When a company goes bankrupt, honest owners or directors do everything they can to hold creditors’ losses to a minimum. When it becomes clear the business can’t be saved, they halt trading (in the case of public companies), hire professional advisors to help guide them through bankruptcy proceedings and generally arrange for orderly liquidation. Less […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here are […]
Up to US$2TN of relief is available for U.S. businesses under the Paycheck Protection Program in the CARES Act’s efforts to rescue the U.S. Economy through favorable, forgivable, non-recourse, uncollateralized, no-fee unguaranteed loans through private lenders up to $10,000,000 designed to help businesses pay salaries, mortgages, rent, and other expenses during the Coronavirus emergency. Here’s […]
Ivins, Phillips & Barker has partnered with accounting firm Mazars to produce this alert on the CARES Act, signed by President Trump on March 27. The CARES Act is “Phase III” of the government’s response to the COVID-19 crisis, with an estimated cost in excess of $2 trillion. The Act provides economic stimulus for individuals […]
The coronavirus (COVID-10) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company’s revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees’ 401(k) accounts. Here’s what you should […]
On Monday, March 30, 2020 at 1 PM Eastern, join Eric J. Conn, Kara M. Maciel, and Daniel C. Deacon of the law firm Conn Maciel Carey for a complimentary webinar: “HR and Workplace Safety Implications of COVID-19 for Brewers, Distillers, and Winemakers.” There have been a number of significant developments related to the 2019 Novel Coronavirus – now officially called […]
The IRS issued a new notice on Friday, March 27, 2020, postponing the due date for 2019 gift tax returns to July 15, 2020. This notice adds to the relief previously announced by the IRS that postponed due dates for most income tax returns and addresses the “trap for the unwary” we had previously identified. […]
Parents, children and educators generally agree that the Internet can, and does, play a positive role in enriching children’s lives. But the benefits are clouded by the spectre of pornography, predators and commercialism. Addressing those concerns, the U.S. has passed the Children’s Online Privacy Protection Act (COPPA) to regulate the personal data that can be collected on websites […]
By Conn Maciel Carey’s COVID-19 Task Force Governors across the nation have signed various “stay-at-home” or “shelter-in-place” orders in an increased effort to slow the spread of COVID-19. Many cities and counties have also signed such orders as well, including in states with no statewide order in place. These orders vary in their scope in […]
These past few weeks have been tough. But not all the news is bad. The recent market crash has given you the opportunity, at least from a wealth transfer perspective, to realize some potential benefits during the current climate of uncertainty. 1. Take advantage of low-interest rates The IRS recently released the new long-term applicable […]
Sometimes people are faced with an immediate need for estate planning. This could be due to old age coupled with diminished capacity, being chronically ill, receiving an unexpected diagnosis with a terminal illness or suffering a life-threatening accident. If the need for estate planning is unexpected and immediate, it can lead to confusion and conflicting opinions […]
The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled. Unemployment claims have skyrocketed. And many schools and businesses are operating online — if at all. Life has changed dramatically across the country. The federal government has been working on various relief measures to help […]