Builder Insurance and Subs
A little reminder that Pennsylvania isn’t as builder friendly as some other states, at least in regards to insurance coverage. In late 2010, the Indiana courts looked at the issue of whether damage to a home caused by a subcontractor was covered under the general contractor’s standard liability insurance policy. Indiana ruled in favor of …
Borrowers With Good Credit Scores May Face Higher Mortgage Fees
Fannie Mae and Freddie Mac announced that they are raising risk fees that they charge to lenders. Lenders in turn typically pass those fees on to borrowers. The first time in 12 years risk fees will jump and the impact will be felt by all, even those with excellent credit. Persons with great credit (typically …
Is the real estate market turning around?
The National Association of Realtors is reporting that December’s existing home sales rose 12.3 percent over November 2010, perhaps signifying a continuing trend toward a recovery of the real estate market. For the northeast specifically, the rise was 13.0 percent.The northeast sale numbers are still 5.4 percent below December 2009 but the median price was …
Recovery Zone Bonds Available in Chester County
By: Theodore F. Claypoole The Chester County Department of Community Development has announced that, effective as of October 7, 2010, areas eligible for Recovery Zone Bond financing have been expanded to include a 1-mile radius surrounding Chester County’s 15 Boroughs and the City of Coatesville. Recovery Zone Bonds can be used for private or …
Small Business Jobs Act Headed to President
By: Theodore F. Claypoole CNN provides a summary of the proposed $42 billion bill aimed at helping small businesses, which has been sent to the President for his signature. For more information contact Theodore F. Claypoole.
What’s in a Name?
Are you thinking about starting a business? Want to buy real estate? If you are moving forward with any business or real estate plans, you might consider starting a limited liability company (LLC). The New York Times posted a quirky story reminding us all not to take business names too seriously. What name will …
IRS’ One-Time Special Filing Relief Program for Small Charities
By: Theodore F. Claypoole Tax-exempt organizations that do not satisfy annual filing requirements for three (3) consecutive years automatically lose their tax-exempt status. The Internal Revenue Service (the “IRS”) has published a list at http://www.irs.gov/pub/irs-tege/pa.pdf, which identifies those Pennsylvania organizations for which the IRS does not …
Unclaimed Property Holder Amnesty Program
By: Theodore F. Claypoole The Pennsylvania Department of Treasury is offering amnesty from penalties and interest to unclaimed property holders who voluntarily come into compliance with Pennsylvania’s Disposition of Abandoned and Unclaimed Property Law before October 31, 2010. Businesses and tax-exempt entities, which hold unclaimed property, are required to file an unclaimed property report …
Attorney General Announces Legal Action Against Home Improvement Contractors
By: Theodore F. Claypoole On July 22, 2010, Attorney General Tom Corbett announced legal action against various home improvement contractors for violations of Pennsylvania’s Home Improvement Consumer Protection Act. The Press Release can be found on the Attorney General’s website. For information on how to comply with Pennsylvania’s Home Improvement Consumer Protection Act, …
Do You Sell Prepaid Gift Cards?
If your business offers gift certificates or prepaid gift cards you need to be aware of a new law affecting those cards. In March 2009, the Credit Card Accountability Responsibility and Disclosure Act of 2009 was enacted setting out certain restrictions on gift certificates, store gift cards and general-use prepaid-cards. That law requires the …