Client Alerts

 

Review Your Credit Facilities in the Midst of the COVID-19 Pandemic

Borrowers and lenders alike may feel inclined to review loan documents only on two occasions: at closing and upon the occurrence of an event of default.  In today’s unprecedented times, there is a third very essential time to review documents relating to your credit or debt facilities: right now. In addition to payment defaults, loan facilities are packed full of covenants, conditions, representations, and warranties which, when business is good, may not warrant much consideration. But in ...
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COVID-19 Business Continuity Planning

Businesses of all sizes are being impacted by the coronavirus and more are feeling the impact every day as the ripple effects move throughout the global economy. Businesses need to evaluate their particular situation and create a continuity plan to continue operating in these rapidly changing times. Below is an outline of key areas to focus on and address to ensure your business can successfully ride out the storm. Access to Capital: This is a critical area for many businesses to ensure emplo ...
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Coronavirus Related Leave Issues

The United States Senate has now passed, and the President has signed into law, the Families First Coronavirus Response Act, effective April 2, 2020 to December 31, 2020. Among other provisions, the Act modifies the Family Medical Leave Act and requires certain Employer funded sick leave. Additionally, North Carolina Governor Roy Cooper has issued Executive Order 118, expanding unemployment benefits for North Carolina employees. Reductions in workload and the need to avoid close contact ra ...
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The SECURE Act Eliminates the Stretch IRA and Fundamentally Changes Inherited Retirement Plan Distribution Rules

Retirement plan accounts, like 401(k)s and IRAs, are becoming an increasingly larger portion of many estates, especially since funds have the potential to accumulate in a tax-deferred manner for many years. The tax-deferral attributes of retirement accounts, however, have resulted in specific rules that impact how these accounts are treated after death. Given that distributions from inherited retirement accounts are taxable as part of a beneficiary's ordinary income, Congress has instituted r ...
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IRS Ramps Up Effort to Collect Employer Shared Responsibility Payments

The IRS has recently started sending letters to businesses asserting tax penalties under the Affordable Care Act (ACA), also known as "Obamacare". These letters advise that the business owes an Employer Shared Responsibility Payment (ESRP) penalty as a result of failing to comply with certain provisions of the ACA. Under the ACA, all employers with 50 or more full-time employees are required to offer health insurance coverage that is affordable and provides minimal essential coverage to at le ...
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New IRS Audit Rules Mean Tax Deadline Looming for Partnerships and LLCs to Make Big Decisions

On January 1, 2018, new IRS audit rules went into effect that made big changes on how the IRS will conduct future audits of partnerships (i.e, general and limited partnerships and LLCs).  These new changes give the IRS more power in conducting audits of partnership tax returns. Before 2018, in most cases, if the IRS wanted to audit the tax return of a partnership, the IRS had to open up audits of the individual partners (or LLC members). And, the IRS would then have to assess tax, penalties ...
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North Carolina’s New Sales Tax on Repair, Installation and Maintenance Charges

Beginning in March 2016, North Carolina sales and use tax will be assessed on most charges for repair, installation and maintenance services ("RIM services"). The North Carolina Department of Revenue has issued several Directives to attempt to explain how the new RIM services rules are to apply.  Unfortunately, some of the language in these Directives has simply added to the confusion. Background. Since January 2014, sales of "service contracts" have been subject to North Carolina sale ...
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For media inquiries, please contact: Erin Molinaro | ekm@crlaw.com