Handler Thayer, LLP

Handler Thayer, LLP is dedicated to rendering superior, technologically current, and innovative professional services to affluent families, family offices and privately-held companies. In furtherance of this objective, the firm attracts and develops highly qualified attorneys with business and financial backgrounds committed to personal and professional excellence.

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Steven J. Thayer

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Steven Thayer

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The Tax Cuts and Jobs Act (“TCJA”) that was signed into law in 2017, made forming a company and making an appropriate tax election a challenging decision, and the election results have made it even harder.  While it looks like Biden is our new President, the Democrats have not taken control of the Senate, so getting new tax legislation passed seems unlikely, but you never know.  New Companies who plan to be around for a…
For the past several years, Family Offices have increased their appetite for direct investments and co-investments with other Family Offices and private equity funds.  On February 21, 2020, Forbes reported that going direct was an “undeniable trend” and focused on the 5 Reasons Why Family Offices Are Focusing on Direct Investments which included greater control and decision-making ability, better value and interest in alignment and return, reduced fees and expenses, the strength of Family Office…
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,…