Practical perspectives for contemporary legal challenges.
A phenomenon of the ongoing COVID-19 healthcare pandemic is the exponential expansion of telecommuting. Whether stemming from an epiphany or simply the opportunity to escape to a more appealing place to live, many members of the workforce have opted to relocate. In many instances, relocation has meant crossing state borders, all the while continuing to …
Continue reading “Are My Employees Telecommuting Right Into a New State Income Tax Liability?”
On the ballot in Arizona this November is Proposition 208 (the “Proposition”). Proponents assert it will benefit students in public schools. Critics warn it sends most of the increased income tax revenue it generates into the school bureaucracy, not to teachers, as it implies, and will dissuade some businesses and taxpayers from moving to or …
Continue reading “Arizona PROP 208 – Big Tax Increase Possible in Arizona”
Earlier this month, the U.S. Supreme Court denied a request to review the First Circuit Court of Appeals decision in the Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case, thereby confirming the Appeals Court’s decision that the two separate Sun Capital private equity funds were not under common control with …
Continue reading “PE Funds Are Not Part of Controlled Group; What About Your Company?”
Your divorce has just been finalized. Now what? Depending on the assets divided, there may be a number of steps that you have to take to implement the terms of your divorce. While your attorney likely provided some guidance upon completion of the divorce, here are 12 steps to consider. Automobile and Homeowner Insurance Automobile …
Continue reading “A 12 Step Checklist of Post-Divorce Considerations”
One traditional estate planning technique that has become increasingly popular in recent months is the Grantor Retained Annuity Trust (GRAT). Simply stated, a GRAT is an irrevocable trust where the grantor contributes property to the GRAT and retains the right to receive a percentage of the assets back over a designated period of years; any …
Under the Paycheck Protection Program (“PPP”) established by the CARES Act, a borrower is eligible for forgiveness of all or a portion of the principal amount of a loan made in accordance with the PPP if certain conditions are satisfied (“qualifying forgiveness”). While the Internal Revenue Code generally requires a borrower to include the amount …
Continue reading “IRS Announces No Information Returns to be Filed for PPP Loan Forgiveness”
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) established a new in-service distribution known as a qualified birth or adoption distribution (“QBOAD”). Generally, a QBOAD is any distribution of up to $5,000 from an “eligible retirement plan” (other than a defined benefit plan), made to an individual during the one-year …
Continue reading “IRS Guidance on Retirement Plan Qualified Birth or Adoption Distributions”
Many people assume once they are divorced and a Judge has entered an Order that the terms of that Order are binding and never end. Under certain circumstances, this is not true. There are several situations where a judge may modify a “final” divorce order. The modifications that can occur are discussed under Tennessee law, …
Continue reading “Divorce Time Traps: Can I Lose the Rights the Judge Gave Me in my Divorce?”
So you have gone through all of the work to get your estate planning documents finalized, you have had your signing meeting with your attorney, and now it is time to celebrate that you are done, right? In most cases, the answer is not quite yet. There are few items that are often overlooked that are …
Continue reading “Practical Estate Planning Tips That Are Often Overlooked”
Many wealthy individuals are asking that question out of fear that the historically high estate/gift tax exemption of $11,580,000 ($23,160,000 for a married couple), indexed annually for inflation, could be significantly decreased prior to its scheduled “sun-setting” on December 31, 2025 to $5,490,000 (indexed for inflation) if the Democratic party sweeps Congress and the White …