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Kane, Norby & Reddick P.C.


Two recent amendments were made to the Dubuque City Code of Ordinances which impact the owners/managers of rental property: 1) The property owner, manager, or licensed real estate professional must conduct background checks for all prospective tenants whose tenancy commences on or after July 1, 2011. A background check may be performed using the City’s free background check service or by another background check service approved by the city manager. 2) The property owner or manager must complete the Crime Free Multihousing Program or a program of continuing education approved by the city manager. For more information, call the Housing Department.

Nicholas J. Kane was born and raised in Dubuque, Iowa. In 2007, he received his B.B.A. from the University of Iowa Henry B. Tippie College of Business, with a major in Management and Organizations and a minor in Spanish. In May of 2010, Mr. Kane received his Juris Doctorate from the University of Iowa College of Law. In September of 2010, Mr. Kane was admitted to the practice of law in Iowa. He is primarily interested in the areas of corporate/commercial law, civil litigation, employment law, and estate planning.

Charitable trusts to register with the Iowa Attorney General.

Effective July 1, 2009, the legislature of the State of Iowa passed new laws requiring charitable trusts to register with the Iowa Attorney General. The Attorney General has a legal mandate to oversee charitable trusts, and the new law allows the Attorney General to better ensure that the purposes of specific charitable entities in Iowa are being properly fulfilled.

Essentially all charitable trusts in Iowa must register; this includes all charitable trusts receiving federal tax benefits (i.e. trusts with 501(c)(3) status, charitable remainder trusts, and charitable lead trusts). Each trust must file both a Registration Form and an Annual Report.

The Registration Form requires that the trust provide information about the organization and purposes of the trust. Note that the form requires the filer to provide a copy of the trust’s organizing instrument as well. as some basic financial information. There are three ways to report the financial information: (1) you may complete Section 3 of the form; (2) you may provide a copy of the organization’s tax return; or (3) you may provide a copy of the annual report to trustees. All existing trusts (as of July 1, 2009) must complete the initial filing of the Registration Form within 135 days of the close of the trust’s next fiscal year after the effective date of the new law. Thus, if the trust year ends on June 30, 2009, then you must file the Registration Form by November 15, 2010. If the trust year ends December 31, 2009, then you Registration Form by November 15, 2010. If the trust year ends December 31, 2009, then you must file the Registration Form by May 15, 2010.

The Annual Report is to be submitted each year after the registration. The requirement for the Annual Report can be satisfied in one of three ways; (1) filing the Annual Report form; (2) providing a copy of the organization’s tax return; or (3) providing a copy of the annual report to the trustees. This report need not be filed for the fist time until the year after the filing of the Registration Form, but should be filed each year thereafter within 135 days of the close of the trust’s fiscal year.
Gary K. Norby Retirement

Effective Monday, June 12, 2006, Gary K. Norby has retired from the practice of law after 39 years. We wish Gary the best and are thankful for his contributions, professionalism, and especially his friendship. We are happy to answer any questions by phone or e-mail.
Disclaimers Related to New Rules Promulgated by the IRS

You may have noticed that written correspondence, including e-mail, faxes, letters, memoranda, and other documents that you receive from Kane, Norby & Reddick, P.C. now contain disclaimers that state that tax advice is not intended and cannot be used by you to avoid penalties on any taxes that may be imposed. Kane, Norby & Reddick, P.C. wants you to know that these disclaimers have nothing to do with and do not affect the quality of or the confidence of our attorneys in the tax advice that you receive from us.

The disclaimers are related to new rules promulgated by the IRS in Circular 230 that govern the giving of written tax advice. They are intended to curb the writing of tax shelter opinions and other abusive practices, which we, of course, do not undertake. However, they also apply to the everyday advice given by responsible attorneys, accountants, and others to clients who honestly wish to comply with their tax obligations. The use of these disclaimers allows us to continue to answer your everyday tax questions much in the same way we always have, while allowing you to avoid the higher costs and additional time associated with our giving formal “covered opinions” when these additional burdens are not justified or are otherwise not cost effective.

Kane, Norby & Reddick, P.C. continues to have a great deal of confidence in the advice that our attorneys provide, even when disclaimer language is included. We look forward to serving your needs in the future.

Sincerely, Kane, Norby & Reddick, P.C.