Insights

Business

COVID-19 Checklist for Businesses

Posted by: Robert A. Greising and Corben A. Lee on March 23, 2020

[UPDATED APRIL 22, 2020] - The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a checklist to help identify potential legal issues that your business…

Coronavirus Concerns May Implicate Force Majeure Contract Issues

Posted by: Scott S. Morrisson and Elizabeth M. Roberson on March 9, 2020

So-called force majeure clauses typically are contained in contracts to excuse performance by the parties for acts of God, impossibility of performance, disaster, and other circumstances beyond the control of the parties. This clause may have particular application for those of you who supply parts…

Proposed Regulations on Meals and Entertainment Expenses

Posted by: Kendall A. Schnurpel on March 2, 2020

On February 26, 2020, the IRS and Treasury published proposed regulations (“Proposed Regulations”) providing guidance under §274 of the Internal Revenue Code (“Code”) as amended by the Tax Cut and Jobs Act, Pub. L. No. 115-97, §13304, 131 Stat. 2054, 2123 (2017) (the “TCJA”). The Proposed…

IRS Updates Racial Nondiscrimination Publication Requirement for 501(c)(3) Private Schools

Posted by: Kendall A. Schnurpel on May 15, 2019

On May 7, 2019, the IRS announced the release of Revenue Procedure 2019-22 (“RP 2019-22”), which modifies existing rules that require 501(c)(3) private schools to publish their racial nondiscrimination policy in a newspaper or using broadcast media. This requirement has been in place since 1975.…

Is Now the Time to Consider Establishing a Donor Advised Fund?

Posted by: Micah J. Nichols and Kendall A. Schnurpel on May 13, 2019

While donor advised funds (“DAF” or “DAFs”) have been around since the 1930’s, they were not defined by statute until the Pension Protection Act of 2006 added Section 4966(d)(2) to the Internal Revenue Code. With the passage of President Trump’s Tax Cuts and Jobs Act in December of 2017 (“TCJA”),…

Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?

Posted by: Kendall A. Schnurpel on April 29, 2019

On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May…

The Clock Is Ticking To Reinstate Dissolved Indiana Entities

Posted by: Brian M. Heaton on May 10, 2018

If your Indiana business has been dissolved, time is running out to get reinstated. Entities created in Indiana or registered to do business in Indiana can become administratively dissolved by failing to file required periodic reporting with the Indiana Secretary of State. Those entities could seek…