COVID-19’s Impact on Litigation Deadlines

Litigation, whether it is civil or criminal, is driven by deadlines. In other words, it tells a litigant and a litigant’s attorney when some action, such as filing a lawsuit or a claim of lien on real property and serving discovery responses, must be taken. These deadlines are strictly enforced and have significant consequences if missed. Given the far-reaching impact of COVID-19, litigants, potential litigants and attorneys must continue to be mindful of the deadlines because deadlines are ...
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N.C. Secretary of State Extends Delinquency Date for Annual Reports

Annual reports (and the associated fees) for most North Carolina business entities, including corporations and LLCs, must be filed with the North Carolina Secretary of State no later than April 15 of each year. On April 7, 2020, the office of the Secretary of State made an announcement stating that although the office lacked the statutory authority to extend the filing date for annual reports and associated fees, it would not consider reports and fees to be delinquent if they are received by ...
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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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Step up to the Plate Income Tax Basis Planning on a (Relatively) New Playing Field

Step up to the Plate Income Tax Basis Planning on a (Relatively) New Playing Field (PDF)

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