulings On July 3, 2024, in Ryan LLC v. Federal Trade... Read More

Supreme Court Tightens Standards for NLRB Injunctive Relief

By Danielle Smid | 07.03.2024

The National Labor Relations Board (NLRB) is an independent federal agency tasked with safeguarding employees' rights and addressing unfair labor practices by employers. In the recent Supreme Court case Starbucks Corp. v. McKinney, 144 S. Ct. 1570 (2024), the Court's 8-1 decision imposed the stricter traditional four-factor test for granting... Read More

Iowa Livestock Capital Gain Deduction for 2023

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024

On May 15, 2024, Governor Reynolds signed into law House File 2649 that provides an Iowa individual income tax deduction for capital gains incurred on the sale of certain livestock. The Iowa livestock capital gain deduction is available retroactively for tax years beginning on or after January 1, 2023. To claim the livestock capital gain... Read More

Tax Relief Due to Recent Severe Weather in Iowa

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024

Severe weather has been active across the state of Iowa, affecting individuals and businesses. Governor Reynolds and the Internal Revenue Service have implemented various forms of tax relief for those most affected by severe weather. Iowa Penalty Relief On May 21, 2024, Governor Reynolds issued a Proclamation of Disaster Emergency for the... Read More

Government Relations Update 6-5-24

By Matthew McKinney | 06.05.2024

Iowa’s Primary Election was held on Tuesday, June 4.  There were several hotly contested races featuring challengers to incumbent legislators – most notably: Republican Senator Waylon Brown vs. Doug Campbell - Incumbent Senator Brown won; Democratic Senator Clair Celsi vs. Julie Lasche Brown - Incumbent Senator Celsi won; House Republican Jane... Read More

Recent Challenges to Plan Forfeitures

By Caleb J. Brus | 05.24.2024

Recent lawsuits are challenging 401(k) plan sponsors’ use of forfeitures to reduce employer contributions. Such practice is a long-standing precedent permitted by the Internal Revenue Service “IRS.” Plaintiffs in these suits claim that the decision on how to apply forfeitures is a fiduciary determination. The plaintiffs further allege it is a... Read More

Understanding ERISA Fiduciary Duties

By Caleb J. Brus | 05.17.2024

The Employee Retirement Income Security Act (“ERISA”) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. ERISA provides protection for individuals in such plans. Central to ERISA is the concept of fiduciary duty, which mandates that those managing and controlling plan... Read More

FTC Publishes Final Rule Banning Non-Competes

By Julie Solis-Alvarado | 05.08.2024

On May 7, 2024, the Federal Trade Commission (FTC) published a Final Rule banning most post-employment non-competes. The Final Rule becomes effective on September 4, 2024. While the Final Rule faces statutory and constitutional challenges which may potentially delay and even halt the Effective date, employers should still take steps to become... Read More