TDPelmedia has an article about bailout packages for small business. The article can be found at
At Shenwick & Associates we help many clients with too much debt or not enough capital.
Jim Shenwick, Esq. 917 363 3391 jshenwick@gmail.com
Please click the link to schedule a telephone call with Jim Shenwick
https://calendly.com/james-shenwick/15min
● Jim Shenwick, Esq has a specialty in commercial leasing (he has represented over 300 tenants and landlords in commercial lease negotiations).
●Representative Manhattan transactions include the following: (a) represented over 250 commercial tenants representing office space in Manhattan, New York City.
●Represented a Landlord who leased retail space to a
Gap store in Midtown East, (b) Represented a Landlord who leased space to a
coffee chain in the East 20’s, (c) Represented a private equity fund that
leased office space in 7 Time Square Tower, (d) Represented a hedge fund that
leased office space at 590 Madison Avenue, (e) Represented an Internet social
marketing company that leased space on 23rd Street, (f) Represented a
Landlord in Soho who leased space to a restaurant and food store, (g) Represented an art gallery that moved to
the West 26th Street art district (h) Represented a hair transplant doctor
who leased space for an upscale hair transplant facility on Madison Avenue and (i) Represented a chain of pizza stores
who leased space throughout NYC and
● Jim Shenwick, Esq. has written on the assignment/subletting of commercial leases, questions tenants need to ask Landlords before signing a commercial lease, “silent” commercial lease issues not dealt with in standard lease forms and hidden costs in commercial leases.
● Jim Shenwick, Esq. also spoke at the Association
of the Bar of the City of
At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Any clients having questions about commercial leases should contact Jim Shenwick, Esq. jshenwick@gmail.com 917 363 3391
Please click the link to schedule a telephone call with Jim Shenwick
https://calendly.com/james-shenwick/15min
1. Tenant should be permitted signage (at no cost) in building lobby directory, elevator, floor and door (window signage flag should be permitted for retail)
3. Sidewalk maintenance & repair should not the responsibility of the retail tenant, other than snow removal
5. Tenant not have to pay Landlord’s expenses for initial renovation plan review
10. Obtain a copy of the c/o for the premises and review prior to signing the Lease.
11.
Insurance rider should be sent to insurance
agent for review and comment before the Lease is signed.
12.
Construction clause, if any must be sent to the Tenant's architect for review.
13.
Brokerage clause must represent who is paying the broker and the accompanying indemnification clause must be mutual
14.
Real Estate tax increases, should be paid over 12
months by Tenant
At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Provided below is Part I of our Leasing Checklist. Any clients having questions about commercial leases should contact Jim Shenwick, Esq. jshenwick@gmail.com 917 363 3391
Please click the link to schedule a telephone call with Jim Shenwick
https://calendly.com/james-shenwick/15min
At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Provided below is Part I of our Leasing Checklist. Any clients having questions about commercial leases should contact Jim Shenwick, Esq. jshenwick@gmail.com 917 363 3391
Please click the link to schedule a telephone call with Jim Shenwick
https://calendly.com/james-shenwick/15min
Lease Checklist:
4.
Is the electricity direct meter, sub-meter or
rent inclusion?
5. Assignment and sub-let provisions should automatically be allowed: (a) Tenant’s sale of its business, (b) merger of its business, (c) Tenant goes public, (d) assignment of its lease to a related entity or division
and security deposit should be returned
to Tenant 30 days after lease ends
Check our Blog for Part II of our Leasing Checklist
Jim Shenwick, Esq
Business Insider has a very helpful article on Chapter 11 bankruptcy. The article can be found
at https://www.businessinsider.com/personal-finance/what-is-chapter-11-bankruptcy
Many people are not aware that individuals as well as businesses can file for chapter 11 bankruptcy and that chapter 11 bankruptcy can be used to reorganize businesses as well as to sell assets.
Jim Shenwick, Esq. 917 363 3391 jshenwick@gmail.com
We help individuals & companies with too much debt!
Please click the link to schedule a telephone call with Jim Shenwick
https://calendly.com/james-shenwick/15min
FOR MORE BLOG POSTS ABOUT SBA EIDL LOANS SEE:
EIDL LOAN WORKOUTS AND BANKRUPTCY
https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html
EIDL Loan Default Questions & Answers https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html EIDL Defaulted Loans https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan" https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html PPP & EIDL Fraud https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html
See the post at https://www.cnn.com/2023/02/27/politics/us-student-loan-debt-timeline/index.html
Jim Shenwick, Esq. 917 363 3391 jshenwick@gmail.com
At Shenwick & Associates we help people and businesses with too much debt!
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
The New York Post is reporting that “A growing number of office landlords are defaulting on loan payments as the rise of remote work causes more corporate tenants to rethink long-term leases". The story can be found at https://nypost.com/2023/02/21/office-landlord-debt-defaults-rise-as-remote-work-takes-hold-report/?utm_source=gmail&utm_campaign=android_nyp
If New York City office landlords are defaulting on their mortgages, should commercial tenants in New York City with surplus space due to remote work or the recession also be asking for concessions such as a reduction in base rent or additional rent or seek to exit or terminate their leases?
At Shenwick & Associates, we believe they should be, and we have helped many commercial tenants surrender, exit, or terminate their leases. We also work with their good guy guarantors to reduce or eliminate their exposure.
We recently helped a garment center company surrender their lease on very favorable terms and the post can be found at https://shenwick.blogspot.com/2023/01/office-lease-closing-termination-or.html
Jim Shenwick Esq. has office leasing, bankruptcy & workout experience and an LLM in Taxation from NYU Law School. "Jim Shenwick, Esq helps individuals & businesses with too much Debt!"
Relief of Indebtedness Income and Workouts under Section 108 of the Internal Revenue Code.
Shenwick & Associates performs many workouts for clients, and one point that is often overlooked during negotiations is relief of indebtedness income.
Section 108 of the Internal Revenue Code provides that income from discharge of indebtedness is income to the Debtor, unless otherwise provided for in that section.
The following example illustrates the point: If a debtor owes a creditor $100,000.00 and the creditor agrees to accept $50,000.00 as payment for that debt, the debtor has been enriched by the sum of $50,000.00 and the Debtor must report $50,000 of income on its tax return.
Answers to many relief of indebtedness income questions are provided below:
Question: Do creditors really report relief of indebtedness income to the IRS?
Answer: Yes they do and the income is reported on IRS Form 1099-C
Question: Which creditors report income to the IRS?
Answer: All banks and financial institutions do. Landlords, hospitals and trade vendors generally do not report relief of indebtedness income, although they should.
3. Question: Is the income ordinary income or capital gain?
Answer: Sadly, it is ordinary income.
4. Question: Is relief from indebtedness income recognized by the guarantor of a debt?
Answer: The IRS generally holds that a guarantor (whether or not the primary obligor has defaulted and the guarantor has become liable for the indebtedness) does not realize relief of indebtedness income on release of a liability. IRC 108(e)(2)
5. Question: Do I have to recognize relief of indebtedness income if I file for bankruptcy?
Answer: No. See section 108(a)(1)(A) of the Internal Revenue Code. This is why many debtors elect to file for bankruptcy rather than do a workout.
6. Question: If I am insolvent (my Liabilities exceed my Assets also known as the Balance Sheet test) do I have to pick up relief of indebtedness income?
Answer: No. See section 108(a)(1)(B) of the Internal Revenue Code
7. Question: What if I am a member, partner, or shareholder of a company that defaults on an unpaid debt?
Answer: A member, partner, or shareholder of an LLC, partnership, or S corporation (a pass-through entity) must report income unless an exception applies.
Clients or their advisors with questions regarding relief of debt income should contact Jim Shenwick, Esq. jshenwick@gmail.com 917 363 3391
"We held individuals and businesses with too much debt!"
Garrett L. Brodeur at Kostelanetz has published a very informative article on crypto and related tax and bankruptcy issues. The article can be found at https://kflaw.com/crypto-in-bankruptcy-tax-apocalypse-for-celsius-customers/
The article touches on many important bankruptcy and tax issues related to cryptocurrency in the Celsius case and other crypto cases. Jim Shenwick, Esq. 917-363-3391 jshenwick@gmail.com
"Jim was a tremendous help in sorting through a complex corporate structure and personal finance situation. Not only did he help with 3 separate bankruptcy filings, but he advised and appeared as needed in state court litigation and kept us calm during a nearly 5 year-long process and a very emotional time. We are so grateful for his counsel and support and the successful outcomes he achieved for us."
HouseDigest.com has an excellent article about What You Need To Know About Buying A Home After Bankruptcy. The article can be found at https://www.housedigest.com/1179558/what-you-need-to-know-about-buying-a-home-after-bankruptcy/
Jim Shenwick, Esq has helped many bankruptcy filers rehabilitate their credit after a bankruptcy filing so they can purchase houses or lease automobiles. Jim Shenwick, Esq jshenwick@gmail.com 917 363 3391
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
