February 22, 2021 | Court Rulings, Debt & Financing
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 (all unsuccessful) against the experts was the plaintiff’s claim that the debtor’s expert had relied on management Continue Reading »
February 15, 2021 | IRS Regulation, Tax Planning, Tax Preparation
Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax obligations. It’s important to note that tax credits aren’t the same as tax deductions. Continue Reading »
February 8, 2021 | Court Rulings, Valuations
Magarik v Kraus Earlier this year, a New York trial court presiding over a buyout dispute featuring an online wholesaler of faucets, sinks, and fixtures rebuffed the departing shareholder’s valuation. His expert’s discounted cash flow analysis collapsed on account of unreasonable projections that the company had used to secure a loan from a bank. Dubious Continue Reading »
February 1, 2021 | Accounting Standards, IRS Regulation
Portland is known around Maine and New England — and even throughout the country — for its award-winning, creative and gourmet restaurants. Unfortunately, many of Portland’s restaurant businesses have struggled mightily during the COVID-19 pandemic. Some have even had to close. But a little relief may be on the way. In the recent Consolidated Appropriations Continue Reading »
January 25, 2021 | Court Rulings, Valuations
In re Happy Child World, Inc. A low-profile appraisal case in front of the Delaware Court of Chancery raised important valuation questions, including how the court should determine the fair value of a nonoperating entity and how it should deal with the value of claims both parties brought on behalf of the company prior to Continue Reading »
January 18, 2021 | IRS Regulation, Tax Planning, Tax Preparation
Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the Consolidated Appropriations Act (CAA) was signed into law just Continue Reading »
January 11, 2021 | Court Rulings
NetOne, Inc. v. Panache Destination Management While the economy teeters during the ongoing COVID-19 crisis, courts are beginning to rule on lawsuits brought by businesses under various legal theories. In the instant case, the plaintiff suggested the defendant had breached the force majeure provision in two contracts. A force majeure (or Act of God) provision Continue Reading »
January 4, 2021 | IRS Regulation, Tax Planning
With the stock market hitting record levels and interest rates at historic lows, some investors are moving away from low-risk securities like bonds and money-market funds and investing in precious metal such as gold, silver or platinum. If you’re considering doing the same within your IRA, you should consider some of these tax related issues. Continue Reading »
December 28, 2020 | Court Rulings
Diesel Barbershop, LLC v. State Farm Lloyds COVID-19-related damages cases are making their way through state and federal courts. Plaintiffs typically are businesses that have suffered economic losses because of various mandatory shutdowns. They file claims with their insurance agency, which frequently denies coverage for business interruption losses. However, more often than not, courts have Continue Reading »
December 21, 2020 | IRS Regulation, Tax Planning, Tax Preparation
With the year ending and tax season on the horizon, it can be helpful to get clarity on various tax credits. With COVID impacting the economy and quite possibly your business, you should ensure you can save every dollar you can. Congress enacted three tax credits that can provide some relief to eligible employers at Continue Reading »