Practical perspectives for contemporary legal challenges.
On June 10th, 2020, the Canadian Gaming Association (the “CGA”) released the draft Standards for Cashless Systems (the “Standards”) for industry comment. Cashless wagering systems allow players to participate in wagering activities without physical cash by using approved and securely protected authentication methods. The idea is that a sophisticated digital trail of cashless transactions will allow for increased …
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The CARES Act made a number of well publicized revisions to the tax code, including as to the payment of employee wages and the deduction of interest and net operating losses. Perhaps lesser known are the revisions in the CARES Act relating to charitable giving. For non-itemizers, there is a new $300 “above the line” …
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Recognizing the increased burdens that the COVID-19 pandemic has placed on hospitals, the IRS has relaxed its deadline for meeting the Community Health Needs Assessments (CHNA) requirements per Internal Revenue Code Section 501(r)(3). See Notice 2020-56. To maintain their tax-exempt status, non-profit entities that operate hospitals must meet additional requirements, one of which relates to …
The Coronavirus has upended long-standing post marriage relationships for a number of people. Parenting plans have been rendered impossible by quarantine and other mandates; well-established financial security has given way to the largest number of unemployed Americans since the Great Depression; and the ability to pay for the home one rents or owns has become …
Continue reading “Do I Need a Pandemic Clause in my Divorce Documents?”
On June 25th, 2020, the Nevada Gaming Commission held a hearing in which it adopted amendments to the Nevada Gaming Regulations to permit the direct or indirect electronic funding of wagering on a game or gaming device. What does this mean for Nevada gaming operators? To understand the impact of this change, it helps to …
In general, a participant must make a deferral election to a non-qualified deferred compensation plan before the beginning of the plan year and the election must remain in effect for the entire plan year. Participants made their deferral elections by December 31, 2019 to calendar year plans, before anyone knew how impactful the COVID-19 virus …
The SECURE ACT (Setting Every Community Up for Retirement Enhancement Act) was included as part of the massive December 2019 appropriations bill. The inclusion of the Act was a stealthy surprise, since most thought that it had been taken off the table earlier that year. For the most part, the new rules are effective for …
No good deed goes unpunished. Aimed at providing a financial lifeline during the “stay home” world of the COVID-19 pandemic, the federal government flung the Paycheck Protection Program (“PPP”) to the “small business” community. The PPP was one of several programs in the $2 Trillion CARES Act stimulus bill. President Donald J. Trump quickly signed …
Continue reading “Down With PPPs? The Continuing Saga of the Payment Protection Program”
On May 28, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) was passed by the U.S. House of Representatives. On June 3, 2020, the Act was passed by unanimous consent by the Senate. The Act now awaits signature by the President. The Act makes significant changes to the Paycheck Protection Program (“PPP”), …
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Taxpayers should be aware that by signing a joint tax return with your spouse, you are jointly and severally (individually) responsible for any tax, interest, and penalties that arise from that return. The IRS can pursue collection from either you or your spouse (or former spouse). However, you may be absolved of part or all …