Practical perspectives for contemporary legal challenges.
In December 2020, the United States Tax Court will be launching DAWSON (Docket Access Within a Secure Online Network), the Court’s new case management system. The Court expects DAWSON to be active no later than December 28, 2020. Beginning at 5:00 PM Eastern Time on November 20, 2020, the current e-filing system will become inaccessible …
Continue reading “United States Tax Court Launching New Case Management System – Dawson”
Remote executions of estate planning documents are again allowed in Michigan through December 31, 2020. On November 5, 2020, Michigan’s Governor signed 2020 PA 246, allowing remote witnessing, and 2020 PA 249 allowing remote notarizations. This applies to any document that is executed on or after April 30, 2020 through December 31, 2020. In order …
The IRS announced cost of living adjustments affecting dollar limitations for employer plans for tax year 2021. Most IRS limits impacting employer retirement plans have remained the same because the increase in the cost-of-living index did not meet the legal thresholds that trigger their adjustment. See IRS Notice 2020-79 and IRS Revenue Procedure 2020-32 for additional IRS technical guidance. …
Continue reading “The IRS Announces Updated Limitations Related to Employer Plans for 2021”
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 …
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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”