It is no secret that New York State, and Long Island in particular, has some of the highest property taxes in the country. As a result, the majority of property owners on Long Island challenge their real estate tax assessments annually. In most taxing jurisdictions on Long Island, the real estate tax assessment of a property cannot be changed for three years following a successful…
Forchelli Deegan Terrana LLP welcomes Michael S. Amato to the firm’s Bankruptcy and Corporate Restructuring and Litigation practice groups as a partner. Mr. Amato is an active member of the American Bankruptcy Institute, the Turnaround Management Association, and the Nassau and Suffolk County Bar Associations. He has extensive experience in alternative dispute resolution and is an approved mediator in the United States Bankruptcy Court for…
Nicholas F. Bekker was admitted to the New York State Bar on May 28, 2025 thereby beginning his position as an Associate in Forchelli Deegan Terrana LLP’s Trusts & Estates practice group. Mr. Bekker has been a law clerk at FDT since August of 2024. Mr. Bekker, a Queens, NY resident, earned his J.D. from the Maurice A. Deane School of Law at Hofstra University…
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors, including financial history, market conditions and even non-traditional data sources like social media activity or payment patterns as opposed…
If you own property adjacent to a main thoroughfare or near a blighted area, chances are you will eventually face a condemnation. Also known as eminent domain, condemnation is a powerful tool that allows governmental entities to acquire private property for projects benefitting the public including the construction of highways, schools, and urban redevelopment. In New York state, this authority is governed by the Eminent…
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced an interim final rule eliminating the requirement for U.S. companies to report beneficial ownership information under the Corporate Transparency Act (CTA). This change redefines "reporting company" to include only foreign entities registered to do business in the U.S. Also, the rule provides that all U.S. beneficial owners are now exempt from the disclosure requirements.…
In yet another turn of events, the U.S. Department of Treasury announced over the weekend that it will not be enforcing any penalties or fines associated with the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting rule, even after any forthcoming rule changes that we discussed in our alert on Friday, February 28 take effect. According to its press release, the Treasury Department will…
Despite what experts had thought, yet another update on the Corporate Transparency Act (CTA) was released yesterday. Last week, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced an extended filing deadline of March 21, 2025 as an immediate response to the decision from the U.S. District Court for the Eastern District of Texas lifting the injunction staying CTA enforcement. On February 27,…
On January 14, 2025, the U.S. Environmental Protection Agency (EPA) issued a draft risk assessment to evaluate the disposal of sewage sludge containing the forever chemicals PFOA and PFAS. Sewage sludge refers to the nutrient-rich biosolids that remain after wastewater is sent to a wastewater treatment plant. The two most common disposal/re-use applications of sewage sludge are: (1) reuse as fertilizer; and (2) disposal in…
In the latest news, on February 17, 2025, the U.S. District Court for the Eastern District of Texas lifted the previously issued preliminary injunction on the enforcement of the Corporate Transparency Act (CTA). Given this decision, beneficial ownership information (BOI) reporting requirements are once again back in effect and mandatory. As a result, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) is providing…