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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 »

Inflation Reduction Act of 2022: Summary of Clean Energy Credits

Christy Vouri-Misso
September 15, 2022
Alert
The Inflation Reduction Act of 2022 (the "Act") was signed into law by President Biden last month.  Below is summary of certain tax benefits for clean energy production. Extension of the PTC Extends the production tax credit (PTC), which allows energy producers to claim a credit based on electricity produced from renewable energy resources through Read More »

Coming Soon: Many New and Existing Corporations, LLCs and Similar Entities Must Report Owners’ Personal Information to U.S. Treasury Department

Jeffrey C. Fasoldt, Jr.
January 21, 2021
Alert
At the start of the new year, the National Defense Authorization Act ("NDAA") was enacted into law and included the Corporate Transparency Act ("CTA"). The CTA subjects individuals who own, or apply to form, businesses organized as corporations, limited liability companies, partnerships or similar entities to heightened reporting to the Financial Crimes Enforcement Network ("FinCEN") Read More »

SBA Releases Responses to FAQs on the Application for Forgiveness of the PPP Loan

Christy Vouri-Misso
August 06, 2020
Alert
On August 4, 2020, the Small Business Administration (SBA) released responses to Frequently Asked Questions (FAQs) regarding the application for forgiveness of the Paycheck Protection Program (PPP) Loan. The FAQs are available here. The questions and responses range from questions regarding the type of forgiveness application used by sole proprietors who have no employees (Answer - Form 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 »

Paycheck Protection Program Loan Forgiveness Application Released

Christy Vouri-Misso
May 19, 2020
Alert
The SBA released the much-anticipated SBA Form 3508, the application required for forgiveness of the Paycheck Protection Program ("PPP") loan. A borrower must submit a loan forgiveness application to its lender, not the SBA. The application includes very detailed instructions for determining the amount of the PPP loan that may be forgiven.  There are four Read More »

Heightened Scrutiny for PPP Loans and Safe Harbor to Return PPP Funds

Gregory D. Eriksen
May 05, 2020
Alert
The Small Business Administration and U.S. Treasury Department responded to recent Congressional and media attention to businesses that received Paycheck Protection Program (PPP) loans. In public statements of Secretary Mnuchin and SBA's updated Frequently Asked Questions (FAQ) effective as of April 29, 2020, the government clarified its approach when auditing PPP loans.  A loan audit Read More »

IRS Releases Revenue Procedure Allowing Partnerships to Amend Returns to Take Advantage of CARES Act Benefits

Christy Vouri-Misso
April 09, 2020
Alert
On April 8, 2020, the IRS released Rev. Proc. 2020-23 which allows certain partnerships to file amended returns for the 2018 and 2019 tax years that had previously been prohibited from filing amended returns. Prior to the Revenue Procedure, partnerships subject to the Bipartisan Budget Act of 2015 ("BBA") would not be able to take advantage of Read More »

Executive Order Authorizes Relief for State and Local Authorities on Annual Filing Requirements

Susan R. Katzoff
March 29, 2020
Alert
In response to the mandatory non-essential business closures throughout New York State due to the continuing health crisis presented by COVID-19, the Governor issued Executive Order 202.11 ("EO 202.11") on March 27, 2020.  EO 202.11 provides, in part, for the Authorities Budget Office ("ABO") to disregard certain reporting and other deadlines under the New York Read More »

Trade War Tariffs: How Can a U.S. Importer Respond?

June 14, 2019
Alert
In mid-May, the United States Trade Representative ("USTR") published a proposal to impose additional 25% tariffs on approximately $300 billion worth of goods imported from China ("List 4"), pursuant to Section 301 of the Trade Act of 1974. List 4 covers 3,805 full and partial tariff subheadings ranging from agricultural products to manufactured goods. A Read More »
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