A recent decision by the Eleventh Circuit Court of Appeals highlights the danger of mixing business and personal funds. In In re Tomberlin (USCA11 Case: 2010776)(presently unpublished until the time to request rehearing has expired), the Eleventh Circuit held that by depositing his personal paycheck into a business account of a business he owned to…
Hard to believe, but there is still about $130 billion left in the PPP program. Updated guidance by the SBA/Treasury removes much of the uncertainty and makes the program a definite win for small businesses. The recently revised guidance makes it clear that: 1. Good faith certification of need is PRESUMED for loans less than…
Yesterday Treasury Secretary Mnuchin and SBA Administrator Jovita Carranza issued a joint statement regarding the imminent release of updated guidance. Although we are awaiting the release of the full guidance, at this point we know: 1. THE LAST DATE ON WHICH A PPP LOAN APPLICATION CAN BE SUBMITTED TO A LENDER IS JUNE 30, 2020.…
As part of the stimulus package relief, businesses with fewer than 500 employees are eligible for up $10 million dollars in loans, which can be used for payroll and other expenses, like insurance premiums, mortgages, rent or utilities. The federal government has allocated $370 billion for this program. SO LONG AS THE COMPANIES EITHER: (1)…
Last week I shared with you Treasury’s and the IRS’ decision to extend the PAYMENT date for 2019 federal income taxes to July 15 as a result of COVID-19. This means payments for 2019 federal income taxes will be timely if paid by July 15, not the normal deadline of April 15. This also means…
UPDATE!!! – North Carolina has just been approved for SBA Economic Injury Disaster Loans. Economic Injury Disaster Loans (EIDL) are loans guaranteed by the SBA available to businesses, profit and non-profit. Eligibility depends upon whether the business is located in a federal disaster declaration area. Businesses can apply for an EIDL of up to two…
The seminar “Planning for the Worst and Hoping for the Best: Asset Protection Strategies for Business and Estates” has been postponed. A scheduling conflict has arisen for presenting partner Scott K. Tippett, requiring a court appearance in Charlotte that day. We apologize for the inconvenience and will announce the rescheduled date when it is confirmed.
Scott K. Tippett, a partner with Hagan Barrett, PLLC, will present “Planning for the Worst and Hoping for the Best: Asset Protection Strategies for Business and Estates,” on November 7 from 4:30 to 6:30 pm in the White Oak Room of the Proximity Hotel at 704 Green Valley Road in Greensboro. Refreshments will be served,…
Discretionary trusts just received another endorsement. Last Friday The Nine, otherwise known as the United States Supreme Court, gave discretionary trusts a big boost with the Court’s ruling in North Carolina Dept. of Revenue vs. Kimberly Rice Kaestner 1992 Family Trust (“Kaestner”). In Kaestner, the Court, in a unanimous decision, held a state, in this…
Yes, you read that right. A non-compete agreement with yourself. It might sound counter intuitive, but in fact, having such an agreement can afford you a significant tax reduction if you own a business taxed as an S corporation and decide to sell it. Here’s how it works: In a typical business sale structured as…