What’s New

Based on the latest guidance from the IRS in Notice 2020-32, businesses that use Paycheck Protection Program (“PPP”) loan proceeds to pay payroll costs, mortgage interest, rent and utilities will not be allowed to deduct those expenses to the extent that the PPP loan is later forgiven. Under the PPP, a business that gets a…

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The new IRS audit procedures for partnerships (and limited liability companies taxed as partnerships) are now in effect for tax years that begin on or after January 1, 2018. The new procedures are designed strictly to help the IRS when it audits partnerships and LLCs. Legal protections that previously benefited LLC members, such as notice…

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Business entities that are taxed as partnerships (most limited liability companies that have more than one member are taxed as partnerships), will need to modify their operating agreements this year to address recent changes in the Internal Revenue Code that give extraordinary authority and autonomy to the “Partnership Representative.” For tax years that begin on…

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To remain competitive in the business world, companies must hire, retain and incentivize productive employees. For some time now employers have been turning to “equity” compensation – stock options, restricted stock, etc. – to meet these needs. However, if the employer is a limited liability company that is taxed as a partnership (an “LLC,” and…

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SEC Crowdfunding Regulations: Crowded with Obstacles May 16, 2016 was the kickoff date for “equity” crowdfunding under Title III of the Jumpstart Our Business Act (the “JOBS Act,” signed into law in 2012). Historically, crowdfunding has been a financing method that companies (“issuers”) use to raise capital by obtaining small amounts of money from a…

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Ruberto, Israel & Weiner M&A attorney, Gary Bubb, represented Precision Coating Co., Inc. in their acquisition of Boyd Coatings Research Co., Inc. Read the full article here.

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Massachusetts taxpayers will have the benefit of a two-month tax amnesty during September and October of 2014. The tax amnesty bill was signed into law by Governor Deval Patrick on July 11, 2014 as part of the state’s 2015 fiscal year budget. The bill directs the commissioner of revenue to work out the details, and…

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