BW INSIGHTS

Annual Minutes - Are They Worth It? YES.

As we head into the end of the year, you are likely being bombarded with reminders of house-cleaning items you should address before the calendar turns over. Reviewing your insurance coverage, evaluating your healthcare options for next year, reviewing your retirement accounts, and scheduling time with your tax preparer are all important, and... Read More

New FinCEN BOI Reporting Rule Requires Ownership and Control Disclosures that Previously Allowed for Complete Anonymity in Entity Formation

On September 30, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the “Rule”) implementing the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA). The purpose of the rule is to assist FinCEN and other agencies in protecting national security and enhancing... Read More

What Questions Should I Ask Before Dry Leasing an Aircraft?

I am contacted routinely by individuals that are interested in dry leasing an aircraft for either business or personal use (or both). These individuals have made the decision that they are willing to accept the risks of a dry lease of an aircraft (as opposed to a charter), which includes the party leasing the jet (the “dry lessee”) assuming full... Read More

SBA Opens PPP Forgiveness Portal, But Banks Put on the Brakes

  The Small Business Administration (SBA) officially opened its Paycheck Protection Program Forgiveness Portal to lenders starting on Monday, August 10, 2020. This means that banks who provided loans to small businesses through the Paycheck Protection Program (PPP) may start processing applications from borrowers to have their loans entirely... Read More

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

  Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due... Read More

Making a big change to your business? We can help.

  COVID-19 has drastically altered market demands and in response, some companies are temporarily changing their business models to manufacture products that are desperately needed.  We have ethanol plants manufacturing hand sanitizer, clothing companies making surgical gowns, and plastic molding companies making face shields. One hurdle to making... Read More

Determining Whether Your Business Qualifies as Essential

  More and more state and local governments are issuing “stay at home” orders that require all non-essential businesses to cease operations and send employees home. We’ve received many client questions regarding the ramifications of these orders, the definition of an “essential business,” and the registration requirements for essential businesses.... Read More

Aircraft Dry Lease Checklist

  There is no doubt about it: purchasing, owning, and operating an aircraft is an expensive endeavor. For this reason, we find our clients seeking out more cost effective private aircraft arrangements. Most often, an aircraft charter or lease arrangement more closely aligns with a client’s goals than outright aircraft ownership. Chartered air... Read More