Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

CLIENT ALERT: Capitalizing on New Opportunity Zone Incentives to Spur Economic Development

Client Alert
May 13, 2019

Created as part of the recently passed Tax Cuts and Jobs Act, “OPPORTUNITY ZONES” are designed to encourage long-term investments in underserved communities.  By offering tax benefits to private investors who choose to invest their capital at the nexus of need and opportunity, the program supports a broad array of investments and presents an opportunity for creative problem-solving strategies to address community needs.

THE PROGRAM BENEFIT

The program offers investors tiered tax benefits depending on the term of the investment, including a temporary deferral and partial reduction of capital gains, as well as the potential to exclude capital gain tax from future appreciation on the investment.  It is designed to tap into the estimated $6T+ of unrealized capital gains held by U.S. individuals and companies by incentivizing investors to re-invest that capital in low-income communities to spur economic development and job creation.

REQUIREMENTS FOR INVESTORS

In order to receive the entire 15% step-up in basis of the re-invested capital gain, which requires a full 7-year holding period prior to December 31, 2026, investors must make a qualifying investment by December 31, 2019.  Detailed regulations have been recently issued to provide new and helpful guidance.

BMD IS HERE TO HELP YOU

Our advisors have extensive experience structuring investment transactions and are uniquely positioned to help you achieve your business objectives by exploring the possibilities available to you through the Opportunity Zones. 

To learn more or to take advantage of the benefits, please contact Jason A. Butterworth or R. Kevin Saunders.  

 

 

Opportunity ZonesBMD Economic DevelopmentJason A. ButterworthR. Kevin SaundersBMD Akron Ohio
Client Alert

Corporate Transparency Act to be Re-evaluated

February 28, 2025Recent federal rulings have impacted the enforceability of the Corporate Transparency Act (CTA), which took effect on January 1, 2024. While reporting requirements were briefly reinstated, FinCEN has now paused enforcement and is reevaluating the CTA. Businesses are no longer required to submit reports until further guidance is issued. For updates and legal counsel, contact BMD Member Blake Gerney.Client Alert

Ohio Recovery Housing Operators Beware: House Bill 58 Seeks to Make Major Changes

February 26, 2025Ohio House Bill 58 proposes significant changes to recovery housing oversight, granting ADAMH Boards authority to inspect and investigate recovery residences. The bill also introduces a Certificate of Need (CON) program, requiring state approval for major facility changes. OMHAS will assess applications based on cost, quality, accessibility, and financial feasibility. The bill also establishes a recovery housing residence fund to support inspections. For more information, contact BMD attorneys Daphne Kackloudis or Jordan Burdick.Client Alert

January 2025 Notice of Proposed Rulemaking Brings Notable Changes to HIPAA Security Rule

February 25, 2025In January 2025, the U.S. Department of Health and Human Services proposed amendments to the HIPAA Security Rule, aiming to enhance cybersecurity for covered entities (CEs) and business associates (BAs). Key changes include mandatory compliance audits, workforce training, vulnerability scans, and risk assessments. Comments on the proposed rule are due by March 7, 2025.Client Alert

Corporate Transparency Act Effective Again

February 20, 2025The federal judiciary has issued multiple rulings on the enforceability of the Corporate Transparency Act (CTA), which took effect on January 1, 2024. Previously, enforcement was halted nationwide due to litigation in Smith v. U.S. Department of the Treasury. However, on February 18th, the court lifted the stay, reinstating the CTA’s reporting requirements. Non-exempt entities now have until March 21, 2025, to comply. Businesses should act promptly to avoid civil penalties of $591 per day and potential criminal liability.Client Alert

Status Update: Physician Noncompete Agreements in Ohio

February 11, 2025Noncompete agreements remain enforceable in Ohio if they meet specific legal requirements. While the AMA and FTC have challenged these restrictions, courts continue to uphold reasonable noncompete provisions for physicians. Recent cases, like MetroHealth System v. Khandelwal, highlight how courts may modify overly restrictive agreements to balance employer interests with patient care. With ongoing legal challenges to the FTC’s proposed ban, Ohio physicians should consult a healthcare attorney before signing or challenging a noncompete agreement.
Older posts
Newer posts