Starting a new business can be a very stressful endeavor, often involving significant financial risk, a possible career change, and sleepless nights ensuring your business plan is ironclad. Adding to this stress, many new...more
3/20/2024
/ Business Development ,
Business Entities ,
Business Formation ,
Business Ownership ,
Business Plans ,
Business Strategies ,
Dispute Resolution ,
Early Stage Companies ,
Entrepreneurs ,
Intellectual Property Protection ,
Required Documentation ,
Startups
It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity...more
1/12/2024
/ Anti-Money Laundering ,
Business Ownership ,
Corporate Transparency Act ,
Filing Requirements ,
FinCEN ,
Fraud ,
Investment Adviser ,
Limited Liability Company (LLC) ,
Penalties ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
The Tax Cuts and Jobs Act of 2017 (The “TCJA”) imposes a $10,000 cap on the amount an individual may deduct for federal tax purposes for the payment of state and local income, property and sales taxes (referred to as “SALT”)....more
3/3/2022
/ Arkansas ,
C-Corporation ,
Federal Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
Tax Cuts and Jobs Act ,
Tax Deductions
Arkansas recently became the 20th state to enact the Uniform Limited Liability Company Act (the “ULLCA”) as the governing law for the formation and operation of limited liability companies in the state. On April 30, 2021,...more
“These uncertain times” has been an often used phrase over the course of the last several months, and in no facet of 2020 life is it more applicable than the Paycheck Protection Program (PPP) loans implemented as part of the...more
On Friday, June 5, 2020, President Trump signed the “Paycheck Protection Program Flexibility Act of 2020,” which makes the several welcome changes to the PPP loan provisions of the CARES Act, enacted on March 27, 2020. The...more
In IRS Notice 2020-32 issued on April 30, 2020, the IRS has clarified that no deduction is allowed for expenses paid with funds loaned to a business through the CARES Act’s Paycheck Protection Program if payment of the...more
The President signed the Paycheck Protection Program and Health Care Enhancement Act into law on April 24, 2020, injecting an additional $484 billion in aid to supplement the SBA business loan programs created under the CARES...more
4/28/2020
/ Applications ,
Borrowers ,
CARES Act ,
Credit Unions ,
Financial Institutions ,
Hotels ,
Paycheck Protection Program (PPP) ,
Restaurant Industry ,
SBA ,
Small Business ,
Small Business Loans
The Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief and Economic Security (CARES) Act authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during...more
Due to the ongoing COVID-19 pandemic, the IRS has granted taxpayers an automatic extension for the deadlines imposed by section 1031 of the Tax Code for like-kind exchanges.
In IRS Notice 2020-23, released on April 9, 2020,...more
With numerous measures now in place at the federal, state and local levels, the following are some of the latest resources available to walk businesses through the relief programs enacted, including under the Coronavirus Aid,...more
Beginning on April 3, 2020, small businesses and sole proprietorships can apply for loans through the Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief and Economic Security (CARES) Act....more
4/6/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Federal Loans ,
Financial Stimulus ,
Health Care Providers ,
Lenders ,
Lending ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
If you watch the news, you may have heard that the requirement known as the “individual mandate” under the Affordable Care Act, which generally requires that individuals either obtain health insurance or pay a penalty, was...more
On September 24, 2019, the IRS issued much-needed guidance clarifying whether owners of rental real property may qualify for the 20 percent qualified business income deduction under Section 199A of the Code. The guidance, set...more
As discussed here in November (Why 2019 Will be the Year of Opportunity (Zones)), the Tax Cuts and Jobs Act created a tax-advantaged incentive program for investing in designated “qualified opportunity zones” throughout the...more
5/7/2019
/ Capital Gains ,
Investment Funds ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Investments ,
Safe Harbors ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
One of the more significant additions to the Tax Code under the 2017 Tax Cuts and Jobs Act was the creation of an incentive program for investment in certain low income communities called “Opportunity Zones.” The program is...more
11/7/2018
/ Capital Gains ,
Community Development ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
While many businesses and individuals will see a lower tax bill as a result of the 2017 Tax Cuts and Jobs Act, charitable organizations may ultimately be the biggest losers from the sweeping tax reform. The Tax Act includes...more
As you’ve surely heard by now, the Bipartisan Budget Agreement of 2015 (“BBA”) enacted new IRS procedures for partnership audits for tax years beginning on or after January 1, 2018. The new audit rules allow the IRS to...more
11/7/2017
/ Bi-Partison Balanced Budget Act (BBA) ,
C-Corporation ,
Corporate Taxes ,
IRS ,
K-1 ,
Partnership Agreements ,
Partnerships ,
Proposed Regulation ,
Public Comment ,
Push-Out Requirements ,
S-Corporation ,
Tax Audits ,
Tax Returns ,
TEFRA ,
Underpayment