Of Interest
Virginia Legislature Enacts Law to Protect Consumer Privacy: Big Consequences for Business Owners
Does your business deal with a consumer’s personal data? Does your business interact with Virginia residents? If so, your business operations could be greatly affected by a new law aimed at protecting consumer privacy. Set to take effect January 1, 2023, the Virginia Consumer Data Protection Act (“VCDPA”) will grant Virginia residents the rights to access, correct, delete, know, and opt-out of the sale and processing for targeted advertising purposes of their personal information. It will...
COURT FIRES WARNING VOLLEY AT FINANCIAL SERVICES BUSINESSES THAT USE AFFILIATED TITLE COMPANIES IN REAL ESTATE SETTLEMENTS
The United States District Court in Maryland has recently ruled that a lender who uses an internal title company for its real estate settlements is on the hook for the title company’s alleged violations of the Sherman Antitrust Act. This ruling could spell bad news for financial services businesses that use owned or affiliated subsidiaries in their real estate settlements, as it indicates that courts may be willing to look bey...
IS REAL ESTATE STILL IN YOUR NAME? YOU ARE EXPOSED!
Owning property is a cornerstone of the American dream, but if it is deeded in your name, you might be opening yourself up to more risk than reward! Cost-cutting and risk avoidance are crucial to a company's success – especially small businesses. Here at Weiss LLP, we have found that transferring one's title to a property, owned in his or her sole name, into a limited liability company (LLC) offers such protection. Benefits to doing so range from avoiding payment of certain taxes otherwise ap...
Short Term Rentals – Owner Beware and Owner “Be-Smart”
The short term rental (STR) industry has taken off in the past couple of years and has generally been resilient in the face of economic struggles. Government regulation of this ever-growing industry has generally focused on zoning and tax issues, without seeming to fully address situations related to liability. One of the biggest problems arising out of this area is how to treat the relationship between owner and renter, as how that relationship is treated directly determines any liability the ...
EMPLOYMENT HANDBOOKS → EMPLOYMENT CLAIM INSURANCE
Clients are overwhelmed with government regulations in business operations and oftentimes overlook one important tool that can provide some insurance against many employee claims: the employment handbook. With the “welcome mat” that most courts give employees for just about any grievance against employers, the employment handbook can be a valuable defense shield against many of these lawsuits. When weighed against the significant dollars that a single employee lawsuit can cost, the employme...
Risks to Avoid When Raising Investment Dollars
Raising dollars for your business venture? Be wary – the government has rules on almost every kind of business/enterprise fundraising. If you aren’t careful, your investors can sue to get their money back based upon your not following proper procedures. The easiest way to avoid burdensome securities regulation is to forego securities altogether and instead treat investments as loans; however, this is often unrealistic. Because the definition of “security” is so broad, your inve...
PPP at 8 or PPP at 24 Weeks … Which Best for You? Read this First
Under new PPP regulations, borrowers with loans dated June 5th or earlier can elect to use either the original 8-week schedule or the new 24-week schedule to spend their PPP funding while still qualifying for forgiveness. Meanwhile, later borrowers are automatically subject to the 24-week period. For those early borrowers, there can be significant consequences - and benefits – depending on their decision – read on. Tempted at 24 but maybe 8? Although many borrowers might be tempted...
HOW TO GET READY FOR “PPP FORGIVENESS” MAKING IT HAPPEN!
So your business received PPP funding and you meet all the qualifications of forgiveness… What happens next? At the end of the covered period, you will need to work closely with your lender to begin the forgiveness process. Although your lender should be experienced and prepared to walk you through the process and although regulations are still in flux, this article is meant to give businesses an idea of what to expect when it comes time to apply for loan forgiveness. Have your documents r...
BREAKING NEWS: How Relaxation of PPP Guidelines Affects You and Answers to Your PPP Questions
On June 5th, The Paycheck Protection Program Flexibility Act became law after it was signed by the President – having received nearly unanimous support in both the House and Senate. This new law relaxed some of the regulations, and many businesses may be wondering how this affects PPP funding. Although the regulations are still in flux, the purpose of this article is to provide a concise snapshot of how PPP funding can be used to qualify for forgiveness. Because self-employed individuals and ...
TELECOMMUTING EMPLOYEES AND THE TICKING TAX-BOMB DEVELOP A POLICY THAT MANDATES WHERE WORK IS TO BE CONDUCTED AND MANDATE THAT GOOD RECORDS BE KEPT (PART 1 OF 2 PARTS)
Note: This article focuses only on the employee – a subsequent article will focus on tax and liability issues imposed on the employer Background. Because the pandemic has forced many more workers to telecommute compared to what we have seen in the past, there could likely be significant tax implications that you may not be considering. Generally, a state and even a locality (city/county) expects employment taxes if work is done within the state where the employment generally occurs (...