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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Business Bankruptcies Declined in 2012 and Q1 of 2013

The number of high-profile corporate bankruptcies that have made national headlines in recent months suggests that business bankruptcies are on the rise. However, a new analysis shows that the opposite is true. According to new research compiled by Credit2B, a Smyyth company that specializes in credit and accounts receivable management technology, business bankruptcy filings fell for […]

Author: Joel R. Glucksman

May 28, 2013

Filing Bankruptcy

NJ Business Owner Can’t Be Held Liable After Asking for Help

A New Jersey business owner who asked for help after suspecting something was wrong at his Irvington company cannot be held liable for the deaths of those who volunteered to help him, according to the Supreme Court of New Jersey. The decision in Desir v. Vertus examined the tort law governing premises liability, duties owed […]

Author: Robert E. Levy

May 28, 2013

AICPA Urges IRS to Change Home Office Deduction 'Safe Harbor' Provision

Thousands of business owners run operations directly out of their residence each year, and many reduce their tax liabilities to the Internal Revenue Service by claiming a home office deduction. While the write-off is perfectly legal and valid under federal tax law, home office deductions are also one of the most heavily scrutinized by IRS […]

Author: Scarinci Hollenbeck, LLC

May 27, 2013

Business Tax

Property Owners - Be Careful What You Wish For

In these times of falling property values, many property owners are quick to file tax appeals to reduce their tax burden. Most of these appeals have merit. However, be mindful of the fact that a municipality has the right to file a counterclaim. Also, under certain circumstances, a municipality can argue for an increase in […]

Author: Scarinci Hollenbeck, LLC

May 25, 2013

Tax Court

Is “Secret” Business Court Coming Back to Delaware?

Many corporations call Delaware home because of its business friendly legal environment. It is an attractive place to incorporate a business, and it can also provide substantial court decision precedents for corporate disputes, making it more predictable as to what a Delaware court may do in deciding a disputed business matter as compared to states […]

Author: Dan Brecher

May 24, 2013

Arbitration

Judge to Determine Whether Corbett's Lawsuit Against the NCAA Should Continue

U.S. District Judge Yvette Kane told Pennsylvania Gov. Tom Corbett that he will make a determination about whether his lawsuit against the NCAA holds merit or warrants dismissal within the coming weeks. Corbett filed a case against the NCAA in January, arguing that the $60 million in fines the conference imposed on Penn State for […]

Author: Scarinci Hollenbeck, LLC

May 24, 2013

Entertainment and Sports

Hedge Fund's Real Estate Unit Placed into Bankruptcy to Avoid Litigation

Hedge fund billionaire John Paulson has placed the real estate unit of his hedge fund into bankruptcy to avoid litigation, including a costly lawsuit brought against it by a lender. Five Mile Capital Partners recently brought a suit against executives of Paulson’s MSR Hotels & Resorts Inc. – the real estate arm of Paulson & Co. […]

Author: Joel R. Glucksman

May 24, 2013

IRS Goes After Billionaire Sumner Redstone for 1972 Tax Gift

Billionaire Sumner Redstone may be on the hook for a large sum of money relating to a tax gift he made to his children in 1972 if the Internal Revenue Service has its way. The federal agency claims Redstone owes $1.1 million in taxes, penalties, and interest relating to stock given to his children 41 […]

Author: Scarinci Hollenbeck, LLC

May 24, 2013

Court Grants ResCap Extension to File Reorganization Plan

A U.S. Bankruptcy Court has granted Residential Capital’s request for a 30-day extension in filing its reorganization plan. During this period, the company will be unencumbered by the risk of rival proposals. In a U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn addressed the progress that’s already been made in the contentious and ongoing bankruptcy dispute, and […]

Author: Joel R. Glucksman

May 23, 2013

Reorganization Plan

Former NBA Union Exec Filed a Lawsuit Against President Derek Fisher

Billy Hunter, ousted National Basketball Players Association executive director, filed a lawsuit against the union and its new president, Derek Fisher, in a California Superior Court. Billy Hunter is suing the parties for defamation and breach of contract stemming from his dismissal, alleging that a secret deal reached between Fisher and publicist Jamie Wior to end the 2011 […]

Author: Scarinci Hollenbeck, LLC

May 22, 2013

IRS and the Tea Party

One of the many controversies in Washington, D.C. is the dispute arising out of the Internal Revenue Service’s extensive review of applications of exempt organizations using the names with words such as “Tea Party,” “Patriots” and “We The People.” I spent some time explaining to a client how the review process between the IRS and […]

Author: James F. McDonough

May 22, 2013

Data Breach Can Be Prepared For And Stopped When it Comes Your Business

Last month, Associated Press’ Twitter account fell victim a data breach after hackers sent a fake tweet from their account referencing an explosion at the White House. The tweet caused the Dow Jones Industrial Average to plunge more than 100 points within seconds. This latest incident highlights not only how disruptive a data breach can […]

Author: Scarinci Hollenbeck, LLC

May 22, 2013

Cyber Security

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