Kaufman and Canoles



House Financial Services Committee Passes Amendment to Sarbanes-Oxley Section 404(b)
On November 4, 2009, the Financial Services Committee of the House of Representatives passed an Amendment to the Sarbanes-Oxley Act permanently exempting smaller reporting companies from compliance with Section 404(b).
By Corporate & Public Finance

Private Client Services Update - Virginia Commissioners of Accounts and the Updated Manual for Commissioners
Virginia has a unique probate and fiduciary accounting system. The Virginia Circuit Courts have jurisdiction over decedents' estates, testamentary trusts, minor guardianships, conservatorships for incapacitated persons, foreclosure trustee accountings and certain other fiduciary matters. Virginia law also provides for the Judges of the various Circuit Courts to appoint Commissioners of Accounts with general supervision over the review of estate inventories, auditing and settlement of accountings and enforcement for these various fiduciary matters.
By Edward R. Stolle and Private Client Services

Sharing Counsel at Multi-Party Waste Sites
David Graham's article "Sharing Counsel at Multi-Party Waste Sites" was featured in American Corporate Counsel Association Docket.
By David B. Graham

Private Client Services Update - The Roth Business Ownership Plan
Roth conversions have been the subject of much attention lately – with the removal, beginning in 2010, of the income limit on conversions from traditional IRAs and other retirement plans to a Roth, and the two year stretch-out of the resulting income tax liability if the conversion occurs in 2010.
By David Kamer and Private Client Services

U.N. Convention Shakes Up International Sales Law
In 1986, the United States ratified the United Nations Convention on Contracts for the Intentional Sale of Goods. By 2009, 72 other countries had joined the Sales Convention, including most (but not all) of the United States' major trading partners. Brazil, South Africa and Great Britain are the most notable hold-outs.
By Charles V. McPhillips

Credit Union Legal Update - Fall 2009
In This Issue:
- Proofs Of Claim Privacy Issues And Potential Breaches/Risk Alert 
- Credit Card Act And 21-Year-Olds
- CUSOs Can Buy And Restructure Non-Performing Loans
- What To Do When A Reporter Calls
- Text Messages And The Telephone Consumer Protection Act
By E. Andrew Keeney

Private Client Services Update - Minority & Marketability Discounts & Asset Protection
In many of the tax bills currently introduced in Congress, there are provisions which would eliminate or severely restrict the use of “minority interest” and “marketability” discounts, which have been utilized for years in both the estate and gift tax areas to reduce the value of interests in closely owned entities in order to save taxes.
By James G. Steiger and Private Client Services