Members of association boards must now be on the look-out for certain exclusions to their directors & officers liability policies relating to artificial intelligence. Recently, a large commercial lines insurance company introduced a new “absolute” exclusion to its D&O policies that seeks to eliminate coverage for nearly all claims related to AI-generated content, including using AI-generated content to assist with making complex financial, legal or governance decisions, as well as creating budgets, contracts, declarations, bylaws and more.
Tax Alert: Impending Deadline & New Filing Requirements For Estates (form 8971)
By Stephen J. Olsen — On July 31, 2015, HR 3236, Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”), was signed into law. Section 2004 of the Act enacted new Sections 1014(f) and 6035(a)(1) of the Internal Revenue Code of 1986, which require basis reporting of property acquired from a decedent. Earlier this week, the IRS released Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, intended to implement this mandate. The form can be found here. The instructions for the form can be found here.
Stephen J. Olsen is a partner at Gawthrop Greenwood, PC, where his practice includes Estate Administration, Estate Planning, Taxation and Business Transactions. Steve can be reached at solsen@gawthrop.com or 610-696-8225.
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