Frequently Asked Questions About Real Estate Tax Assessments
What are real estate tax assessments? Real estate tax assessments refer to the process of determining the value of a residential or commercial property for taxation purposes. Property tax assessments are conducted by a local taxing authority (usually a county or municipality assessor) and determine the property’s taxable value, as well as the amount …
Pennsylvania Decennial Reporting
In order for an entity (business or non-profit corporation, limited liability company, limited partnership, or limited liability partnership) to retain the exclusive use of its name in Pennsylvania, it is required to file a decennial report during 2021 unless it is not required to do so. A decennial report is a report of an …
Resumption of Pennsylvania Construction Activities Beginning May 1, 2020
Governor Wolf has announced that beginning May 1, 2020, all businesses in the construction industry statewide will be permitted to resume in-person operations. These businesses however will be permitted to operate subject to strict compliance with governmental guidance. The construction activities permitted beginning May 1, 2020 include new construction, renovation, repair, subdivision and land development …
Is the Coronavirus a Force Majeure Event?
As the Coronavirus (COVID-19) spreads, businesses will be affected in many ways. If a business cannot operate as a result of a government-ordered closure, a number of its employees are quarantined or hospitalized, or materials cannot be obtained as a result of the virus, then the affected business may have a difficult time meeting its …
PA Contractors Being Sued by Attorney General
The Pennsylvania Attorney General has been taking a series of steps to crack down on home improvement contractors for failing to comply with the PA Home Improvement Contractors Act. In addition to general registration requirements contractors must have an appropriate contract, begin the work promptly and otherwise complete the items they start. The Attorney …
Qualified Opportunity Zones in Southeastern Pennsylvania
The Tax Cuts and Jobs Act of 2017 included a new Federal income tax incentive for investing in a qualified opportunity fund (a “QO Fund”). For a brief overview of the tax benefits in investing in a QO Fund, see Substantial Tax Benefits in Investing in Qualified Opportunity Funds. A QO Fund …
Amendments Provide Clarity to Pennsylvania’s Contractor and Subcontractor Payment Act
Pennsylvania’s Contractor and Subcontractor Payment Act (the “Act”) became law in 1994 and outlined payment guidelines and protections for contractors and subcontractors in Pennsylvania’s private construction sector. The Act sets forth minimal payment timelines and procedures, defines what constitutes a wrongful withholding payment for completed work, and articulates any mandatory penalties (such as statutory interest, …
Substantial Tax Benefits in Investing in Qualified Opportunity Funds
The Tax Cuts and Jobs Act of 2017 included a new Federal income tax incentive for investing in a qualified opportunity fund (a “QO Fund”) codified at Internal Revenue Code section 1400Z. This new incentive allows a taxpayer to defer capital gain that is invested by the taxpayer in a QO Fund within the …
Can you Protect your Claim in Bankruptcy?
Not all debts are dischargeable in bankruptcy. The key is to know which claims can be exempted from discharge and then what steps you, as a creditor, need to take to preserve your non-dischargeable claim.
Do You Need to Expand Your Customer Base?
If you have a product or service consider expanding your targeted customer to municipalities or institutions. Many organizations need products and services, possibly what you are selling, and their purchasing departments are looking for additional suppliers. Some use a bidding process and others have approved lists. You should start with a little research about the …