Hanson Bridgett LLP

The fragility of QSBS status could lead to a costly loss—which is exactly what happened in a recent court case. In collaboration with Hanson Bridgett LLP, we’re breaking down a recent case in the U.S. Court of Federal Claims (Ju v. United States, March 2024) that highlights the importance of sufficient documentation for a QSBS position. First, a quick refresher on QSBS ?? Qualified small business stock (QSBS) is a tax benefit available to founders, early employees, and early investors of certain startups. The QSBS benefit allows shareholders in domestic C-corporations to exclude up to $10 million (or 10x their basis, whichever is higher) of gain on the sale of those shares if they hold the equity for five years. What happened in this recent case ?? In a court case from March 2024, the plaintiff was unable to retroactively prove QSBS eligibility because he did not have his share certificate and contemporaneous documentation showing his shares were issued by a qualified small business. As a result, he failed to receive the significant tax benefits. What does this mean? Even if you think your shares qualify for QSBS tax exclusions, the best way to prove eligibility is through timely QSBS attestation letters and documentation. Uncertainty and lack of consistent record-keeping may lead to the loss of a substantial tax benefit. How can I avoid that outcome? ?? Eliminate the guesswork: With Carta, eligible shareholders can take the guesswork out of QSBS compliance. Founders, early employees, and venture capitalists should start documenting the QSBS status of shares they are issued as soon as possible. If a company uses Carta for QSBS Attestation, all eligible shareholders—founders, investors and early employees—can see which shares qualify for QSBS right in their respective dashboard. Read the full co-authored article on the court case here: https://lnkd.in/gMcBWaGD?

Government Section Leader Allison Schutte and partner David Gehrig recently celebrated the Soquel Creek Water District's ribbon-cutting event for the Pure Water Soquel Project and toured the facility. This is a cutting-edge Indirect Potable Reuse (IPR) project to purify wastewater from the City of Santa Cruz and inject it into the Santa Cruz Mid-County Groundwater Basin managed by the District. We were proud to work closely with the client team on this epic project, and we'd like to extend our sincere congratulations to everyone at the District, the project's General Manager, Melanie Mow Schumacher, Engineering Manager/Chief Engineer Taj Dufour, and the entire team that has worked toward water sustainability for the Santa Cruz region for the past decade! ?? ?? #HansonBridgett #WaterReuse #Sustainability #WaterRecycling #ProgressiveDesignBuild

We are excited to sponsor this year’s Silver SPUR Awards on October 24th. This event brings together elected officials, and business, civic, and philanthropic leaders to celebrate three exceptional individuals and their contributions to our communities. Get tickets here: https://lnkd.in/gEkC3SU3 #HansonBridgett #SFBayArea #SilverSpurAwards

“The idea that DEI initiatives are racist, they’re quotas or they’re lowering standards is a fundamental misunderstanding of what DEI programs actually are. I might go so far as to say an intentional misrepresentation.” – Chief Diversity, Equity, and Inclusion Officer Jennifer Marie Martinez dispelled some misconceptions about DEI initiatives in a recent HR Dive article. Read it here to get expert takes on the future of DEI: https://lnkd.in/gfTQWYYQ #HansonBridgett #DEI #DiversityInLaw

Have questions about Private Attorneys General Act (PAGA)? Don’t miss partner Diane Marie O'Malley’s “Age-ucation” Webinar Series from LeadingAge California, “PAGA Reform: What You Need to Know.” Diane will discuss the Legislature and Governor enacted comprehensive reforms to PAGA and how this marks a significant shift in how employee claims are managed and litigated in California. Learn more and register here: https://lnkd.in/gFeT5Svv #HansonBridgett #PAGA #LeadingAge

COO/CFO Laura Long will be in New York on October 23 as a panelist at?Thomson Reuters’ 23rd Annual Law Firm COO & CFO Forum. Her session, “Between Two Rivers: Refining and Renewing Firmwide Commitments to ESG,” will discuss Environmental, Social, and Governance (ESG) commitments and how successful law firms are using them to increase reputation, client favorability, and decrease long-term costs. Learn more and register here: https://lnkd.in/eZ54mkXM #HansonBridgett #TRIC224 #ESG

We’re excited to introduce W. Bryan Hudson as the newest member of our Health Section! "We are thrilled to welcome Bryan to the firm," said Deidre Schonfeldt, partner and co-leader of the firm's Health Section. "His experience in health care law and deep understanding of the practical challenges facing senior care providers on a daily basis will be invaluable as we continue to grow our practice in this critical sector." Read our press release here: https://lnkd.in/gaSrVJjN #HansonBridgett #HealthCareLaw #SeniorCareLaw #SeniorHousing?

We are #hiring a strategic thinker to serve as our new Director of Recruiting. As we continue to grow and build on our reputation of high service standards across California, we are looking for a dynamic leader who can enhance our talent acquisition efforts and help us attract the best lawyers and professional staff in the industry. The ideal candidate will have a proven track record in recruiting, a passion for fostering a diverse and inclusive workplace, and the ability to implement innovative recruitment strategies. This is an excellent opportunity to join an energized and collaborative team of professionals and this hybrid position may be based out of our San Francisco or Los Angeles offices. We are a #BCorp and consistently recognized as one of the Best Places to Work across California. This is a firm where big thinkers make a big impact. Join us. #HBlife https://lnkd.in/gSByg-GJ

We're proud to share that legal secretary and?Women's Impact Network (WIN)?co-chair?Ambra Jackson?will be recognized this weekend by the San Francisco Section of the?National Council of Negro Women, Inc. HQ?(NCNW)?for her involvement and work in bettering our local community! Among her (many) roles,?Ambra is currently the interim vice president of the Fillmore Collaborative Board in San Francisco. The organization's mission is to empower Fillmore residents through education and access to resources that promote health, financial literacy, food access, and personal growth. As a Fillmore District native, volunteering in the community is particularly meaningful for Ambra,?and the work keeps her inspired?and aligns with her leadership role and our values here at?Hanson Bridgett. Congrats to Ambra – thank you for all that you do!???? #HansonBridgett #Volunteerism #Community #SocialImpact #WIN #MakingADifference #LivingOurValues

Partner Linda Klamm will be speaking at American Bar Association’s Women in Insurance Network (WIN) Regional CLE Program in San Francisco next week. Her session, “Courts Deciding Coverage Issues on the Pleadings Alone - Is Discovery Necessary?” will discuss critical coverage, the strategy of when and how to get the coverage issues before the court, and how to combat your opponent's strategy. Learn more here: https://lnkd.in/gRAnnmxf #HansonBridgett #WomenInInsurance #CLE