As year end approaches, we wanted to remind people of a few upcoming deadlines and highlight a few actions you may want to consider for early next year.

The SEC has issued final rules that amend proxy statement and periodic report requirements to enhance disclosure regarding a company’s process for director nominations and shareholder communications with board members.

On Nov. 6, 2003, the European Court of Justice (ECJ) handed down its first judgment interpreting the substantive provisions of the European Data Privacy Directive (Directive 95/46/EC). The judgment (Case C-101/01, <I>In re Bodil Lindqvist</I>) is important because it clarifies several ambiguous provisions of the Directive and has impact beyond the facts of the case.

Automatic enrollment of eligible employees in a 401(k) or 403(b) plan is attractive: it gives them a push toward participating in the plan and helps the plan meet Tax Code nondiscrimination tests. Uncertainty as to how far an employer could go with automatic enrollment design has deterred some employers, but new IRS guidance allows considerable flexibility and provides comfort for employers.

The costs to remediate contaminated property can be substantial, and although over the years improved remediation technology and risk-based cleanup programs have resulted in more cost-effective cleanups, remediation costs can still approach millions of dollars. The Treasury Department and IRS recently issued two rulings clarifying the federal income tax treatment of environmental remediation costs.

This article focuses on some of the often overlooked allocation opportunities and the hidden tax liabilities that are important to understand when a deal is being negotiated and priced. Many times, if these issues are not addressed prior to closing, the opportunities are lost.

The Air, Superfund and Waste Divisions at U.S. EPA Region 5 all have new leadership, soon to be joined by the Office of Regional Counsel. Former Regional Administrator Francis X. Lyons recently spoke with these new program managers about their priorities and challenges for 2004.

Important new legislation that would significantly impact the real estate industry has been introduced in the Illinois General Assembly. Entitled the "Toxic and Pathogenic Mold Protection Act" (H.B. 4593), the proposed Act attempts to address the effects of indoor mold on human health as well as property interests. The provisions of the Act fall into two key areas: (1) establishment of various standards and guidelines; and (2) disclosure requirements for sellers, landlords, and tenants

The jury verdict in the <I>St. David’s </I>case and Revenue Ruling 2004-51 provide additional support and guidance for healthcare organizations that participate in 50/50 ancillary joint ventures.

Until recently, it was unclear whether a member of a consolidated group that realized cancellation of indebtedness ("COD") income that is excluded from gross income (either because the member is in a Title 11 proceeding ("the bankruptcy exception") or is insolvent ("the insolvency exception") would be required to reduce its separate tax attributes by the excluded COD income, including reduction of the tax basis of lower tier subsidiaries, or whether the attributes of the entire consolidated grou

On January 5, 2004, regulations addressing the federal income tax treatment of certain transaction costs were published in the Federal Register [T.D. 9107, 69 FR 446,& Jan. 5, 2004]. These regulations confirm that certain costs incurred for services in connection with a potential corporate transaction can be properly deducted as ordinary& and necessary expenses under Section 162 of the Internal Revenue Code, if documentation is provided that demonstrates that such services ar