Magazine Archive
Guest Editor Rita Holder
Thank you to Guest Editor Rita Holder for putting together a very timely issue on tax law. In this issue Ericka L. McKenna and Ryan W. Lockhart wrote an informative article on the Tax Implications of PPP Loans and Forgiveness; Sandeep Singh penned an article on innocent spouse relief; and Christina Weed brings us an...
Read ArticleThe Tax Implications of PPP Loans and Forgiveness
By now, “PPP” has become a common term for most attorneys and business owners. In response to the potential devastating economic impact of the COVID-19 pandemic, the CARES Act was adopted on March 27, 2020 to provide nearly $350 billion of Paycheck Protection Program (“PPP”) loans for businesses. This amount was later increased by an...
Read ArticleDivorcing Joint Tax Liability:
A Primer on Innocent Spouse Relief You negotiated property division, finalized the divorce, moved out, maybe even got a pet to help you get readjusted into single life, and thought you were finally ready to move on. Not so fast! says the IRS. Despite formally severing all relationships with your ex, you remain liable for...
Read ArticleI Fought the Law, and I Won
1031 “Drop and Swap” A like-kind exchange pursuant to Internal Revenue Code (IRC) §1031 permits a taxpayer to exchange like-kind property and defer the recognition of gain on the transfer of said property. This allows a taxpayer to continue their investment until such time as their investment is eventually cashed out, i.e., sold. There are...
Read ArticleThe SECURE Act
On December 20, 2019, as incorporated into Congress’s 2020 fiscal year appropriations bill, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law. For many individuals and small businesses, the SECURE Act will be a net positive. For those with significant savings in qualified retirement plans such as IRAs and 401(k)s (referred...
Read ArticleRetirement Funds: Accessing the Nest Egg in a Coronavirus Era
It was easy – setting up that retirement account. Just complete some identifying information, check a few boxes and provide a check. Or perhaps withholdings simply began from salary. Either way, a process started to provide a nest egg for retirement. Now, with the economy in shambles, many folks are looking to their nest eggs...
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