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 …
Do I Need a Pandemic Clause in my Divorce Documents?
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 …
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Nevada Gaming Commission Regulatory Adoption Presents New Opportunities for Wager Funding
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 …
Cancellation of Non-Qualified Plan Deferral Election Due to a Coronavirus-Related Distribution
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 Good Parts of the New Rules Regarding Distributions from IRA and Plan Interests
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 …
Down With PPPs? The Continuing Saga of the Payment Protection Program
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 …
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Paycheck Protection Program Flexibility Act Modifies Paycheck 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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Spousal Tax Relief
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 …
9th Circuit Affirms Decision Including Entire Value of GRAT in Decedent’s Gross Estate
On April 28, 2020, the U.S. Court of Appeals for the Ninth Circuit issued its opinion in Badgley v. U.S. In so doing, the Court affirmed a lower court determination that the entire date-of-death value of the assets of a Grantor Retained Annuity Trust (“GRAT”) were includible in the settlor’s gross estate for federal estate tax …
June 30, 2020 Deadline Looms Large for Businesses with 2018 Net Operating Losses
As if business owners did not have enough to worry about in light of various deadlines of all types including when and whether to submit Paycheck Protection Program (“PPP”) loan applications, how to account for the use of the funds, whether to return the PPP borrowed monies and when and how to file applications for …
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