GCK On Law
Existing Companies Required to Report Beneficial Ownership by January 1, 2025 Under the Corporate Transparency Act
The Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) imposes reporting requirements on certain entities formed and existing prior to January 1, 2024 which are due on or before January 1, 2025. Specifically, existing entities must file an “initial...
Employee Fringe Benefits: Late night transportation
Most employers are familiar with the IRS’s allowance of deductions for certain fringe benefits given to employees, such as meals consumed at the workplace or public transit passes. One fringe benefit that is often overlooked but can benefit both employer and employee...
Conflict as to whether new value under 547(c)(4) must remain unpaid
Section 547(c)(4) of the Bankruptcy Code provides as follows: The trustee may not avoid under this section a transfer - to or for the benefit of a creditor, to the extent that, after such transfer, such creditor gave new value to or for the benefit of the debtor - (A)...
FCC Orders Robocall Tax Scammer to Stop Harming Taxpayers – Legitimate IRS Programs are Available for Tax Debts
Over the past few years, virtually all U.S. residents have received one, or more likely numerous, robocalls containing a pre-recorded message about a “National Tax Relief Program.” If the recipient stayed on the line, the robocaller asked if the recipient had a tax...
IRS Provides Relief for Employers Who Claimed Erroneous Employee Retention Credits
Millions of U.S. businesses and individuals took advantage of the government’s various forms of relief during the Covid-19 pandemic. Now, years later, the IRS has begun denying thousands of claims for relief, including under the Employee Retention Credit (“ERC”)...