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FASB Lease Accounting Changes

March 17, 2016| Blog

The Financial Accounting Standards Board (FASB) is expected to finalize new lease accounting standards (“Standards”) within the coming months which will have very real consequences for owners and lessees alike.
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As a follow up to my colleague Allan Caggiano’s post here on the new 2016 ALTA/NSPS Land Title Survey Standards, the Planning & Zoning Resource Company (PZR) has recently circulated an important advisory on the practical effects of the new survey standards and the interaction between the surveyor and the zoning report that is typically provided by a third party like PZR.
Leases often form the start of a long term relationship between a landlord and tenant. This dynamic is much more critical in the life sciences context, and the process of lease negotiation and implementation requires integration and cooperation between the landlord and tenant teams. The lease creates a roadmap for what can be a very long tenancy, and needs to be carefully thought through and negotiated.
Beginning on February 16 of this year, the rate of tax withholding required by the Foreign Investment in Real Property Tax Act (FIRPTA) will increase from 10% to 15%.  FIRPTA imposes federal tax on the sale of an interest in real property located in the United States by a foreign seller.
Mintz Levin was a sponsor of IMN's 13th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing held at the Montage resort in Laguna Beach.  The IMN conference is the premier West Coast conference on real estate investing and is attended by the most influential voices in the real estate industry.
On February 23, 2016, the 2016 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys will become effective (superseding the 2011 ALTA/ACSM standards).
A sophisticated (and effective) wire-fraud scam targeting real estate (and other) transactions is on the rise, and mostly occurring in the United States.
Earlier today our colleagues in the Energy Technology practice posted an article regarding this morning's congressional agreement on a year-end spending and massive tax deal that will bring 5-year extensions to both the Investment Tax Credit and Production Tax Credit.
Our colleague Steve Friedberg recently spoke at the ICSC Shopping Center Law Conference in Phoenix, Arizona on the topic of “Financeable Retail Leases: A Guide to the Perplexed”.
Our colleague, Steve Friedberg will be speaking tomorrow during a seminar at this year's US Shopping Center Law Conference put on by the International Council of Shopping Centers (ICSC).
Our colleague Jeff Moerdler was recently quoted in Law 360's article, "NYC Transportation Infrastructure Needs Innovation: Panel" after speaking on transportation infrastructure issues at the EisnerAmper's Real Estate Private Equity Summit this past Wednesday.
Since February 2015, California state legislators have proposed several bills to modify the limitations on property tax increases established by Proposition 13 (Prop. 13).
EPA held a public meeting on June 11, 2015 on EPA’s Proposed Rule imposing one-time electronic reporting and recordkeeping requirements on manufacturers and processors of certain nanoscale materials under Section 8(a) of the Toxic Substances Control Act (TSCA).
On April 6, 2015, EPA published a long-awaited Proposed Rule imposing one-time electronic reporting and recordkeeping requirements on manufacturers and processors of certain nanoscale materials under Section 8(a) of the Toxic Substances Control Act (TSCA).
We are seeing more and more of our clients branching out into international markets. My partner, Dawn Saunders, wrote an interesting article about navigating international leasing transactions and the importance of having experienced international leasing counsel review these transactions.
Brandon Barker of our Los Angeles office has been keeping up to date on the latest developments surrounding AB1103 and California's new disclosure requirements relating to energy performance.
The California legislature has passed new laws giving residential and commercial tenants rights to install electric vehicle (EV) charging stations, and which direct cities and counties to streamline permitting for residential solar projects.  Gabe Schnitzler and Brandon Barker, who are active in our Green Building and Energy Technology Practice Group summarize the new laws in a client alert.
Effective January 1, 2015, purchasers of property in California will no longer be able to hide the amount of transfer tax paid in connection with the acquisition of a new property.
On January 1, 2014, a new law governing limited liability companies (“LLCs”) went into effect in California.
In September 2012, the California State Legislature enacted SB 1186 in an effort to cut back on opportunistic litigation and encourage compliance with disability access laws.

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