Practical perspectives for contemporary legal challenges.
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 …
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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 …
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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 …
The IRS this week issued Information Release 2020-187 to remind IRA owners and beneficiaries, as well as participants in workplace retirement arrangements, that they have until August 31 to return required minimum distributions (“RMDs”)received earlier this year and, thereby, avoid paying income tax on the distribution in 2020. The Coronavirus Aid, Relief, and Economic Security …
The IRS recently granted additional relief for retirement account owners due to Covid-19. Generally, when a person attains age 72 (previously age 70 ½) that person is required to begin taking required minimum distributions (“RMDs”) from their retirement account each year based on their life expectancy. Individuals with inherited IRAs are required to take annual …
After a petition for dissolution of marriage is filed, a common question is what’s next? It seems almost impossible to figure out how to navigate between the actual filing of the paperwork to start the process, to getting to the final decree. Here are the 7 basic steps to keep in mind, which are the …
Continue reading “7 Steps to Obtaining a Divorce in Arizona”
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” …
Continue reading “Don’t Forget Your Charitable Contributions”
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 …