Understanding the Business and Tax Impact of the CARES Act: Preserving Businesses During the COVID-19 Recession


CLE credits earned: 2 GENERAL (or 2 LAW & LEGAL for WA state)

On March 25th, the Senate passed HR 478, The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). This $2.2 trillion package is the largest ever peace time expenditure in U.S. history. Its aim is to provide fiscal stimulus to save the American economy on account of the forced shut-down of many industries due to the novel coronavirus (COVID-19). In addition, all levels of government from municipalities to the IRS, as well as industry (financial institutions, landlords, etc.) are providing guidance on how to handle the unprecedented economic destruction.

This program will provide business owners and their advisors, including accountant, lawyers, and financial advisors, with key information during this difficult and rapidly changing time.

Key topics to be discussed:

•   An explanation of how the CARES Act will assist businesses
•   Discussion of relevant tax business tax provisions
•   An update concerning insurance coverage for COVID-19 related claims
•   The effect of COVID-19 on contract and lease provisions
•   IRS Enforcement changes and programs
•   Discussion of relevant succession planning and related tax issues

Date / Time: April 6, 2020

•   12:00 pm – 2:00 pm Eastern
•   11:00 am – 1:00 pm Central
•   10:00 am – 12:00 pm Mountain
•   9:00 am – 11:00 am Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are view-able for up to one year.

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Original Broadcast Date: March 31, 2020

Eric L. Green

The focus of Attorney Eric L. Green’s practice is taxpayer representation before the IRS, Department of Justice Tax Division and state departments of revenue. He is a frequent lecturer on tax topics, including estate planning, and handling tax audits and tax controversies. Eric runs a weekly podcast found in ITunes called Tax Rep Network, and is the author of The Accountant’s Guide to IRS Collection and The Accountant’s Guide to Resolving Tax Debts: Offers-in-Compromise, Installment Agreements & Uncollectable Status. Eric is the creator, author and lecturer for the National Association of Tax Professionals Program in IRS Representation, which trains other professionals to handle IRS matters on behalf of clients. Mr. Green is a columnist for Forbes and CCH’s Journal of Tax Practice & Procedure.

Jeffrey M. Sklarz

Jeff’s practice is focused on representing businesses and individuals with complex financial litigation needs including: bankruptcy/bankruptcy litigation, creditor/debtor litigation, tax litigation, pension and employee benefit litigation and commercial litigation. He regularly tries cases and appeals before Connecticut’s state and federal courts. Jeff has particular experience regarding the interplay between and among bankruptcy law, tax law and ERISA.

Jason A. Marsh

For nearly 20 years, Jason has practiced in the areas of general business and corporate law, commercial finance, commercial real estate, land use, promotions, marketing and advertising law, and intellectual property. He has worked with individuals and business of all sizes, from small start-up entities to multi-national corporations.

Shelby L. Wilson is a partner with Green & Sklarz LLC. For close to twenty years, Shelby has practiced in the areas of estate planning and tax law, and has advised individuals, families, and closely-held businesses on issues dealing with estate and generation-skipping tax planning, charitable planning, income tax planning, and tax compliance. She has extensive experience in advising closely held business owners in multiple industries on intergenerational business succession issues.

In addition, Shelby maintains a significant estate settlement and trust administration practice, and regularly represents individuals, fiduciaries, and tax-exempt organizations on a wide range of routine and complex matters before Connecticut probate courts, the Internal Revenue Service, and state taxing authorities.

Shelby is a frequent lecturer on the national and local levels on various trusts & estates, tax and closely-held business issues. She is the past chair of the subcommittee on Closely-Held Businesses of the American Bar Association Tax Section, and remains active in its programming. She is also a member of the Executive Committee of the Connecticut Bar Association Tax Section, and is a member of the Estates & Probate Section.

Shelby is a Fellow of the American College of Tax Counsel, an organization in which membership is an honor reserved for those at the top of their chosen profession. The College’s members, called “Fellows,” are recognized for their extraordinary accomplishments and professional achievements and for their dedication to improving the practice of tax law. Fellows must be nominated by their peers for this honor. Self-nomination is not permitted. Each nominee must satisfy the established criteria and pass a rigorous screening process before he or she becomes a Fellow.

A lifelong resident of Orange, Shelby is very active in community affairs. She served as Assistant Town Moderator for several years. She also served on the Hopkins School Alumni Board of Directors. Currently, she sits on the Board of Directors of LifeBridge Community Services, an organization whose mission is to empower individuals in the Greater Bridgeport and New Haven area to build a brighter future.

Shelby received her B.A. from Franklin & Marshall College, her J.D. from the University of Connecticut School of Law, and her LL.M. in in Taxation from Georgetown University Law Center. She is admitted to practice in Connecticut.

Mark Sklarz is a partner with Green & Sklarz LLC. For over 47 years, Mark Sklarz has advised companies of all sizes through hundreds of sophisticated transactions. Since being admitted in Connecticut in 1970, Mark has counseled businesses in all types of transactions, advised business entities and real estate developers on governance structure, developed efficient tax strategy for family and generational transfer of business interests, and provided succession tax planning. Mark has extensive experience in counseling developers in multiple commercial projects, including land use, construction, financing, and regulatory aspects of office and retail complexes, university residential halls, shopping centers, and industrial parks.

One of his most notable experiences was the longtime representation of New Haven-based Starter Corporation, a sports clothing manufacturer which was the pioneer of the sports apparel licensing industry. From 1979 through 1999 Starter was either an exclusive or major licensee and on the field supplier of apparel and uniforms for Major League Baseball, the National Football League, the National Basketball Association, the National Hockey League, colleges and universities throughout North America. Starter was also a licensee and supplier for the 1996 Atlanta Olympic games. Mark represented Starter in negotiations with the leagues and colleges and counseled the company through the IPO that helped the company expand its distribution throughout 25 countries.

Mark is a past Chair of the Business Law Section of the Connecticut Bar Association and a member of the Connecticut Bar Association (“CBA”), chaired a joint committee of the tax and business law committees which resulted in the enactment of the Connecticut Entity Transaction Act in 2012, substantially improving the landscape for business entities operating in Connecticut and encouraging new businesses into the state. Mark has also been active, including providing testimony, in the adoption of the current bill, unanimously passed by the 2016 legislature, to provide Connecticut with a modernized code to govern limited liability companies. In 2015 Mark served on a special task force appointed by Governor Daniel Malloy to recommend measures to attract businesses to Connecticut.

Mark, a life-long resident of New Haven, is very active in local and regional affairs, having served as co-chair of New Haven Mayor Toni Harp’s Transition Committee in 2013, charged with vetting candidates for administration positions, reviewing the budget, and surveying various city services and department needs. He also currently serves on the Tweed New Haven Airport Authority Board of Directors. Mark was inducted into the Connecticut Chapter of Junior Achievement New Haven Business Hall of Fame in 2015, recognizing his contributions to the business community.

Mark is a frequent lecturer at continuing legal education programs. He is an active member of the business law section of the American Bar Association and a member of the New Haven County Bar Association. He is also a member of the Executive Committee of the Tax Section of the CBA. Mark was a longtime member of the Connecticut Bar Examining Committee. He also served as a member of the Commission on Connecticut’s Leadership in Corporation and Business Laws created by the General Assembly to review business laws and methods to retain Connecticut businesses and encourage new business to the state. He has testified before the Connecticut legislature in support of the Connecticut Entity Transactions Act, amendments to the Connecticut Business Corporation Act and the Connecticut Uniform Limited Liability Company Act.

Among community activities, Mark is past President and Chairman of the Board of the Jewish Federation of Greater New Haven, president of First City Fund Corporation, past president of Congregation Mishkan Israel in Hamden, CT, a member of the board of trustees and past chair of the Jewish Foundation of Greater New Haven, past president of the Jewish Community Center of Greater New Haven. He was a recipient of the 2014 Torch of Liberty Award of the Anti-Defamation League in recognition of his advocacy of civil rights and his community service in the Greater New Haven area. Mark is past trustee of Hopkins School and in 2003 received the Hopkins Medal for his long-time service and contribution to the school.

Mark received his B.A. from Franklin and Marshall College; his J.D., cum laude, from the University of Connecticut School of Law; and his LL.M. in Taxation from New York University School of Law. Mark is admitted to practice in Connecticut and before the U.S. District Court for the District of Connecticut the U.S. Tax Court, and the Supreme Court of the United States of America.

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