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Search OptionsBusinessIndiana Supreme Court Affirms Freedom of Contract Principles in Closely Held Company Valuation Case: Choose Your Words Carefully
On January 28, 2021, the Indiana Supreme Court affirmed freedom of contract principles and upheld discounts of over thirty percent in the fair market valuation of shares in a dispute over the buyback provision in a shareholder agreement among all of the shareholders of a closely held company. In … 2021 Hemp License Application Now Available Online
Earlier this month, the Office of the Indiana State Chemist (“OISC”) began accepting applications for licenses to commercially grow and process hemp using its new online licensing software (the “Application”). The new Application is live following approval of the Indiana State Hemp Plan (the… Cannabis in Indiana: Where Do Things Stand Today?
Within the past two months, there has been a flurry of activity in the cannabis space, including continued litigation over Indiana’s hemp laws,1 the release of Indiana’s 2021 hemp grower/handler application by the Office of Indiana State Chemist & Seed Commissioner (“OISC”), the passage of the … Corporate Transparency Act: New Obligations to Disclose Beneficial Ownership in Private Companies
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA” or the “Act”) as part of the greater National Defense Authorization Act for Fiscal Year 2021. The CTA requires certain domestic and foreign companies to disclose beneficial ownership information to the U.S. Department of… A PPP Holiday Stocking Stuffer
Congress finally agreed on a new COVID relief package, passed the Consolidated Appropriations Act, 2021 (the "Act") after months of intense negotiations about scope and dollars, and has sent the Act to President Trump for his signature. The President has tweeted objections about some provisions of… House of Representatives Passes Historic MORE Act to Decriminalize Cannabis at Federal Level
On Friday, December 4th, 2020, the U.S. House of Representatives passed H.R. 3884, the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) by a vote of 228 to 164. If enacted, the MORE Act would end federal prohibition of cannabis, require federal courts to expunge prior cannabis (or… IRS Deflates the Hope Balloon of PPP Borrowers
On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which, respectively, provided additional guidance regarding the IRS position on the non-deductibility of expenses funded with Paycheck Protection Program (PPP) loan proceeds and a… SBA Introduces Necessity Questionnaires for PPP Forgiveness
On October 30, 2020, the SBA released two additional questionnaires that will need to be submitted by for-profit and non-profit PPP borrowers as part of their loan forgiveness applications. This follows a notice issued by the SBA on October 28 in the Federal Register indicating that the SBA was… USDA Approves Indiana State Hemp Plan for Commercial Growth
On October 22, 2020, the United States Department of Agriculture (“USDA”) approved the Indiana State Hemp Plan (the “Plan”), allowing hemp growers to grow and process hemp commercially in Indiana without obtaining the previously required university research affiliation. Applications for the 2021… Unpacking Schrems II: The Demise of the EU-U.S. Privacy Shield
On July 16, 2020, the Court of Justice of the European Union (CJEU) in Luxembourg issued its long-anticipated decision in the case of Data Protection Commission v. Facebook Ireland, Schrems (Schrems II). The decision concludes two years of litigation of a complaint initiated by Austrian privacy… SBA Guidance on Change of Ownership for PPP Borrowers
On October 2, 2020, a Procedural Notice issued by the SBA (the “Notice”) became effective that provides information and procedures addressing requirements for approval of changes of ownership for an entity that has received funds under the Paycheck Protection Program (“PPP”). The Notice put in… Businesses That File Indiana Sales and Withholding Taxes Must Transition Accounts to New Indiana Department of Revenue System Starting September 8, 2020
Background In early September 2019, the IDOR launched the first of four rollouts of a tax modernization project, Project NextDOR, and is launching Phase 2 this month. Project NextDOR’s new technology includes INTIME, a new online e-services portal which will enable Indiana taxpayers to manage their… |
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