Days after the United States Treasury Department and its Financial Crimes Enforcement Network (FinCEN) announced it was suspending enforcement the Corporate Transparency Act (CTA), (you can read about that in our last client...more
On February 18, 2025, the United States District Court for the Eastern District of Texas reinstated reporting obligations under the Corporate Transparency Act (CTA) (31 U.S.C. §5336), requiring reporting companies to resume...more
As of January 1, 2025, new reporting requirements and annual filings under Pennsylvania Act 122 of 2022 have become effective. Under this new legislation, business entities and other organizations operating in Pennsylvania...more
Beneficial owners of reporting companies, as defined under the Corporate Transparency Act (31 U.S.C. § 5336) (the “CTA”), and anyone closely following recent activity surrounding the CTA and its Reporting Rule, are likely...more
On Tuesday, December 3, 2024, the Federal District Court for the Eastern District of Texas (the “Court”) issued an opinion in Texas Top Cop Shop, Inc. et al. v. Merrick Garland, Attorney General of the United States, et al....more
12/10/2024
/ Corporate Transparency Act ,
Department of Justice (DOJ) ,
Enforcement ,
Financial Crimes ,
FinCEN ,
First Amendment ,
Fourth Amendment ,
Preliminary Injunctions ,
Reporting Requirements ,
Texas ,
Unconstitutional Condition
Although the Corporate Transparency Act (“CTA”) became effective Jan. 1, 2024, in just two short months, its constitutionality was challenged in the U.S. District Court, Northern District of Alabama’s decision issued on March...more
3/7/2024
/ Alabama ,
Beneficial Owner ,
Civil Monetary Penalty ,
Corporate Transparency Act ,
Criminal Penalties ,
Deadlines ,
FinCEN ,
Fraud ,
Noncompliance ,
Reporting Requirements ,
Transparency ,
Unconstitutional Condition
On November 18, 2020, the U.S. Treasury Department and IRS released further guidelines on the tax treatment of expenses paid with funds from PPP loans. After IRS Notice 2020-32 (released in April 2020) provided that no...more
The Small Business Administration (“SBA”) has quietly rolled out new forms for Borrowers who received PPP loans in excess of $2 million. The SBA issued a notice in the Federal Register seeking approval of Forms 3509 and 3510...more
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
9/16/2020
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Inheritance Tax ,
IRS ,
Presidential Elections ,
SLAT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Rates
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). As the name suggests, the Flexibility Act provides PPP loan borrowers (“Borrowers”) with...more
With the SBA finally releasing forgiveness guidance and an application for Borrowers to apply for forgiveness, many questions remain unanswered about how the SBA intends to evaluate and treat loan forgiveness. The below FAQ...more
The vast majority of Borrower’s under the SBA’s Paycheck Protection Program (the “PPP”) may breathe a little bit easier today, as the SBA has finally issued guidance surrounding the “good faith” certification Borrowers had to...more
The COVID-19 crisis has caused many state Attorney’s General, including the Pennsylvania Attorney General (“PA AG”), to encourage consumers to submit complaints and allegations of price gouging. Rest assured that all such...more
5/4/2020
/ Antitrust Provisions ,
Antitrust Violations ,
Coronavirus/COVID-19 ,
Corruption ,
Goods or Services ,
Manufacturers ,
Medical Supplies ,
Price Gouging ,
Price Inflation ,
Supply Chain ,
Unfair or Deceptive Trade Practices ,
White Collar Crimes
The good news for PPP borrowers is that there is no cancellation of indebtedness taxable income generated by the forgiveness of any of the PPP loan. The not-so-good news is that on April 30, the IRS issued Notice 2020-32,...more
On April 16, 2020, the US Small Business Administration (the “SBA”) announced that the $349 billion allocated to the Paycheck Protection Program (the “PPP”) for COVID-19 crisis loans to certain self-employed individuals and...more
4/22/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Gig Economy ,
Independent Contractors ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On Thursday, April 9th, the Department of Treasury finalized plans to provide several layers of credit in response to the ongoing COVID-19 market disruptions. ...more
4/15/2020
/ CARES Act ,
Conflicts of Interest ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Financing ,
FRB ,
Main Street Lending Programs ,
Municipalities ,
Relief Measures ,
Term Asset-Backed Securities Loan Facility (TALF)
As businesses across the country continue to determine whether to apply for an SBA loan under the “Paycheck Protection Program” (the “PPP”) provided by the Coronavirus Aid, Relief, and Economic Security Act (the “Act”), the...more
4/8/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many businesses are struggling to understand their options under the...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many businesses are struggling to understand their options under the...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With uncertainty looming in all corners of the world due to the continued COVID-19 pandemic, many employers are questioning how they can support the fixed costs of their business, especially in the face of total or partial...more
As the coronavirus spread throughout the US and many businesses closed their doors, Congress passed the Families First Coronavirus Response Act (the “Act”). President Trump signed the Act on Wednesday, March 18. The...more
At McNees we understand that the last few weeks have been anxious ones as our clients and their loved ones navigate the onset of Coronavirus COVID-19 and volatile financial markets. Our first priority is the health and...more
The new partnership audit rules went into effect earlier this year. The new rules permit the IRS to assess and collect tax directly from a partnership or an LLC taxed as a partnership (both of these entities are, for...more
When a business is sold, both the buyer and the seller endeavor to walk away with as much cash on hand as possible.
The seller hopes to reap the rewards of years of hard work; the buyer hopes to secure enough cash to...more
In This Issue:
Making the ‘Right’ Choice; Top Ten Mistakes Businesses Make Regarding Insurance; and You’ve Got the Job, Details Will Follow.
Excerpt from Making the ‘Right’ Choice -
You have the idea, you...more