Handler Thayer, LLP

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Steven J. Thayer

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Steven Thayer

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Today, the SBA provided some additional guidance on the certification issues related to Paycheck Protection Loans.  In order to get a loan in the first place Borrowers were required to certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Today, the SBA essentially said that if you borrowed less than $2 Million, then you don’t need to worry about it.  The SBA will now presume that…
As businesses scrambled to get a loan under the Paycheck Protection Program (“PPP”) that was created under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), they must now decide how to use those proceeds so that they are both consistent with the law and maximize loan forgiveness. If after getting the loan, you don’t really need the money consider giving it back, because if you really don’t need the money, you might not…
On Friday, March 20, 2020, JB Pritzker, Governor of Illinois, acting pursuant to the Illinois Emergency Management Agency Act, issued Executive Order 2020-10 (the “Order”), requiring all Illinois residents to stay at home, except as may be permitted under the Order.  All Non-essential business and operations were required to cease, except for certain Minimum Basic Operations, and all Essential Business and Operations were encouraged to remain open.  All public and private gatherings of any number…
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On May 11, 2019, Steven Thayer delivered the commencement speech to over 600 graduates, parents, and faculty, at the College of Liberal Arts and Sciences Department of Economics graduation ceremony.  Thayer is a 1988 graduate of the University of Illinois College of Liberal Arts and Sciences and has a Bachelor of Arts Degree in Economics. Thayer also attended DePaul University College of Law and Graduate School of Business and has a joint JD/MBA degree from…
The IRS issued proposed regulations on Opportunity Zones on Friday, October 19, 2018.  The 2017 Tax Cuts and Jobs Act (the “Act”) created Opportunity Zones to spur investment in distressed communities throughout the country by providing tax benefits related to the deferral of capital gains.  Pursuant to the Act, States were permitted to designate certain distressed communities throughout the United States as Opportunity Zones.  By June of 2018, over 8,700 communities in the United States…
On October 8th-10th 2018, Steve Thayer spoke at the ADISA Annual Conference in Las Vegas, Nevada on how family offices invest private capital. The Alternative and Direct Securities Association (ADISA) is the nation’s largest investments association providing networking, education and advocacy for its members. ADISA provides legislative and regulatory advocacy, networking and access to peers, professionals, leaders and regulators, and knowledge through information and education. Annually, ADISA hosts many conferences all over the U.S. providing optimum…
The regulatory framework in the United States (“US”) related to the sale and issuance of cryptocurrencies is a mess. Today, there is no single regulatory body in the US that governs the purchase and sale of cryptocurrencies.  The Securities and Exchange Commission (“SEC”) is relying upon a Supreme Court case from 1946 to say that the issuance and sale of some cryptocurrencies could be securities subject to their regulation. The Commodities Futures Trading Commission (“CFTC”)…
The new Tax Cuts and Jobs Act (the “Act”) created new tax incentives for the ownership and development of property in federally designated Opportunity Zones.  An Opportunity Zone is an economically distressed community that is nominated by a State and certified by the Internal Revenue Service.  What is interesting about the Act is that it allows for the deferral of some, or all, of the gain associated with the sale of a business, real estate,…
Once again Handler Thayer, LLP hosted its annual Handler Thayer Family Office Forum at the University Club in Chicago, Illinois.  This year’s conference was held on Wednesday, June 27, 2018.  The primary purpose of the conference is to educate families offices about how to manage and operate their family offices.  Last year Handler Thayer welcomed over 200 participants including single family offices, multi-family offices, advisers, and business owners. We had another informative conference this year!…
Although everyone would like to make the tax code easier, we just can’t seem to get it done.  In the spirit of trading political favors, also known as compromise, we always seem to end up making the tax code more complicated rather than less.  That being said, there are some significant changes that will soon change our world once they are enacted into law and we need to get our hands around them quickly.  Here…