08.05.21

RMDs Are Back: Here Is How To Soften the Tax Blow
Dan Newman

To provide some relief during the COVID-19 pandemic, the CARES Act suspended required minimum distributions (RMDs) from traditional IRAs and employer-sponsored retirement plans for 2020. No such relief is available in 2021. Therefore, many retirees will need to take taxable RMDs by the end of this year. Fortunately, a couple of strategies are available to […]

08.03.21

How To Prepare for a Plan Audit

In most cases, the odds of receiving notice from the IRS or Department of Labor (DOL) stating that they plan to audit your retirement plan are slim. However, if that situation arises, it is important to be prepared for what lies ahead. Knowing what is involved can enable you to stay on top of your […]

07.29.21

Economic Injury Disaster Loans: Another Option on the Financial Relief Menu
Christopher Georgiou

There are a variety of relief programs available for restaurants that have suffered during the COVID-19 pandemic, including grants from the Restaurant Revitalization Fund and forgivable Paycheck Protection Program (PPP) loans. Related Read: Paycheck Protection Program Gets a Refresh If your restaurant business was unable to obtain this relief — or if your funding has […]

07.21.21

Do Not Go Phish: How To Reduce Your Risk of Cyberattacks

Phishing schemes have been a threat for years. But the COVID-19 pandemic seems to have intensified the risk, with criminals applying new twists on their approaches. Among other developments, law firms are increasingly targeted, due to their wealth of confidential information and the high value that firms place on their reputations. Of course, reputational damage […]

07.07.21

Co-Management Arrangements: Rewarding Quality and Efficiency Can Be a Win-Win

When arranged and implemented successfully, co-management arrangements facilitate cooperation among hospitals and physicians that improve the services provided to patients. As a result, the hospitals and the physicians are better positioned for success under the evolving healthcare payment regime, which focuses on paying for the value of services provided instead of volume alone. This model […]

06.30.21

Mixing Business and Pleasure: Tax Implications of Personal Use Rental Properties
Kathy Z. Jeziorski

If you own a vacation home or other residence that you rent out to others when you are not using it, it is important to understand the tax treatment of these properties. In some cases, small adjustments in the mix of personal and rental use can have a significant impact. Three Scenarios Residential properties generally […]

06.25.21

Lawyers’ Professional Obligations in Regard to Legal Technology
Joy A. Long

For far too long, the rate of technology adoption across the legal industry has lagged far behind innovation. As datasets grow larger and litigation costs rise, it is critical for the legal profession to embrace technology and new innovations that help to safeguard client data and to facilitate better outcomes. Related Read: Get Smart: Law Firms […]

06.16.21

Sign Your Plan Document, Warns the IRS
Stephanie Zaleski-Braatz

When the IRS audits a retirement plan, it expects the plan sponsor to produce a plan document and amendments that have been signed by the relevant fiduciaries. Except under extraordinary circumstances, an unsigned plan document will not suffice. The IRS recently reiterated this position in a memorandum issued by the Office of Chief Counsel. It […]

06.14.21

So You Have Dipped Into Savings…What To Do Next With Your Retirement Account
Eileen Cozzi

Tapping an IRA, 401(k) plan or other tax-deferred accounts to pay current expenses can derail your retirement savings plan. Therefore, it should be viewed as a last resort. Unfortunately, many people reached that point in 2020 or earlier this year due to COVID-19’s financial impact. If you withdrew or plan to withdraw tax-deferred savings as […]

06.11.21

Are You Ready for Industry 4.0?
Joyce Carlson

Industry 4.0 — sometimes referred to as the fourth industrial revolution — is not new. The term was first coined nearly ten years ago. Ironically, the supply chain upheaval and explosion of remote work caused by the COVID-19 pandemic has played a part in shaping industry transformation. Here is a brief introduction to the concept […]