Legal & Regulatory

In addition to small business loans and big business grant money, the CARES Act also includes tax provisions designed to help businesses recover.

Some landlords are sympathetic, while others are taking a tougher approach, even for local tenants that have lost income.

Here's one idea: taxpayers could supercharge their 2018 NOLs by amending 2018 tax returns to take advantage of bonus depreciation on QIP.

Companies can find help through their government and with their insurance carriers, but they need to move quickly.

Unfortunately, this much-needed announcement has been marred by a departure from standard language, causing tax and legal professionals to debate the nature of the relief that the Notice granted.

"We fully expect plaintiffs to try to make out a Labor Law 200 or 241(6) violation against owners and general contractors should a worker contract coronavirus and develop significant complications resulting in a prolonged period of unemployment."

Besides new revenue procedures, the IRS has also issued guidance easing deadlines for like-kind exchanges and Opportunity Zones.

Most contracts allow for both the developer and the contractor to exit the agreement, but include specific provisions and potential payments to do so.