Way back before the dawn of the coronavirus, when a change in the tax rules seemed like a consequential thing, Congress made a pretty significant change that few people saw coming and which upended decades of accepted wisdom on tax planning with retirement plan funds.
Passed in the waning days of December 2019, and effective…
As businesses across the country continue to determine whether to apply for an SBA loan under the “Paycheck Protection Program” (the “PPP”) provided by the Coronavirus Aid, Relief, and Economic Security Act (the “Act”), the US Small Business Administration (the “SBA”) has released additional guidance to interpret the previously issued interim regulations. While full guidance…
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many business are struggling to understand their options under the Coronavirus Aid, Relief and Economic Security Act (“Act”). We previously published guidance on the Payroll Protection Program (“PPP”) and Disaster Relief Loans which can…
With uncertainty looming in all corners of the world due to the continued COVID-19 pandemic, many employers are questioning how they can support the fixed costs of their business, especially in the face of total or partial shutdowns mandated by State governments. Those same shutdowns make other costs, like employee wages, liabilities that often cannot…
In the past few months, we have seen significant changes to the laws governing employee benefits, from the new hardship withdrawal regulations for 401(k) participants, to the SECURE Act, to the new individual coverage health reimbursement arrangement (“HRA”). Here is what you need to know for 2020:
Starting December 20, 2019:
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As we mentioned in our blog of last August, under the authority granted to the Trump Administration under Section 232 of the Trade Expansion Act, the Commerce Department found that U.S. imports of automobiles and certain auto parts threatened the national security by affecting the global competitiveness of American Companies and undermining their ability to…
The Trump Administration initiated an investigation on automobile imports in May of 2018. The Department of Commerce, which undertook the investigation, submitted its report to the President in February of 2019, but the Administration has not made it public. Nevertheless, on May 17, 2019, President Trump announced his determination that U.S. imports of automobiles and…
Just completed your estate planning? Let’s be sure. You have a Will? Super. Powers of Attorney? Terrific. Living Will? Excellent. Now, have you checked the designations on your retirement plan? Life insurance? Health Savings Accounts?
While a Will remains a critical part of an estate plan, it doesn’t get the whole job done for most…
New audit rules put into place by the Internal Revenue Service (the “IRS”) at the beginning of this year will have an impact on tax partnerships which may have significant ramifications for some dealers. Historically, many dealers put their dealership and real estate assets into entities that are taxed as “pass through” entities for tax…
