Many people believe that the Internal Revenue Service (IRS) always provides the right answer, particularly when an agent tells the taxpayer that there is an IRS policy that is determinative of the issue, even when there is no legal support for the position. The taxpayer, without substantial research into the IRS procedural rules, has no means of disputing such a statement. Therefore, making the statement…
Businesses are currently in the throes of reopening from the imposed government shutdowns. But are businesses taking the time to consider whether their operations are insured for COVID-19 claims by the public? Unfortunately, due to the virus’ contagiousness in close quarter settings and its potential deadly nature, it is likely that businesses will be forced to confront these claims before a viable vaccine is available.…
Businesses permitted to reopen pursuant to Governor Andrew Cuomo’s order must follow the mandatory guidelines as set forth by the State. Each industry has its specific set of regulations and protocols with which business owners must comply. Executive Order No. 202.38 issued June 6, 2020 (the “Order”), states in pertinent part that commercial building owners and those authorized on their behalf to manage public places…
Business owners who found themselves the recipient of the PPP loan funds, but with their businesses still mandated closed, can breathe a bit of a sigh of relief as the PPP program was amended and borrowers now have 24 weeks, not 8, to use the funds and seek forgiveness. The Paycheck Protection Program Flexibility Act of 2020, which was just signed into law by President…
As we get closer to reopening the economy on Long Island and in NYC, the New York State Department of Health (“NYSDOH”) published industry specific detailed guidance setting forth the minimum requirements for businesses reopening in Phase 2. The NYSDOH’s guidance is broken down into the following categories: (1) Offices; (2) Real Estate; (3) Essential and Phase 2 In-store Retail; (4) Vehicle sales, leases, and…
Look to any contract for sale of a commercial property and you will find a “due diligence” provision. During this period, it is incumbent upon the prospective purchaser to investigate whether the property and its current or proposed use complies with the existing land use and zoning regulations. If the investigation reveals that the property is not in compliance with the intended use, the purchaser…
Standard provisions in a contract to purchase and sell real property in New York state, whether commercial or residential, usually do not subject the parties to “time being of the essence”. Instead, in order to require the parties’ performance of an obligation under a real estate contract in New York to be of the essence, the parties must either add specific language to such contract…
The novel coronavirus has completely upended the way of life for New Yorkers – including the way we work, feed our families and interact with people in our own communities. Every industry, including construction, has been impacted by the pandemic. Pursuant to a series of Executive Orders issued by Governor Cuomo, all non-essential businesses have been shut down in New York. “Essential” construction has been…
I. Long Island Begins Reopening During his daily press conference on May 26, 2020, Governor Cuomo had some much welcome news; Today, Wednesday, May 27, 2020, the Long Island Region is permitted to start Phase I of its reopening. (New York City is not there yet.). In Phase 1, the following businesses may resume operations: (a) Construction; (b) Agriculture, Forestry, Fishing, Hunting; (c) Retail,…
The economic fallout from the COVID-19 Pandemic presents considerable issues for commercial landlords and tenants. Due to state mandated closures, many tenants cannot generate sales and, as a result, are unable to meet their ongoing rental obligations. The inability of these tenants to pay their rent raises the question: what legal rights do commercial landlords have to collect the outstanding arrears? The answer to this…