green sklarz llc: New Haven, CT: Offers-in-Compromise vs Bankruptcy to Resolve Tax Debt - 05/31/20 03:13 AM
Join us this Thursday June 4th for a free two hour program on IRS Offers-in-Compromise vs. Bankruptcy, and when you and your clients should choose one resolution alternative over the other.  Joining me will be Amanda Evans, EA and Joanna Kornafel, Esq. and we will walk through the IRS OIffer-in-Compromise program and the mechanics of bankruptcy, and what factors does a client need to have to select one over the other.  There are two credits available for CPAs and Enrolled Agents, and the program is free.
CHeck it out and register for the program here:
We look forward to seeing you all on Thursday!
Eric Green, Esq.
Green & … (0 comments)

green sklarz llc: Can CARES Act loans help a business debtor in bankruptcy? - 04/07/20 04:31 AM
Over the past week, I’ve been asked whether there is anything in the CARES Act that can facilitate entrance, DIP, or exit financing for a chapter 11 debtor? The short answer is likely not the longer answer is maybe.
The Act delegates rule making authority to Treasury and the SBA. Given the short timeframe for the programs to be introduced, guidance has come in the form of circulars, FAQs, and forms. Thus, the guidelines are less than clear and incomplete. The forms that borrowers must complete all prohibit obtaining a paycheck protection loan or EIDL loan if (a) the company is presently … (0 comments)

green sklarz llc: Businesses may need to “social distance” for payroll protection loans - 04/03/20 07:11 AM
For the past several weeks I have been closely following the legislation and rule making concerning the CARES Act, payroll protection loans, and related provisions.  One of the most confusing is how attribution/affiliation rules apply to companies that want to take out payroll protection loans.  Two interesting issues that that I’ve seen are:
Can the owner of an operating business use payroll protection loan proceeds to pay rent (a covered expense) to her affiliate real estate holding company? Can VC-backed start-ups, that would qualify as small businesses if they were stand-alone companies, apply for payroll protection loans? Before attempting to answer … (0 comments)

green sklarz llc: IRS issues warning about Coronavirus-related scams - 04/03/20 07:04 AM
The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.
"We urge people to take extra care during this period. The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster," said IRS Commissioner Chuck Rettig. "That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links. … (0 comments)

green sklarz llc: Purdue Pharma Brings a Single Adversary Proceeding to Enjoin Lawsuits. - 09/19/19 06:56 AM
As expected, Purdue Pharma has commenced proceedings in the Bankruptcy Court to obtain injunctive relief, seeking to put a stop to the numerous pending lawsuits brought against Purdue and its affiliates in connection with the opioid crisis.  Purdue’s adversary complaint, filed Wednesday evening, names 893 separate defendants (the caption portion of the complaint alone runs 24 pages) and identifies more than 26,000 lawsuits that Purdue wants halted.  Along with the complaint, Purdue has also filed a motion for preliminary injunction (also not unexpected) as well as a motion to approve a scheduling order for the preliminary injunction. In its motion for preliminary … (0 comments)

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