In a recent Chief Counsel General Advice Memorandum (“Memo”), the IRS provides a helpful reminder that basic recordkeeping and organization techniques can avoid significant tax liability for employers and employees in the context of qualified retirement plans (e.g., a 401(k), 403(b), or pension plan). In the Memo, the author explains that employers that sponsor qualified retirement …
Three Ways to Make Text Messages Useful in Custody Cases
You have hundreds of text messages between you and the other parent. You hand them all over to your lawyer, expecting the lawyer to be ecstatic that you can show every cancellation of parenting time, refusal to take the child to the doctor when sick, and general uncooperativeness. Yet, after pouring through them the attorney …
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Predictions for Gaming and Hospitality Trends in 2020
The dawn of a new year always brings an opportunity to engage in speculation about significant events for the next year. At this time, the Gaming and Hospitality Group will do the same. SPORTS WAGERING EXPANSION CONTINUES In the wake of the demise of the Professional and Amateur Sports Protection Act (PASPA), more than a …
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When Can My Child Decide Which Parent to Live With After the Divorce?
In Arizona, a child can decide which parent to live with after their parent’s divorce only when the child reaches his or her 18th birthday. At this age, when the child is no longer a minor, the Court loses jurisdiction over the child for purposes of determining legal decision-making (custody) and parenting time. Until this age, …
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Out with the Old, In With the New: 5 Things to Know Before You File for Divorce
Family law attorneys typically see an increase in January of individuals calling to set a divorce consultation. Often times the requests for consultations are precipitated by the desire to not have to spend another uncomfortable holiday season with your spouse. Or perhaps it is because the new year is a good time to take stock …
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Implications for 401(K) Plans in the Secure Act
As part of the 2020 appropriations act, Congress passed the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019), which was signed into law by the President on December 20, 2019. The SECURE Act has a number of implications for 401(k) plans, a summary of which follows. Increase in Maximum Automatic Deferral. …
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What are the Three Most Important Words in Divorce?
The three most important words in any divorce action are the simple words: “can”, “may” and “should”. While parties tend to concentrate on the major issues of support, custody, and division of assets and liabilities, the use of these three words in the context of requesting relief through the divorce process and finalizing a settlement …
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SECURE Act: IRA and Retirement Savings Contribution and Payout Periods Changed – “Stretch” IRAs Dramatically Limited
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 …