The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the “Act”) was enacted as part of the massive December 2019 appropriations bill. The inclusion of the Act was a surprise, since most thought that it had been taken off the table earlier in that year. For the most part, the new rules are effective …
Corporate Redemptions – Sale of Stock or Dividend Payment?
A redemption of stock owned by a shareholder of a corporation may be characterized as a “sale or exchange” under IRC Section 302 or as a “dividend” payment under IRC Section 301. The manner in which the redemption is characterized will determine the tax treatment afforded the redemption and, more specifically, may impact whether the …
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Defending Against an Order of Protection: Five Points to Consider Before Requesting a Hearing in Arizona
You and your spouse have commenced divorce proceedings and are in the process of negotiating an appropriate parenting time schedule for your children. The next day, the doorbell rings, and when you answer it, a police officer serves you with an Order of Protection. The Order of Protection prohibits you from seeing or even communicating …
Early Holiday Gift for Employers – IRS Extends 2019 ACA Reporting Deadline
As it has done in past years, the IRS has extended the Affordable Care Act (“ACA”) deadline for health plan sponsors to furnish individuals IRS Forms 1095-B and 1095-C by 30 days (IRS Notice 2019-63). Under the extension, the deadline for providing individuals Forms 1095-B and 1095-C is March 2, 2020 instead of January 31, …
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The California Consumer Privacy Act Could Be Expensive for the Gaming and Hospitality Industry
Today’s gaming and hospitality companies are complex businesses and data driven processes and systems that collect significant and various types of customer information to provide unsurpassed customer service. However, the collection, processing, and storage of such information will now be more complex as regulatory bodies globally and governments in the U.S. impose tighter controls on …
Final Regulations Confirm No Clawback on Gifting
With the gift/estate tax exemption of $11,580,000 (in 2020) set to expire or “sunset” on December 31, 2025, many advisors have encouraged high net worth clients to make large taxable gifts and “use up” their gift tax exemption during lifetime and shelter future income and appreciation in the gifted assets from estate tax at death. …
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