News & Blog


12

Jun 2020

PPP FUNDS STILL LEFT, BUT DON’T WAIT… PPP ENDS JUNE 30, 2020!

Hard to believe, but there is still about $130 billion left in the PPP program. Updated guidance by the SBA/Treasury removes much of the uncertainty and makes the program a definite win for small businesses. The recently revised guidance makes it clear that: 1. Good faith certification of need is PRESUMED for loans less than 2 million dollars. BEFORE: Previously substantial uncertainty about the good…

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09

Jun 2020

Updated PPP Guidance Coming Soon

Yesterday Treasury Secretary Mnuchin and SBA Administrator Jovita Carranza issued a joint statement regarding the imminent release of updated guidance. Although we are awaiting the release of the full guidance, at this point we know: 1. THE LAST DATE ON WHICH A PPP LOAN APPLICATION CAN BE SUBMITTED TO A LENDER IS JUNE 30, 2020. AFTER THAT DATE, NO PPP LOAN APPLICATIONS WILL BE ACCEPTED!!!!!…

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27

Mar 2020

MONEY FOR NOTHING AND CHECKS FOR FREE!!!

As part of the stimulus package relief, businesses with fewer than 500 employees are eligible for up $10 million dollars in loans, which can be used for payroll and other expenses, like insurance premiums, mortgages, rent or utilities. The federal government has allocated $370 billion for this program. SO LONG AS THE COMPANIES EITHER: (1) DO NOT LAY OFF WORKERS; or (2) REHIRE THE ONES…

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23

Mar 2020

Tax Day Extended to July 15th!

Last week I shared with you Treasury’s and the IRS’ decision to extend the PAYMENT date for 2019 federal income taxes to July 15 as a result of COVID-19. This means payments for 2019 federal income taxes will be timely if paid by July 15, not the normal deadline of April 15. This also means penalties and interest will not begin to accrue until July…

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19

Mar 2020

UPDATE – SBA Economic Injury Disaster Loans – COVID-19 Crisis

UPDATE!!! – North Carolina has just been approved for SBA Economic Injury Disaster Loans. Economic Injury Disaster Loans (EIDL) are loans guaranteed by the SBA available to businesses, profit and non-profit. Eligibility depends upon whether the business is located in a federal disaster declaration area. Businesses can apply for an EIDL of up to two million dollars for secured loans and $25,000.00 for unsecured loans….

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24

Oct 2019

November 7th Seminar Postponed

The seminar “Planning for the Worst and Hoping for the Best: Asset Protection Strategies for Business and Estates” has been postponed.  A scheduling conflict has arisen for presenting partner Scott K. Tippett, requiring a court appearance in Charlotte that day.  We apologize for the inconvenience and will announce the rescheduled date when it is confirmed.


16

Oct 2019

Greensboro Law Firm Presents Seminar on Asset Protection for Business and Estates

Scott K. Tippett, a partner with Hagan Barrett, PLLC, will present “Planning for the Worst and Hoping for the Best: Asset Protection Strategies for Business and Estates,” on November 7 from 4:30 to 6:30 pm in the White Oak Room of the Proximity Hotel at 704 Green Valley Road in Greensboro. Refreshments will be served, and CLE credit is available. The seminar is free, but…

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26

Jun 2019

Avoiding State Income Tax with Discretionary Trusts

Discretionary trusts just received another endorsement. Last Friday The Nine, otherwise known as the United States Supreme Court, gave discretionary trusts a big boost with the Court’s ruling in North Carolina Dept. of Revenue vs. Kimberly Rice Kaestner 1992 Family Trust (“Kaestner”).  In Kaestner, the Court, in a unanimous decision, held a state, in this case, North Carolina, could not tax a trust’s beneficiary on…

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14

Mar 2019

Have You Thought About a Non-Compete Agreement With Yourself?

Yes, you read that right.  A non-compete agreement with yourself.  It might sound counter intuitive, but in fact, having such an agreement can afford you a significant tax reduction if you own a business taxed as an S corporation and decide to sell it.  Here’s how it works: In a typical business sale structured as an asset purchase, which is how the majority of sales…

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19

Feb 2019

Hagan Barrett Partner Scott K. Tippett Represents Homeowners in Contempt of Court Case Against Negligent Neighbor

“Homeowner Found in Contempt of Court,” is the headline on a recent article in the Northwest Observer, which describes Scott K. Tippett’s success in his representation of residents of the Dorsett Downs subdivision in Stokesdale, NC. They filed a complaint against a neighbor whose property was a public nuisance due to debris, fallen trees, and overgrown foliage. The defendant was judged in contempt of court…

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