Firm Newsletter | February 2025

Feb 26, 2025
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Dear Clients and Friends:

We write to update you on recent activities at FRB.

We are excited to share that FRB has adopted Harvey, a leading AI tool for professional services firms, and used by over one-third of the AmLaw 100. Our adoption of this tool (unique for a firm of our size), reinforces our commitment to innovation and providing exceptional client service in an efficient manner. We are continuing to leverage AI to enhance attorney insights while maintaining the highest standards of confidentiality and ethical oversight. Read more about this initiative here.

Next, we are proud to announce that FRB's Moish Peltz, Chair of the Intellectual Property and Digital Assets Practice Groups, has been recognized in the WTR 1000 2025 by World Trademark Review! Moish’s dedication to the intersection of intellectual property law, blockchain, and other emerging technologies continues to set him apart as a trusted advisor in the technology space. Learn more about this prestigious ranking here.

Additionally, FRB’s Ruth Kraft, Chair of the Labor & Employment Law Practice Group, recently joined the 90.3 WHPC talk show "Law You Should Know" to discuss key shifts in employment law under the Trump administration. Her insights covered critical topics such as independent contractor classification, DEI policies, and overtime eligibility. Listen to the full discussion here, and feel free to reach out if you have questions about how regulatory changes are impacting your business. 

Further, FRB's Andrew Cooper, Chair of the Cannabis & Psychedelics Practice Group, recently shared his insights in an On Balance Search Consultants article on the FDA’s recent rejection of MDMA-assisted therapy for PTSD. Read his insights here.

Lastly, FRB's Dana Walsh Sivak, Partner and Chair of the Elder Law Practice Group, was recently elected to the Board of Directors of the Levittown Chamber of Commerce. A dedicated member of the Chamber since 2023, Dana was officially installed at the Chamber’s 64th Annual Installation of Officers & Directors earlier this month. Congratulations, Dana! Check out highlights from the event here.

 

Update on Corporate Transparency Act (CTA) Filing Deadline

 

FinCEN has set a new deadline of March 21, 2025, for Beneficial Ownership Information Report (BOIR) filings, following a court ruling that lifted a nationwide injunction on CTA enforcement. Further legal developments are expected, including an April 1, 2025, Fifth Circuit hearing and potential FinCEN revisions to ease compliance for small businesses. Companies classified as “Reporting Companies” under the CTA must file by the new deadline unless explicitly granted an extension. If you have any questions or need assistance with CTA compliance, please contact our CTA Task Force by calling our offices at (516) 599-0888 or messaging Jim Black (jblack@frblaw.com) or Alexander Migliorini (amigliorini@frblaw.com).

 

Register for Our Upcoming Events

 

The Mother Who Changed: A Story of Dementia

  • Join FRB's Dana Walsh Sivak, Esq. for this hybrid CE event on Wednesday, March 19 from 4:30 PM - 7:00 PM ET in NYC. Explore the legal, ethical, and emotional complexities of dementia care + learn practical tools for social workers and case managers to support families navigating cognitive decline. Earn 3.0 CE Credits (Ethics) by listening to the podcast, completing an online post-test, and attending the full in-person session. 

 

Register for Our Upcoming Webinars

 

New York Business Succession Planning (CPE Credits Available)

 

Bobbleheads, Baseballs, and Beanie Babies: The Taxation of Collectibles
(1.0 CPE/CE for IRS Enrolled Agents)

  • Join FRB Partner Matthew E. Foreman, Esq., LL.M. on Thursday, April 24 from 1:00 PM - 2:00 PM ET and explore the various tax implications, including whether the income is subject to tax at capital gains or ordinary income rates. Additionally, learn what types of expenses related to collectibles can be deducted, when they can be deducted, whether you can deduct expenses in excess of income, and whether sales tax needs to be applied to the transactions. Application for New York CLE is currently pending.
  • Learn more and register here.

 

Check Out Our Latest Podcasts

 

 

How Tax Works - Ep. 19 
Qualified Small Business Stock (IRC 1202): Part III

  • In this episode of How Tax Works, FRB Partner Matthew E. Foreman, Esq., LL.M. concludes his discussion of Qualified Small Business Stock (QSBS), which is section 1202 of the Internal Revenue Code. He discusses possible ways to increase the QSBS exclusion, including gifting, various trusts, and so-called stacking transactions, with a warning about the anticipatory assignment of income doctrine, finishing up with the ability to rollover QSBS stock.
  • Listen to the episode here.

 

Block & Order #29
SEC Priorities, Pumps & Dumps, Pump.Fun, NFT Act, CFPB-RIP, ElizaOS + More

  • In this episode of Block and Order, hosts Kyle M. Lawrence, Esq. and Moish E. Peltz, Esq. dive into SEC Commissioner Hester Peirce's top 10 priorities for the crypto task force, exploring key issues like the security status of crypto tokens, regulatory sandboxes, and investment advisor custody solutions. They also tackle memecoin market manipulation, housing discrimination faced by a crypto executive, and the impact of integrating cryptocurrencies into immigration programs.
  • Watch the episode here.

 

Check Out Our Past Webinars

 

Revenue Rulings 99-5 and 99-6: Tax Implications of Restructured Partnerships and LLCs (2.0 CPE Credits)

Navigating Digital Asset Legal, Accounting, and Tax Issues: Entity Structures, Tax Planning, Valuation, and More (1.5 CPE/CLE Credits)

  • Kyle M. Lawrence, Esq. explores the evolving legal and tax landscape for digital assets, including recent IRS regulations, reporting requirements, and key tax planning strategies.
  • Watch here.

Deducting Digital Asset Losses: Worthless Assets, Rev Prec 2024-28 Basis Safe Harbor, Theft, and Casualty Loses

  • Matthew E. Foreman, Esq., LL.M. provides an overview of deducting digital asset losses, including guidance on lost keys, theft, and reporting requirements under Rev Proc 2024-28.
  • Watch here.

 

Check Out the Latest News from Our Blog

 

Are You Impacted by the Changes to the Consumer Directed Personal Assistance Program?

  • Urgent changes to New York’s Consumer Directed Personal Assistance Program (CDPAP) require Medicaid recipients to take essential steps before the March 28, 2025, deadline. Read more.

 

Shielding Your Cryptocurrency: Essential Estate Planning and Asset Protection Strategies in the Digital Age

  • With Bitcoin touching $100K and crypto investments skyrocketing, Jeffrey M. Verdon, Esq. outlines essential estate planning and asset protection strategies for cryptocurrency holders. Read more.

 

Understanding the Tax Implications of Prediction Market Winnings

  • Matthew E. Foreman, Esq., LL.M. sheds light on the tax treatment of prediction market winnings, emphasizing the IRS’s stance that all earnings—whether reported on a tax form or not—must be disclosed as income. Read more.

 

Disruptions to the Medicaid System, Alongside Trump Administration’s Freeze of Federal Funding to Agencies, Results in Lawsuit by Impacted States, Federal Court Injunction

  • Dana Walsh Sivak, Esq. examines the recent disruptions to the Medicaid system caused by the Trump Administration’s temporary federal funding freeze, the resulting legal challenges by impacted states, and the swift federal court injunction that followed. Read more.

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