Focus on S Corporations, Part 3: Tax Implications and Special Considerations in S Corp Acquisitions

Acquiring a business can be a strategic move to grow, diversify, or compete in the market. Acquisition also involves significant tax implications that can affect the value and structure of the deal. Therefore, it is crucial for buyers and sellers to understand the tax consequences of different types of acquisitions and plan accordingly. In Part 3 of PilieroMazza’s blog series “Focus on S Corporations,” we highlight key elements of an S Corp acquisition that buyers and sellers should address to . . . Read More

Federal Judge Orders Minority Business Development Agency to Serve All Business Owners Regardless of Race

On March 5, 2024, a federal judge ordered the Department of Commerce’s Minority Business Development Agency (MBDA) to immediately stop considering a business owner’s race or ethnicity in determining whether an applicant may receive business-related benefits and services from MBDA Business Centers nationwide, including assistance with accessing capital and pursuing government contracting opportunities. [1] Judge Mark T. Pittman, U.S. District Judge for the Northern District of Texas, ruled that MBDA’s use of the presumption that certain individuals—including African Americans, Latinos, American . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – March 7, 2024

If you have questions concerning the content below, please visit this link . Upcoming Events: Register to attend PilieroMazza’s upcoming events here . Recent Thought Leadership: Check out PilieroMazza’s recent client alerts and blogs here . Podcasts: Listen to PilieroMazza’s podcasts GovCon Live!  here  and Clocking in with PilieroMazza  here .   GOVERNMENT CONTRACTS House Passes $460 Billion Package of Spending Bills. Senate Expected to Act Before Shutdown Deadline, Federal News Network The House passed a $460 billion package of spending bills Wednesday that would keep money flowing to . . . Read More

Decoding the 2024 NDAA: Implications for Defense Contractors Small and Large

The National Defense Authorization Act (NDAA) for Fiscal Year 2024 (FY24), signed into law on December 22, 2023, signals significant changes across the defense acquisition and contracting landscape. These changes are poised to reshape how the Department of Defense (DOD) engages with contractors, emphasizing transparency, accountability, and fairness.  PilieroMazza  examines key themes and provisions in the NDAA that DOD government contractors (small and large) should know to take advantage of contract opportunities and maintain compliance requirements. Background  The NDAA is annual . . . Read More

Focus on S Corporations, Part 2: Inadvertent Termination of S Corporation Elections

The IRS recently provided guidance addressing inadvertent terminations of S Corporation (S Corp) status based on existing provisions in corporate documents that remain after a company makes an S Corp election. This can be a complex legal task that aims to harmonize documents for clarity and consistency in their interpretation and application. In this Part 2 of the blog series “Focus on S Corporations,” PilieroMazza offers guidance to businesses on how to make corrections after an S Corp election to . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – February 29, 2024

If you have questions concerning the content below, please visit this link . Upcoming Events: Register to attend PilieroMazza’s upcoming events here . Recent Thought Leadership: Check out PilieroMazza’s recent client alerts and blogs here . Podcasts: Listen to PilieroMazza’s podcasts GovCon Live!  here  and Clocking in with PilieroMazza  here .   GOVERNMENT CONTRACTS Federal Acquisition Regulation (FAR) Council: Final Rule: FAR, Trade Agreements Thresholds: On February 23, the Department of Defense, General Services Administration, and National Aeronautics and Space Administration published a Final Rule amending the FAR to incorporate . . . Read More

Focus on S Corporations, Part 1: Choosing the Right Entity to Meet Your Small Business Goals

Most business owners understand the need to create an entity to operate their business. However, beyond general knowledge, many owners are unsure of when is the right time to create an entity and which type of entity makes sense for their business goals. These choices are complex and vary for each type of business. This is the first in a series of blogs focused on S Corporations (S Corps) where attorneys in PilieroMazza ’s Corporate & Organizational Governance Team explore different S Corp entity types, their . . . Read More

Settlements and Judgments from FCA and Fraud Matters Top $2.68 Billion in 2023

On February 22, 2024, the Department of Justice (DOJ) released its annual statistical report (Annual Report) regarding settlements and judgments obtained in the False Claims Act (FCA) and fraud matters for Fiscal Year (FY) 2023. Over the course of the fiscal year, which ended on September 30, 2023, the government recouped $2,689,447,914, a 20% increase compared to FY 2022 but well below the average annual recoveries over the last 15 years (approximately $3.6 Billion). Below are key takeaways from the Annual Report and . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – February 23, 2024

If you have questions concerning the content below, please visit this link . Upcoming Events: Register to attend PilieroMazza’s upcoming events here . Recent Thought Leadership: Check out PilieroMazza’s recent client alerts and blogs here . Podcasts: Listen to PilieroMazza’s podcasts GovCon Live!  here  and Clocking in with PilieroMazza  here .   CORPORATE & ORGANIZATIONAL GOVERNANCE The Corporate Transparency Act: Updates, Requirements, and Enforcement for Small Businesses, PilieroMazza Client Alert, Isaias “Cy” Alba, IVAbigail “Abby” L. BakerPaul H. Tracy The Corporate Transparency Act (CTA) has been a hot topic for small business owners since its inception. As we . . . Read More

The Corporate Transparency Act: Updates, Requirements, and Enforcement for Small Businesses

The Corporate Transparency Act (CTA) has been a hot topic for small business owners since its inception. As we approach its effective date on January 1, 2024, it’s crucial to understand CTA’s implications for small businesses. Below, attorneys in PilieroMazza ’s Business & Transactions Group offer guidance to small business owners and their senior officers on CTA compliance and potential criminal and monetary penalties for failure to report information required by the CTA. PilieroMazza attorneys will also present “Understanding the Corporate Transparency Act: Implications and . . . Read More