Elizabeth LaCorte

Are You Eligible for Additional Relief from the COVID-19 PA Hazard Pay Grant Program?

The state of Pennsylvania has $50 million set aside for a reimbursement-based grant available through Pennsylvania’s Department of Community & Economic Development (DCED).  The COVID-19 PA Hazard Pay Grant has an extremely short application window – JULY 16 – JULY 31, 2020. Unlike the Paycheck Protection Program grants, the funds from this grant are not…

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Cash Flow Considerations for the “New Normal”

Due to COVID-19 and its effects on the economy, a major concern for all businesses is liquidity.  Preserving cash flow should be a focus for business owners, whether they are temporarily closed for business or operating at reduced capacity. The ever-evolving fall-out from the COVID-19 crisis will continue to impact all organizations, but it’s difficult…

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Tax Planning is Essential to Asset Sales in Bankruptcy Cases

Asset sales are an integral part of bankruptcy cases.  When considering a sale’s benefit to an estate, the potential benefit to “Uncle Sam” should also be considered.  Will the debtor owe income taxes or incur a loss?  Tax planning should be considered as part of the sales process. Depending on the circumstances and the sale’s…

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It’s a Taxing Time of Year for Companies in Bankruptcy

Keeping on top of tax compliance is one aspect of the working relationship that debtors and bankruptcy professionals have with accountants or financial advisors.  One pitfall I’ve seen is that some debtor companies neglect their informational and income tax reporting responsibilities while in bankruptcy.  Many times it’s an oversight because an accountant was retained late…

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