DOL Suspends Changes to Trump-Era Labor Regulations
Just weeks before President Biden took office, the Trump administration took action to change how employers determined independent contractor status. Now, the U.S. Department of Labor (DOL) is rescinding those regulations, returning the country to the guidelines set...
Solvency Opinion Based on Management Projections Faces Daubert Challenge
Official Committee of Unsecured Creditors v. Calpers Corp. Partners, LLC In a bankruptcy-cum-Daubert case that turned on solvency, a court recently rejected both parties’ claims that the opposing financial expert testimony was inadmissible. Among the myriad of attacks...
Court Says Restaurants Fail to Meet Requirements for COVID-19-Related Business Interruption Coverage
Rose’s 1, LLC v. Erie Ins. Exch. State and federal courts have started to rule on breach of contract claims from plaintiffs whose businesses suffered economic losses triggered by the COVID-19 crisis. Thus far, the court decisions have not been favorable to the...
How Manufacturers Can Benefit from Blockchain Technology
To succeed in the 21st century, manufacturers must embrace the latest technological innovations. As part of this trend, factories around the world are starting to use blockchain technology. Although the concept is shared by businesses in various industries, it's...
Tax Breaks for Green Manufacturers
In recent years, energy-efficient tax breaks have enticed many manufacturers to "go green." At the end of 2020, The Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five...
LLC Buyout at Fair Value Poses ‘Conundrum’ for the Court
Finkel v. Palm Park, Inc. In allowing LLC members to buy out a departing member to avoid the dissolution of the company, a court had to determine the fair value of the departing member’s interest in a holding company. The court, in large part, relied on the fair...
What makes a small business owner’s compensation ‘reasonable’?
As a small business owner, you need to ensure that your compensation reflects what others would receive for performing similar duties in a similar setting. Not only is this important for tax purposes, but it’s needed to determine the value of your business. Total...
Expert Identifies Only Viable Method to Value Stock in ‘Severely Distressed’ Private Company
Lucero v. United States The taxpayer sued the federal government for a refund, arguing she had overpaid income taxes on stock she had received as part of settling a lawsuit against her former employer. She initially relied on the value in the settlement agreement but...
Parties’ Agreement Complicates Spousal Support Calculation in S Corp Context
Marshall v. Marshall Instead of facilitating a resolution, a separation agreement between the divorcing spouses led to a protracted lawsuit. The issue was how to determine alimony where the owner spouse had an interest in a pass-through entity and the agreement was...
COVID Relief Provisions that Can Lower Your Business Taxes
After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be...