The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

New Legislation Effective January 1, 2024: Corporate Transparency Act

January 1, 2024, the federal Corporate Transparency Act (“CTA”) went into effect. This new legislation effects a large number of entities. The purpose of the CTA is to create a national database of companies in the United States that identifies the human beings behind each of the companies. The law is intended to combat money laundering, terrorism, tax evasion, and other crimes. The CTA applies...

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Boundary Line Disputes and How Far is Too Far?

In this boundary line dispute between two neighbors, one hired a surveyor to determine the property line while the other built a fence and declared it his. The Court of Appeals determined the fence builder took it too far and awarded the other party the rare frivolous appeal damages. Cumberland Advisory Group, LLC (“CAG”) purchased property with plans to demolish the current structure and erect...

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Former Shareholder Liability for Prior Use of Corporate Funds for Personal Use – What Standard Should Apply?

In a recent case, the Tennessee Court of Appeals, affirming the holdings of a trial court, held that the phrase “assets used in conducting the business” was ambiguous, with respect to establishing the breadth of assets transferred in a stock transfer agreement, and set forth seemingly new caselaw on the personal liability of former sole shareholders of a closely held corporation for challenged...

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[UPDATED 6.5.20] Guidance & New Legislation on Forgiveness for PPP Loans

Since our original post on May 20 (text below), new legislation has addressed some matters regarding the SBA’s guidance on PPP Loan Forgiveness. Some take-aways from the new legislation are: Instead of an 8-week covered period for distribution of funds, the period is now 24 weeks or December 31, 2020, whichever is earlier. However, borrowers with existing loans can elect to keep the...

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Tennessee Business Relief Program: What You Need to Know

The recently-announced Tennessee Business Relief Program will distribute $200 million of federal stimulus funds to Tennessee businesses. The funds are targeted toward the public-facing businesses that faced closure or decreased revenue as a result of the COVID-19 pandemic. It is estimated that more than 28,000 Tennessee businesses will be eligible for funds, and it is expected that 73% of these...

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COVID-19’s Impact on Contract Disputes

What happens when an extreme, unanticipated event occurs that undermines or frustrates the purpose of a contract? Are the parties still bound by the contract, or are they relieved of their obligations? The COVID-19 pandemic has raised these and countless other questions. The answers are not clear. However, there are three legal concepts that help shed light on the situation. Here’s what...

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[UPDATED] Are you Covered? Business Interruption Insurance and Covid-19

This article was originally published on April 9, 2020. We have updated it as of May 1, 2020 to reflect new developments. Click here to jump to the update. Does your business interruption insurance cover pandemic losses? Three things to do today. Your property insurance policy likely includes business interruption (“BI”) coverage. BI insurance covers loss of business income and other reasonable...

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What You Need to Know about Your Retirement Accounts as a Result of the Pandemic

Federal legislation was recently enacted which affects your retirement accounts–such as IRAs, 401ks, 403(a)s, 403(b)s, and governmental 457(b) plans. This post is a summary of important changes. I. Changes for All Individuals All Required Minimum Distributions (RMDs) are waived for the calendar year 2020. If you have already received a RMD for 2020, you may either roll it over into a...

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April 15 is NOT Tax Day. Here are 5 Things You Need to Know about Taxes This Year

Today we’re talking about important changes to state and federal tax deadlines, relaxed rules on hardship withdrawals from 401(k)s, and a deduction that can help employers and at-home workers. Here are five things to know about tax matters in 2020:  1.  IRS Extension for Filing and Paying TaxesThe April 15 deadline for the filing of federal income tax returns and payment of the taxes has...

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Addressing COVID-19: What Employers Need to Know

The COVID-19 pandemic has placed employers in the difficult position of trying to navigate financial losses while addressing employee matters and health concerns.  This fact sheet is intended to provide some critical information that employers need to know during this uncertain time, including highlights of the federal legislation enacted in recent weeks in response to the COVID-19 pandemic....

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IRS Offers Disaster Relief For Tennessee Tornado Victims

The IRS is extending deadlines and offering relief for those who live in areas affected by the tornadoes. This relief will automatically be applied to anyone with an address on record with the IRS in any area designated by FEMA as qualifying for individual assistance, which, as of now, includes Davidson, Putnam, and Wilson counties. Taxpayers who do not have an address on record from the...

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Tax Obligations for Gig Economy Workers

Understanding your tax obligations is an important factor to consider when beginning a new job. Whether you are driving for a ride sharing app or renting out a camper for the holidays, you need to know how to go about fulfilling your income tax obligations. Earning money in the gig economy usually leaves workers with the responsibility of handling their own tax payments. However, many gigs in...

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When does a Material Change in Circumstances Warrant a Modification of a Parenting Plan?

The Tennessee Court of Appeals reversed a trial court’s order on a modification of a parenting plan. The trial court wrongly granted the mother’s petition to change the parenting plan, giving her primary residential custody and the majority of days with the children. The trial court found that based on the material changes of circumstance, and the geographical distance between the parties, it...

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