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IRS Highlights New Policies to Aid Those with Existing Tax Debts

Changes Include Beneficial Payment Plan Options, Less Financial Disclosure for Many with Balances Due, and Ability to Delay Collection Actions This has been a difficult year for many American taxpayers.  In recognition of the job losses, business closures, and other uncertainties caused by COVID-19 and the related shutdowns, the Internal Revenue Service (“IRS”) has taken…

SBA Gathering Info on “Economic Uncertainty”: What Form 3509 May Mean for Borrowers in the Paycheck Protection Program

The U.S. Small Business Administration (“SBA”) recently released additional details relevant to those participating in the Paycheck Protection Program (“PPP”).  In particular, on October 26, 2020, the SBA posted a notice seeking comment regarding drafts or revisions of various forms to be used by the agency in reviewing both loan and forgiveness applications from the…

COVID-19, Economic Uncertainty, and Local Real Estate Issues Present Beneficial Opportunities for Out-of-Cycle Appeals of Real Property Tax Assessments in Maryland

In Maryland, all real property is assessed to reflect updated market values on a triennial basis.  The location of the property determines the year in which specific real property is re-assessed.  An appeal of a proposed triennial re-assessment must be filed with the Supervisor of Assessments within 45 days of the applicable assessment notice; however,…

COVID-19 Updates: Baltimore City

July 23, 2020 On July 23, 2020, the Board of Liquor License Commissioners for Baltimore City (BLLC) issued guidance concerning the prohibition on indoor consumption of alcoholic beverages and food at Restaurants and Bars, which is effective at 5:00 pm on July 24, 2020, in light of Mayor Bernard C. “Jack” Young’s Executive Order issued…

Impending Conflicts Created by the Paycheck Protection Program

Clowns Congress to the Left, Jokers the SBA to the Right, Here Business Owners and Banks Are, Stuck in the Middle of Impending Conflicts Created by the Paycheck Protection Program In March 2020, Congressional leaders “got the feeling that something ain’t right.”  Mass hysteria was building and government-imposed quarantines were all but guaranteed.  Health officials…

Co-Tenancy Clauses in a COVD-19/Post-COVID-19 World: Preparing for the “New Normal”

Co-Tenancy clauses have historically been included mainly in leases for mall and shopping center tenants (i.e., retail centers with big-box tenants, such as Dick’s Sporting Goods).  While the landscape for retail shopping center leasing has changed significantly in the years following the economic downturn of 2008, the onset of COVID-19 brings new challenges and considerations…

Office Leasing in a COVID-19/Post-COVID-19 World: Preparing for the “New Normal”

Unlike economic challenges of the past, COVID-19 has immediately and vastly altered the commercial real estate industry on a global scale, and in ways the industry has not previously encountered with the purely economic downturns.  One of the most apparent changes is evident when handling commercial office leasing; read on to better understand what the…

Retail Leasing in a COVID-19/Post-COVID-19 World: Preparing for the “New Normal”

The retail industry has experienced an unprecedented and immediate shift as a result of the economic fallout from COVID-19. One of the most apparent changes is evident when handling commercial retail leasing; read on to better understand what the new commercial standard will be on key retail leasing issues. Definition of Force Majeure Most often…

Navigating Existing “Future Debt Restrictions” After Obtaining PPP Loan

Many businesses that participated in the Paycheck Protection Program (“PPP”) may have inadvertently defaulted on some of their pre-existing credit facilities or outstanding loans. As has become standard within these debt instruments, lending institutions often protect their future income streams with provisions restricting or prohibiting their borrowers from taking on additional debt. Ordinarily, borrowers strictly…

Collection: Tax Collection and the Coronavirus: What Happens After the Pandemic?

This article was originally published in the Journal of Tax Practice and Procedure, Volume 22, Issue 2. I. Introduction The coronavirus (“COVID-19”) has touched all our lives in a profound way. For the first time, we are experiencing stay in place orders, mandatory closing of nonessential businesses and extended periods of time in quarantine. The…