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Corporate Focus: Summer 2016
Chuhak & Tecson Corporate Focus


Finally, good news for business taxpayers

In an eleventh-hour negotiation between Congress and the White House last December, Congress passed, and President Obama signed, a major Tax Act (Act) providing relief and certainty for business taxpayers.

Among the many topics covered, the Tax Act made permanent the Code Section 179 about expensing, research tax credit, and changes the rules on S corporation built-in gains.
 
To read the details about this act, click here.
Why are corporate minutes such a big deal?


 

Business owners should be diligent in formalizing their business decisions. Corporate minutes are an effective tool to document the actions taken by owners of a business during the year, such as approving annual budgets and salaries, and electing officers. Not only do most state laws require that business entities maintain accurate corporate records, but documenting the approval (or disapproval) of business decisions provides an added layer of protection for business owners.

To read the reasons why all business entities, no matter how big or small, should maintain accurate and updated corporate minutes, click here.

Those pesky mechanics lien claims


 
It’s January, two degrees below zero, your boiler begins to fail and even your best employees are complaining about their inability to work efficiently because of the mittens which they are forced to wear. You call a contractor to repair or replace the boiler, heat is restored and life is good until you receive a notice of a mechanics lien claim from a subcontractor who claims that he is owed $3,000. The general contractor tells you not to worry and that he will resolve the matter with the subcontractor. Months pass, the lien claim is not resolved, the subcontractor files a lawsuit to foreclose the lien and your lender is calling you daily—at home—asking you for an update.

To read more about a law that provides an alternative remedy to the benefit of property owners who are beset with a mechanics lien claim, click here.
Featured Attorneys
Edwin Josephson
Edwin I. Josephson,
Principal

ejosephson@chuhak.com
Kathryn Kaler
Kathryn L. Kaler,
Associate

kkaler@chuhak.com
Arnold Karolewski
Arnold E. Karolewski,
Principal

akarolewski@chuhak.com
Meet the rest of the Corporate attorneys
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