Many businesses recognized significant net operating losses or “NOLs” as a result of the COVID-19 pandemic. The Internal Revenue Code of 1986, as amended (the “Code”), generally allows many types of taxpayers (including individuals, estates and trusts, exempt organizations, and most C corporations) to utilize NOLs to offset taxable income in other tax years, subject to certain limitations.

The United States Congress revived the age-old tradition of passing a lame-duck Christmas Tree appropriations bill to fund the government and provide a second wave of much-needed COVID-19 relief legislation.[1] The nearly 5,600-page bill, which President Trump signed into law on December 27, 2020, inclu

The United States Congress revived the age-old tradition of passing a lame-duck Christmas Tree appropriations bill to fund the government and provide a second wave of much-needed COVID-19 relief legislation.[1] The nearly 5,600-page bill includes temporary alterations to the Bankruptcy Code to help thos

As lenders prepare for a world with an increased risk of borrower failures, liquidations, and bankruptcies, many have begun focusing on requiring that borrowers form special purpose entities (“SPEs”) to mitigate against those risks. In this publication, we explore how recent case law has viewed the formation and use of SPEs and which structures have been more effective than others.

Current State of the Law Regarding Bankruptcy Remote Entities

An overview of how the coronavirus disease (COVID-19)impacts reorganization for small businesses.