Farrell Fritz, P.C.

On July 18th, the Internal Revenue Service released final regulations regarding required minimum distributions (RMDs) from retirement accounts. The final regulations reflect changes to the Internal Revenue Code made by the SECURE Act (in 2019) and SECURE 2.0 (in 2022). They largely adopt the regulations as proposed in 2022, with some modifications. The final regulations are generally effective on or after January 1, 2025. At the same time, the IRS issued proposed regulations under SECURE 2.0 on topics that were initially reserved in the aforementioned final regulations. Many clients have accumulated significant wealth in their retirement accounts during their lives. These accounts are incredibly beneficial to clients during their lifetime and present a straightforward way to benefit from tax deferral or even tax-free growth on these assets. Clients are sometimes surprised, however, that traditional retirement vehicles are potentially subject to both estate and income tax after the account holder’s death and don’t properly plan for a tax-efficient disposition of these assets. It is important that clients and their advisors familiarize themselves with the final regulations so they can plan accordingly. A link to the final regulations can be found here: https://lnkd.in/eYW-iVjr A link to the proposed regulations can be found here: https://lnkd.in/eWVnxacG Thank you David Goldstein for this week’s Tax Tracker! #tax #estateplanning

Yesterday at the Bisnow Long Island State of the Market event, Farrell Fritz Partner Christopher Kent, moderated a panel on "Building & Developing Industrial Across Long Island" alongside industry colleagues, Mitch Rechler of Rechler Equity Partners, Heath Abramsohn of Rockefeller Group, and Frank Frizalone of Cushman & Wakefield.

Farrell Fritz was a proud sponsor at the Island Harvest Food Bank 2024 Golf Classic & Pickleball Tournament earlier this week. Island Harvest Food Bank is a leading hunger-relief organization with a mission to end hunger and reduce food waste on Long Island. Thank you to Michelle E. Espey, Michael L. Webb and Lee Peretz for all your contributions with this great organization!

Hear from top developers, investors and brokers on multifamily, industrial and mixed-use projects on Thursday, July 18 at the Bisnow Long Island State of the Market event. Christopher Kent will be moderating an informative panel on Building & Developing Industrial Across Long Island. For more information and to register, please visit the Bisnow website here: https://lnkd.in/eSwkYqvv #longisland #industrial #landdevelopment

Jason Little explains the key rules for default motions in his recent blog post on New York Commercial Division Practice, discussing how important it is for plaintiffs to prove their case clearly from the start. Read the full blog post here: https://lnkd.in/epEkrYcT #commerciallitigation

Frank McRoberts explores the complexities of buy-sell agreements in his latest New York Business Divorce blog post, discussing legal intricacies in partnership disputes and mandatory buyouts. Read the full blog post here: https://lnkd.in/eGTpms4y #businessdivorce #buyout

In Suffolk County, each of the ten Suffolk Towns are individual assessing units empowered with the grant of authority to assess real property, and are responsible for preparing their own assessment and tax rolls for all real property within their respective jurisdictions. The local Assessor for each Town publishes an annual tentative assessment roll in May, at which time taxpayers seeking review of their tentative assessment must file an administrative tax grievance. The filing must occur on or before the third Tuesday of May, following publication of the tentative roll. An earlier Tax Tracker from my colleague Nancy DeBiasi spotlighted the Suffolk grievance filing period: https://lnkd.in/eS8zEXD8   Most Suffolk Towns published their respective final assessment rolls earlier this month, on or about July 1st. Following the administrative review period by the local assessment review boards, the Town assessment rolls are reviewed and corrected for final publication and will serve as the basis for the ensuing tax bills issued in December. If taxpayers contesting their assessments at the administrative level were unsuccessful, they may seek judicial review of their real property assessment by the filing of a court petition within thirty (30) days of publication of the final assessment roll.    Commercial property owners and taxpayers are advised to seek guidance and counsel of an experienced real property tax certiorari attorney to ensure that their right to a fair review of their assessment is preserved.   Thank you Michael P. Guerriero for this week’s Tax Tracker! #taxtracker #propertytax

Patrick Collins spoke with Newsday Media Group on the recent update on Hicksville-based musical instrument chain, Sam Ash Music’s, bankruptcy filing. Read the article here: https://lnkd.in/eE45guAQ #bankruptcy #restructuring #samash

Please join us in welcoming Sean Meaney to the firm, as part of our 2024 Summer Associate class. Sean looks forward to meeting and collaborating with his colleagues, learning from their wealth of knowledge, and forging lifelong connections. He's particularly excited about enhancing his research and writing skills, recognizing their importance in the legal profession. Sean hopes to gain insights from team members, expanding his understanding of law. Outside of work and school, Sean enjoys spending quality time with family and friends, refining his golf skills, and playing the drums. Sean Meaney will begin his second year at Maurice A. Deane School of Law at Hofstra University in the fall and graduated with a BA in Economics, as well as, a BA in Psychology from the Stony Brook University graduated summa cum laude.

Please join us in welcoming Mary Tonna to the firm, as part of our 2024 Summer Associate class. Mary is looking forward to rotating among different practice groups and getting hands-on experience attending court, meetings, hearings, and other proceedings to observe both transactional and litigation practices. She is excited to work within the practice groups she hasn’t been exposed to yet in law school and hopes to delve into legal research. Hoping to gain insight into each team member's career trajectory and how they got into their practice areas, Mary is interested in hearing their perspectives on maintaining a good work/life balance. Outside of work and school, Mary loves long walks, reading, cooking and hopes to see Cabaret on Broadway this summer! Mary will begin her third year at Maurice A. Deane School of Law at Hofstra University in the fall and graduated with a BA in Classics (ancient studies) from Barnard College in Manhattan. Welcome Mary!