News
Recent Tax Developments Affecting Arizona Taxpayers
1. Arizona’s change in the statute of limitations for assessment of individual or withholding tax liabilities.
In 2019, the Arizona legislature enacted changes to the assessment of tax when no income and withholding tax is filed. Previously, the rule for all taxes was that there was no statute of limitations if no tax return was filed – regardless of the type of tax.
While that rule remains in place for all other taxes (such as the Transaction Privilege Tax), it is no longer true in many cases where income tax or withholding tax returns that should have been filed are not filed.
Are You Ready For The Changes to the LLC Act?
Arizona’s new limited liability company act (the “New Act“) became effective on September 1, 2019. The New Act replaces the limited liability company statute originally adopted almost 30 years ago. Today, the New Act only applies to companies that were formed on or after September 1, 2019 or have “opted in” to it. But, on and after September 1, 2020, the New Act will apply to all Arizona limited liability companies, regardless of when formed.
The New Act may affect existing companies in ways that might not be anticipated by members and managers because the New Act includes “default” rules that apply if a company’s operating agreement is silent on the issue.
Does Your Insurance Policy Cover COVID-19 Related Losses?
As businesses are forced to close, either because of ill employees, or government mandated restrictions, there are going to be a lot of reduced revenues, lost profits, and canceled events. Isn’t that what you buy insurance for? Is any of this going to be covered by your CGL insurance policy? Well, maybe. Sorry for the lawyer-like response, but the answer to this question depends on the specific language of your policy and your specific circumstances. Several types of coverages and exclusions come into play and we will address the most obvious here.
Business Interruption
Business interruption insurance is designed to provide coverage for lost profits and overhead expenses when for reasons beyond the control of the business, normal operations have to be halted.
Loan Solutions in Troubled Times—Some Options for Commercial Borrowers
The Coronavirus pandemic, in addition to the tragic consequences of prolonged illnesses and even deaths, has created havoc to the economy and led to massive uncertainty about the future. No sector of financial life has been spared the harsh effects. This is no less true for commercial borrowers. Whether the owner of a commercial shopping center, multifamily property or office building, commercial borrowers are increasingly facing their income stream dissipating from struggling and failing tenants and residents unable to pay rent. There are options that such borrowers can and should discuss with their lenders, including forbearance agreements and loan modifications.
Are Electronic Notarizations Legal?
By Mike King
QUESTION: ARE ELECTRONIC NOTARIZATIONS LEGAL?
ANSWER: ELECTRONIC NOTARIZATIONS ARE LEGAL IN MOST STATES.
Remote electronic or online notarizations are not legal in Arizona until June 30, 2020!
Electronic notarizations have been legal in Arizona for years, but they still require the signer to physically appear before the notary for the electronic signature and the electronic notarization of documents.
Remote electronic notarizations will become effective from and after June 30, 2020 in Arizona. In 2019, Arizona Senate Bill 1030 adopted the Revised Uniform Law on Notarial Acts (2018).
