Defining ‘Force Majeure’ in a post-Covid landscape In 2020, the Covid-19 pandemic tanked economies, disrupted global supply chains and brought businesses to their knees. With the advent of regulations enforcing […]
Read moreI previously wrote an article on the taxation of cryptocurrency, available for review by clicking here. It details the tax ramifications and tax treatment of cryptocurrency property owned by a taxpayer. While the tax rules pertaining to cryptocurrency have not changed, compliance enforcement pertaining to complete and accurate reporting of virtual currency transactions is expected to […]
On March 25, 2021, in the case of Ford Motor Co. v. Montana Eighth Judicial District Court et al. the Supreme Court of the United States rejected arguments by Ford Motor Company (Ford) that they should not be subject to personal jurisdiction in two product liability cases (one in Montana and one in Minnesota) because they are […]
To help taxpayers during the COVID-19 pandemic, the IRS postponed the 2019 tax return filing deadline from April 15 to July 15, 2020 and postponed the 2020 deadline from April 15 to May 17, 2021. While such postponements may seem insignificant, due to the Internal Revenue Code (Code) and IRS rules, the National Taxpayer Advocate […]
With the recent lifting of travel restrictions and school letting out for the summer, parents might be planning last minute family vacations. For parents with minor children who are separated, going through a divorce, or already divorced, they do not only need to plan their trip around their own schedule, but also the schedule of […]
By: Jonathan Wolnik Ohio will once again provide back-to-school shoppers with an August sales tax holiday. The holiday will begin on Friday, August 6, 2021 at 12 AM and will end on Sunday, August 8, 2021 at 11:59 PM. During the sales tax holiday, only the following items will be exempt from sales and use tax, […]
By: Kyle P. Graham On March 11, the American Rescue Plan Act of 2021 (ARPA) created the $28.6 billion Restaurant Revitalization Fund (RRF) to provide grants to restaurants sustaining financial losses due to the COVID-19 pandemic. Under this program, an entity that owns a place of business where the public or patrons assemble for the primary […]
By: Adam Glassman To address ongoing concerns of property devaluation as a result of the COVID-19 pandemic, the Ohio legislature enacted Senate Bill 57 (“SB 57”). This legislation gives real property taxpayers in Ohio the opportunity to file special COVID related complaints for the 2020 tax year if the pandemic led to a decrease in a […]
By: Jack E. Moran A recent decision from an appellate court shows that there is language embedded within a U.S. Supreme Court decision from one year ago that may change how courts determine if employers can be liable for discrimination and retaliation in the workplace. While plenty has already been written about the decision in Bostock v. Clayton County, […]
What is a Close Corporation? Under Ohio law, a “close corporation” is defined as a corporation with a relatively small number of shareholders, whose shares are generally not traded on national securities exchanges or regularly quoted on over-the-counter markets.[1] A close corporation is also frequently characterized by an identity of management and ownership,[2] being comprised of a […]
The 2021 new year arrived with two important legislative changes that impact privately owned businesses. The first pertains to a new federal law that will require the identification and disclosure of privately held business owners. It is known as the Corporate Transparency Act (“CTA”). The CTA was passed as part of the National Defense Authorization […]
The purchase price in a merger or acquisition deal is of paramount importance. Beyond the dollar amount, however, the manner of payment is critical as well. While most sellers wish to receive 100% of the purchase price in cash at closing, an earnout is a common component. An earnout allows a seller to receive a […]
