06 August

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C Corporations and S Corporations Are Not the Same: Know Before You Choose

Posted by amlaw

C Corporations and S Corporations Are Not the Same: Know Before You Choose If you are considering incorporating a business in Pennsylvania, it is not enough to simply file articles of incorporation and obtain an EIN number. You must also determine which corporate status is right for your business. Under IRS rules, the default corporate designation is C corporation. A corporation wishing to conduct business as an S corporation must elect S corporate status prior to filing its initial corporate return. Failing to do so could cost the corporation and its owners dearly. Before forming a corporation, the owner(s) should carefully consider...

10 July

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Let’s Discuss Bankruptcy Reorganization for Small Businesses…Again

Posted by amlaw

in Bankruptcy

Let’s Discuss Bankruptcy Reorganization for Small Businesses...

26 May

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Why Now is a Good Time to Plan Your Estate

Posted by amlaw

in Estate Planning and Administration

Why Now is a Good Time to Plan Your Estate Many of us are tired of quarantining and keeping a safe social distance. But we know we must continue to do so for our own good health and for the benefit of society in general, despite the financial and emotional toll it is taking. One silver lining for many has been the increased time spent with family and the chance to slow down and smell the flowers, coffee grounds and fresher air around us. Nonetheless, it is a scary time for most, wondering if they might catch the Covid-19 virus and how...

12 April

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CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment

Posted by amlaw

in Contracts, Small Business Law

CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment? These are extraordinary and uncertain times. The one near certainty we have about the future is that it will take a long time to get back to business as usual. In the meantime, most businesses have had to severely curtail or completely shut down operations. To make matters worse, business owners can only guess when they will be able to reopen. All this has had a devastating effect on cash flow. As a business owner, chances are, you have contracts to fulfill and rent to...

27 February

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BANKRUPTCY HELP FOR SMALL BUSINESSES

Posted by amlaw

in Bankruptcy, Small Business Law

Small businesses have long struggled to reorganize under the bankruptcy law. Often times, they have intentionally steered clear of filing for bankruptcy protection because of the daunting costs and long shot odds of successful reorganization. The Small Business Reorganization Act of 2019, enacted on August 23, 2019 and taking effect this month, may prove to be the best thing that happened to small business when it comes to reorganization. It created a new subchapter V for chapter 11 small business debtors. I am excited about the prospect of using this tool for two significant reasons. First, it should streamline the existing...

17 January

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PARTIAL PAYMENT INSTALLMENT AGREEMENT

Posted by amlaw

in Tax Law

Don’t qualify for an Offer in Compromise (OIC)? Consider a Partial Payment Installment Agreement (PPIA). The IRS implemented the PPIA option on January 17, 2005, for taxpayers with outstanding federal tax liabilities over $10,000, including interest and penalties. It allows the IRS to enter into installment agreements that will result in full or partial payments of tax liabilities. Prior to this legislation, taxpayers who could not fully pay outstanding liabilities could only enter an agreement that resulted in a full payment (assuming they did not qualify for an OIC). A PPIA is less time consuming and easier to apply for than...

29 January

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Offer in Compromise: How the 2012 Change in Guidelines Will Help You Settle Your IRS Debts

Posted by amlaw

in Tax Law

We aim to lead in each practice and area of law we work in. Coming from in-depth understanding of the law and the industry, capitalizing on extensive experience, we provide hands-on advice that speaks the language of our client’s business. Whether in aviation, sales and distribution, antitrust, corporate and M&A, finance, employment, energy, IP, litigation, TMT, real estate, or any other area of law, our clients can expect excellence and commitment to their objectives. Ensuring the operational functioning of the organisation, the development of external relations, management of press relations and constant communication with the press....

11 January

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Does Filing for Bankruptcy Affect Your Retirement Accounts? Thoughts on IRA’s, 401(k)’s, 403(b)’s, etc. with Estate Planning in Mind

Posted by amlaw

in Bankruptcy