Insights

On October 11, 2022, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2022-19 (the “Procedure”). The Procedure provides relief for certain S corporation and QSub eligibility issues without having to obtain a private letter ruling (“PLR”). The IRS created these procedures to “(1) reduce burdens on taxpayers and the IRS, (2) facilitate increased taxpayer compliance with S election and QSub election rules, and (3) reduce costs and delays for completing transactions involving S corporations and QSubs.” The Procedure provides focused relief in six subject areas, as outlined below.  

Competing rights, obligations, and substantial dollars are often at stake when a company pledges receivables as collateral to secure a loan. The lender has a security interest in and lien on the receivables. This is memorialized by a security agreement between the lender and the company borrower. Under separate contracts, the company borrower has a right to receive payment from its account debtors. Account debtors are third parties, such as customers and clients, that contractually owe money (receivables) to a company borrower in the ordinary course of business. Finally, the account debtor has a right to discharge its obligation upon making payment of the amount due and owing. When receivables collateralize asset-based loans, Article 9 of the Uniform Commercial Code (“UCC”) governs the competing rights and obligations among the tripartite of lender, borrower, and account debtor. Like any statute, however, UCC Article 9 is subject to interpretation.  

On September 7, 2022, the New Jersey Board of Public Utilities (NJBPU) issued a Board Order approving an energy and water use benchmarking program for commercial buildings over 25,000 square feet. The first benchmarking data submission deadline is expected to be October 1, 2023, covering usage for the 2022 calendar year.  

CSG Law’s Managing Member, Patricia Costello, and Member of the Intellectual Property Group, Abigail Remore, will both participate in the New Jersey Institute for Continuing Legal Education webcast on Thursday, December 15 held at the New Jersey Law Center in New Brunswick, NJ.  

Join Practice Group Leader of CSG Law's Healthcare & Hospital Group, Nicole DiMaria, on November 22, from 5:00 - 6:00 PM, as she moderates a New Jersey State Bar Association webcast. This health law CLE meeting will cover best practices for submitting facility licensure applications to the New Jersey Department of Health.  

CSG Law’s Wendy R. Stein will be speaking at the IP Strategy Summit East on November 15th on the panel "Trade Secrets - It’s Heating Up." Panelists will discuss important issues facing trade secret owners today, such as those relating to employee mobility and the rise of parallel arbitration and district court litigation involving the same alleged trade secrets. For more information and registration, please email events@csglaw.com.  

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