Unanimous Supreme Court Sides with IRS that a Corporation’s Redemption Obligation Is Not a Liability That Offsets the Value of Life Insurance Owned by the Corporation

The Supreme Court resolved unanimously a common estate tax issue for many closely-held companies. The issue in Connelly v. United States was “whether the corporation’s obligation to redeem [a deceased shareholder’s shares] was a liability that decreased the value of those shares.” The court concluded it was not. Family-owned companies will often purchase life insurance […]

Recent D&O Claims Developments

The D&O claims environment is now in an unusually uncertain state. A fragile U.S. economy, a struggling global economy, high inflation and interest rates, a tight labor market, the collapse of several large crypto firms, and unpredictable fuel costs will likely create a material increase in D&O claims activity in a wide variety of industries. […]

Insurance Issues Arising After Mass Shooting Occurrences

There is no question that mass shooting incidents in this country are unfortunately continuing at a staggering pace. As of April 29, the crowd-sourced “Mass Shooting Tracker” project, which considers a mass shooting to include a single incident in which four or more people are shot in any incident, lists 163 incidents that fit this […]

Insights

Changes to Ohio Property Tax Valuations Due to the COVID-19 Pandemic

Taxpayers whose property tax valuation was affected by the COVID-19 pandemic have a unique but limited opportunity to challenge their valuation. Senate Bill 57 was signed into law on April 27 by Governor DeWine and will take effect on July... Read More

Delaware VDA Invitation Update

This month's Client Alert asks Delaware-incorporated companies to be on the lookout for formal invitations to enter into Delaware's Voluntary Disclosure Program ("VDA Program"). The failure to respond to the VDA Program invitation could result in an unclaimed property audit.... Read More

Minors should be considered in estate plans

Estate plans should be all-encompassing. This can include cars, homes, stocks and even digital assets. But another thing estate owners should consider is their beneficiaries, especially if they are minors. According to Dan Goldfarb, a financial adviser at Resource Strategies... Read More

THE SBA RELEASES FAQ 46

Safe Harbor for Borrowers Who Received PPP Loans in Principal Amount Less than $2 Million On May 13, 2020, the SBA issued its much anticipated guidance (copied below) as to how the SBA will evaluate whether applicants for a CARES... Read More

An Update Regarding the Paycheck Protection Program

Material Considerations that Should be Evaluated by All Borrowers under the Paycheck Protection ProgramSummary: This week is a very important week for borrowers ("borrower(s)") under the Paycheck Protection Program ("PPP") as the May 14 deadline to return PPP Loan proceeds... Read More

Paid leave Act Passed by Congress & Other Coronavirus Updates

Paid Leave Bill Passed by House and SenateThe Families First Coronavirus Response Act (HR 6201) passed Congress with bipartisan support and was signed by President Trump on March 18th. Paid Leave Bill Passed by House and Senate The Families First... Read More

CARES Act Provides Tax Relief and Refund Opportunities by Removing Restrictions on Use of Net Operating Losses and Excess Business Losses

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), enacted on March 27, 2020, includes tax relief provisions designed to provide financial assistance and stimulus to address the economic impacts of COVID-19. The CARES Act amends the Internal Revenue... Read More

IRS Allows Eligible Partnerships to File Amended 2018 and 2019 Tax Returns to Take Advantage of Retroactive Tax Relief Provided by the CARES Act

On April 8, 2020, the Internal Revenue Service released Rev. Proc. 2020-23, which significantly expands the number of partnerships that are eligible to file amended returns for tax years beginning in 2018 and 2019. Rev Proc. 2020-23 is intended to provide... Read More

UPDATED–Relief for the Small Business: The Coronavirus Aid Relief and Economic Security Act (“CARES”) and the Small Business Reorganization Act of 2019 (“SBRA”)

The coronavirus pandemic is placing unprecedented stress on small businesses. Consequently, a key provision in the Coronavirus Aid Relief and Economic Security Act (“CARES”) provides small businesses with greater access to bankruptcy reorganization. CARES amended the Small Business Reorganization Act... Read More

Paycheck Protection Loans (CARES Act)

Designed for relief from impacts of COVID; loans issued by approved banks and SBA Who’s Eligible? Employers with 500 or fewer employees (higher limits if in food/hospitality industry); includes certain sole-proprietorships, independent contractors, and self-employed individuals “Small Business Concern”; size... Read More

Planning After Passage of the Secure Act

For the first time in several decades, Congress has enacted substantial changes to retirement plans. The "Setting Every Community Up for Retirement Enhancement" or "SECURE" Act was signed by President Trump on December 20 and was effective January 1, 2020... Read More

Flexibility and Core Practices: Considerations in Estate Planning for Middle Aged Clients Below the Exemption Amount

This article is based on a presentation by the author at the 2019 meeting of the Ohio fellows of The American College of Trust and Estate Counsel. Read More Read More

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