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13

Small Businesses: Prepare to Report Under the New Federal Corporate Transparency Act

Jean S. Everett, Erika H. Hooker
April 29, 2024
Alert
Table of Contents: Reporting Companies Large Operating Company Exemption Beneficial Owners Required Information to Report Due Date What If Information Changes? Penalties for Violations How to Report More Information Getting Started Contact an Attorney Effective January 1, 2024, many existing corporations, limited liability companies, partnerships and similar entities became subject to Federal requirements to report Read More »

Many NYS Homeowners Associations Must Comply With New Federal Reporting Requirement

Jean S. Everett, Erika H. Hooker, Joshua S. Werbeck
February 22, 2024
Alert
Effective January 1, 2024, many Homeowners Associations (HOAs) became subject to new Federal requirements to report personal information of individuals who are their senior officers and other beneficial owners to the Financial Crime Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department.  New HOAs created on or after January 1, 2024, will only have Read More »

CFPB to Creditors: Consumers Must Receive Specific and Accurate Reasons for Credit Denial

Jean S. Everett, Autumn R. Burgin
October 11, 2023
Alert
The Consumer Finance Protection Bureau recently issued Circular 2023-03 reminding creditors of the requirements under the Equal Credit Opportunity Act and Regulation B regarding adverse action notices. The Circular summarizes the regulatory provisions that a notice of credit denial provided to a consumer must be specific and state the principal reasons for denial of credit Read More »

Real Property Tax Relief for New Affordable Housing in Gowanus Neighborhood

Jean S. Everett, Natalie P. Hempson-Elliott
August 01, 2023
Alert
The Gowanus Neighborhood Mixed Income Housing Development Program offers real property tax abatement for affordable housing projects located in the Special Gowanus Mixed Use District, an 82-block former industrial area along the Gowanus Canal in Brooklyn, New York.  The Program addresses the uncertainty arising from the sunset of Section 421-a(16) of the New York Real Read More »

IRS to Make Direct Payments to Local Governments, School Districts, and Tax-Exempt Organizations for New Clean Motor Vehicles and Motorized Equipment

Jean S. Everett
July 13, 2023
Alert
The monetization of energy tax credits under the Inflation Reduction Act (IRA) offers a potential source of revenue for local governments, school districts, 501(c)(3) organizations and certain other federally tax-exempt organizations that are buying new qualified commercial clean vehicles and motorized equipment. What is the credit for qualified commercial clean vehicles? Although local governments, school Read More »

Federal Interagency Guidance for Financial Institutions: Policies and Procedures for Reconsiderations of Value of Residential Real Estate

Jean S. Everett
June 14, 2023
Alert
The Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC) have requested public comment on proposed guidance that outlines examples of policies and procedures for risk-based reconsiderations of value (ROVs) for Read More »

LEGAL ALERT: State Accelerates Payment of Retainage by Local Governments and School Districts

Jean S. Everett
January 19, 2021
Alert
On December 15, 2020, Governor Cuomo signed into law amendments to the New York State Finance Law and the New York State General Municipal Law relating to payment of retainage to contractors of public works projects. The amendments are widely supported by New York State's construction industry. The amendments clarify the definitions of substantial completion Read More »

Aging Infrastructure and Unemployment: The Erie Canal and WPA

Jean S. Everett
July 21, 2020
Article
Deteriorating infrastructure and job creation are costly problems that have long plagued many communities.   Local governments in New York State faced shrinking revenues and increasing demands for public works projects and services prior to the onset of the pandemic and the outcry for policing reform and equity.  Loss of sales tax revenues, defaults on real Read More »

Main Street Loan Program Now Available to Nonprofit Organizations

Jean S. Everett
July 21, 2020
Alert
On July 17, 2020, the Federal Reserve Board announced two loan options under the Main Street Lending Program for nonprofit organizations such as educational institutions, hospitals, and social service organizations. Prior to applying for a loan under the Program, nonprofit organizations should review existing loan agreements to make sure incurring new indebtedness or unsubordinated indebtedness Read More »