CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        IRS Extends Deadlines For Certain 1031 Exchanges And Investments In Qualified Opportunity Funds

        On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”), which updated Notices 2020-18 and 2020-20 to provide additional relief to taxpayers affected by the COVID-19 pandemic. Specifically, the Notice benefits taxpayers engaged in certain 1031 Exchanges or investments in Qualified Opportunity Funds by extending certain deadlines until July 15, 2020.

        For taxpayers participating in 1031 Exchanges, the Notice extends certain “time-sensitive actions” in the Treasury Regulations and Revenue Procedures due to a federally declared disaster. Included in these time-sensitive actions are the 45-day and 180-day identification periods under Section 1031. If either of those deadlines fall between April 1, 2020 and July 14, 2020, the deadline is automatically extended to July 15, 2020. Taxpayers in 1031 Exchanges will need to comply with other timing rules under Section 1031 in order to ensure they receive relief.

        The Notice also extends the deadline for investing eligible capital gain in a Qualified Opportunity Fund. Generally, a taxpayer has 180 days to reinvest capital gain in a Qualified Opportunity Fund to qualify for opportunity zone tax benefits. If that 180-day investment deadline would have occurred between April 1, 2020 and July 14, 2020, then the Notice extends that deadline to July 15, 2020.

        While the extensions provide relief for taxpayers involved in 1031 Exchanges and investing in Qualified Opportunity Funds with deadlines falling between April 1st and July 14th, no relief is currently available to taxpayers with deadlines occurring prior to April 1, 2020.

        Partridge Snow & Hahn attorneys Jay R. Peabody, Russell J. Stein and Patrick W. Niebauer are available to answer questions and provide advice for affected taxpayers. For additional information and resources on Covid-19, visit our Covid-19 Advisory Group page.


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        For current information and resources visit our COVID-19 Advisory Group page