02.08.21

Watch Employee Turnover Rate to Avoid Partial Termination

If you have laid off more than 20% of your plan participants over the course of your plan year — an unfortunate necessity for many employers during the COVID-19 pandemic — the IRS could deem that your retirement plan has undergone a “partial termination.” Such a partial termination would trigger the immediate vesting of all […]

02.04.21

Finalized Rehabilitation Credit Regulations and COVID-19 Extensions

The Rehabilitation Tax Credit (Internal Revenue Code’s Section 47) is a tax incentive for investors to renovate and restore old and historic buildings within cities and towns. The purpose of the credit is to promote historic structures’ rehabilitation; therefore, related building reconstruction costs, including new construction, are applicable under the credit. Under the Tax Cuts […]

01.28.21

SECURE Act: Changes to 401(k) Plan Eligibility and Vesting for Part-Time Employees

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 contained the most significant legislative changes to the private-sector retirement system in decades. One of the SECURE Act’s provisions changes the 401(k) plan eligibility requirements for part-time employees. Related Read: What You Need to Know About the SECURE Act Understanding the rule Previously, part-time […]

01.26.21

Study Digs Into Changes and Challenges for Small Firms
Justin L. Sylvan

Few areas of life are going unaffected by the COVID-19 pandemic and its economic fallout. But according to research from Thomson Reuters, one thing has remained nearly constant: The challenges confronting small law firms and firms’ response, or lack thereof. Although these top-line findings may seem discouraging, the 2020 Report on the State of U.S. […]

01.22.21

Considerations Before You Begin Social Security Benefits
Thomas Kosinski

The full retirement age for Social Security benefits, also called “normal retirement age,” is generally between ages 66 and 67. The age was set at 65 for many years. In 1983, Congress passed a law to raise the age because people are living longer and staying healthier in older age. The law raised the age by […]

01.21.21

Seven Steps to Handle a Down Economy
Kelly H. Buchheit

The COVID-19 pandemic has had many ramifications. One of these has been a down economy that has affected many sectors of our society — including medical practices. Physicians have felt the effects as patients have lost jobs and health insurance, been reluctant to visit doctors’ offices because of fear of infection and shifted to saving […]

01.19.21

Not-For-Profit Guide to Recent PPP Changes
Alison Fetzer

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Payroll Protection Program (PPP) back in March of 2020 to provide eligible entities, including not-for-profit (NFP) organizations, with forgivable loans to assist organizations struggling with the uncertainty brought on by the COVID-19 pandemic. In the 10 months since the Act was created, the rules […]

01.18.21

Stimulus Legislation Offers Relief for the Restaurant Industry
Robert Swenson

On December 27, 2020, the Consolidated Appropriations Act (the Relief Act) was signed into law, authorizing additional stimulus payments to individuals, extending enhanced unemployment relief and providing a variety of benefits for struggling businesses. The following is a brief overview of the provisions most relevant to restaurants. Deductibility of Expenses Paid with PPP Loans Last […]

01.14.21

Can You Deduct Travel Costs to Monitor Real Estate Investment Properties? U.S. Tax Court Says Yes, Within Limits

The Internal Revenue Code allows the deduction of “ordinary and necessary” business expenses, including travel expenses while away from home overnight for business. A recent ruling by the U.S. Tax Court in Maki v. Comm’r, T.C. Summary 2019-34 (Tax Ct. 2019), is a good reminder that the deduction is subject to some restrictions. Taxpayer harvests […]

01.12.21

Coronavirus Aid, Relief, and Economic Security Act: Manufacturing Impacts
Brandon W. Vahl

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic circumstances […]