BW INSIGHTS

Government Relations Legislative Update - Week Eight

By Matthew H. McKinney & Julie A. Smith | 03.04.2024

Capitol Update This week, many bills were debated in either the House or Senate and then passed onto their last stop in the legislative process. Each chamber must vote on the exact same language in order to finally pass the bill and have it become law. The Senate will often substitute a House File and vice versa during floor debate so the language... Read More

Government Relations Legislative Update - Week Six

By Matthew H. McKinney & Julie A. Smith | 02.19.2024

Funnel week. Funnel week has come and gone and it was quite a week with 227 bills moving through Committees and 99 scheduled subcommittees. The purpose of the funnel is to “weed out” those bills that will not be given further consideration this session. The next major procedural deadline - the second funnel - is March 15. For a bill to be... Read More

Government Relations Legislative Update - Week Five

By Matthew H. McKinney & Julie A. Smith | 02.12.2024

The pace continued during week 5 with 164 bills scheduled for consideration in Committees and 165 scheduled for subcommittee discussions. Next week is funnel week - which means bills must be considered in a subcommittee and pass the Committee by next Friday. Of course, there are exceptions to that rule. Although based on the large numbers of bills... Read More

ChatGPT - A Legal Client's Friend or Foe?

By Jordan E. Meggison-Decker & Jill M. Gastineau | 06.12.2023

ChatGPT was released by OpenAI in November of 2022. ChatGPT is a natural language processing tool that is powered by artificial intelligence. Stated another way, ChatGPT is an artificial intelligence chatbot that can interact with users by answering questions; drafting essays, letters, or poems; generating artwork; and more. ChatGPT has been... Read More

U.S. Supreme Court Greatly Narrows the Definition of Wetlands in the Clean Water Act

By Ellen M. Hames & James L. Pray | 06.05.2023

On May 25, 2023, the United States Supreme Court issued a much-anticipated decision in the Sackett v. EPA case. At issue was whether “Waters of the United States” (“WOTUS”) could include wetlands that are not directly and continuously connected to navigable waters. All nine justices were unanimous in finding that the EPA overstepped its statutory... Read More

New Iowa Law Establishes Optional Workaround for Pass-through Businesses to the $10K Federal SALT Limitation

By Christopher L. Nuss & Maggie Simonson Schild | 05.22.2023

Late last week, Governor Kim Reynolds signed House File 352, which establishes an IRS-approved workaround to the federal limitation of deducting only up to $10,000 of state and local tax (SALT) for individuals who itemize their deductions effective retroactively to January 1, 2022. Under this new law, which will remain in effect for the duration... Read More

How Business Entities Held In Trusts are Treated Under the Corporate Transparency Act

By Robert D. Hodges & Katheryn J. Thorson | 05.01.2023

The Corporate Transparency Act (“CTA”) is a new law coming into effect January 1, 2024, that implements reporting requirements for limited liability companies (LLCs), corporations, and other business entities that have never had to report such information previously. BrownWinick attorney Brennan Block outlines the main components of the CTA in... Read More

Regulators Close Silicon Valley Bank and Signature Bank: Here's What You Need to Know

By John D. Hunter & Allison M. Lindner | 03.13.2023

Last weekend was a wild ride for the banking industry and depositors everywhere. Silicon Valley Bank experienced an old fashioned “run on the bank” that forced the FDIC to close it on mid-day Friday. Remember Jimmy Stewart in “It’s a Wonderful Life”. Over the weekend another bank, Signature Bank, was also closed by regulators. Both of these banks... Read More

Affordable Care Act Deadline Extension

By Cynthia Boyle Lande & Maggie Simonson Schild | 12.19.2022

On December 15, 2022, the Internal Revenue Service issued final regulations extending deadlines for providing certain information statements under the Affordable Care Act (ACA). The extension applies to Forms 1095-C, filed and issued by applicable large employers (ALEs), who are subject to the ACA Employer Mandate. The extension also applies to... Read More

What is the Purpose of a Trust?

By Robert D. Hodges & Katheryn J. Thorson | 12.06.2022

There are two main types of trusts—Revocable/Living Trusts, and Irrevocable Trusts. This article provides a very short overview of the different purposes of a trust and why you would set one up. Trusts can provide privacy, coordination of assets, asset protection from third-party creditors, gift and estate tax savings, protect beneficiaries from... Read More