Of Interest
Secure Act 2.0: Changes To Retirement Plans Are Coming Your Way
If you are a business owner or an employee, your retirement plans may have changed following Congress’s bipartisan $1.7 trillion spending bill, Secure Act 2.0. Inside the bill, which is headed to the President for signing, are provisions directed toward increasing retirement savings and access to 401(k) and other individual retirement accounts for low- and middle-income workers. Some of the key retirement provisions of the legislation include: Starting in 2025, many businesses must enr...
WHO IS THE OWNER? CONTRACTORS, BROKERS AND AGENTS BEWARE!
IF YOU AREN’T CAREFUL, YOU WILL NOT COLLECT. Here is the scenario … you spend months working on a project and you are a bit behind in billing or collecting from the owner. The owner is “ghosting you” and you pull your team off the job. You now want to file a mechanics lien or file suit against the owner when your attorney tells you that the owner is not the property management company or project manager but a limited liability company or partnership which is not the party that signed...
ATTENTION DC PROPERTY OWNERS — IS YOUR PROPERTY VACANT?
BE CAREFUL, YOU MAY BE IN STORE FOR A BIG AND UNFORTUNATE SURPRISE FROM DC TAX AND REVENUE! Many laws start off as well-intended … but end up both taking on a life of their own. Another example where, because of government implementation, the good laws get out of control. This is often the case with the District’s implementation of its vacant and blighted nuisance laws. These laws are quite old – over 100 years – but have been changed in the last decade to permit the District t...
Contract Disputes and Liquidated Damages Provisions – Be Careful – The Safeguard You Expect to Protect You Can Backfire!
Are you party to a commercial construction contract or … for that matter, any contract with a liquidated damages provision? If so, a recent court decision gathers attention in other courts and can lead you to unknown surprises – making you regret how you viewed the standard “liquidated damages provision.” Well, what are “liquidated damages anyway”? The purpose of a liquidated damages provision in a contract is to establish – ahead of time – the compensation that would be owed...
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...
SBA CONTINUES EIDL PROGRAM
NON-RECOURSE LOANS WITHOUT LOAN FEES NON-RECOURSE UP TO $200,000 - RECOURSE OVER $200,000 30 YEAR TERMS – BEST LOANS ANYWHERE! Following up a year of success in the EIDL* loan program, the US Small Business Administration will increase the maximum size of EIDL loans to $500,000. If you don’t know about this program, you should. If you already have an EIDL loan, it’s likely you maxed out at $150,000; the new COVID Act allows an increase to $500,000 if you apply on or after A...
Smallest of Businesses to Get a Leg-Up in PPP Loan Access
There is more good news for small businesses in regard to the SBA’s Paycheck Protection Program! Beginning February 24th, 2021, there will be a two-week-long application period specifically for small businesses and nonprofits with fewer than 20 employees. This is in an attempt to give the smallest of our country’s businesses a leg up and make sure they are being served as best they can. There are also four additional changes to the PPP, enacted to help these small businesses even further...
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 ...