Business & Tax Articles

The American Rescue Plan Act of 2021 (ARPA) includes provisions that immediately impact employers subject to COBRA. For employees or beneficiaries who involuntarily incur a loss of coverage due to termination of employment or reduction of hours from April 1, 2021 through September 30, 2021 ARPA subsidizes the COBRA premium payment through September 30, 2021. For employees or beneficiaries who involuntarily incurred a loss of coverage between November 1, 2019 and April 1, 2021, and who either did not elect COBRA or allowed it to lapse, ARPA creates a current opportunity to elect (or re-elect) COBRA prospectively.

With the release of Notice 2020-79 the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2021 tax year.

The SBA issued additional safe harbor guidance for PPP loans in FAQs #46 and #47 on May 13, 2020.

It is not too early to start thinking about the ways to maximum your PPP loan forgiveness... because, let’s face it, that is one of the most attractive features of these PPP loans.

The CARES Act permits greater access to retirement plan distributions and loans, and a one-year waiver of the Internal Revenue Code’s required minimum distribution rules. Employer sponsors of retirement plans may amend their plans to adopt the relief measures afforded by the CARES Act.

All businesses should assess how the COVID-19 pandemic affects their contractual obligations and whether force majeure provisions apply.

The following offers a summary of loans businesses may be able to take advantage of due to the COVID-19 pandemic.

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (“Act”) which will provide some relief to certain American workers and employers in the wake of the coronavirus pandemic. There are two sections of the Act which require covered employers to provide eligible employees with paid leave for reasons related to the pandemic: the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.

Knox Law is committed to serving our clients during the COVID-19 pandemic. Our attorneys and staff are working remotely and are available by phone and/or email to help with any questions your clients may have regarding their estate plans.

Although more guidance will be forthcoming from the IRS and DOL on the SECURE Act provisions, employers should be aware that some changes impact 401(k) and 403(b) plans as early as January 1, 2020.

With the release of Notice 2019-59 the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2020 tax year.

Though Opportunity Zones are being leveraged to garner millions of dollars of investment for Erie, critics of the Incentive claim that, as a whole, Opportunity Zones have only added to the capital stack of deals that would have been made regardless of the Tax Incentive—and they’re not completely wrong.

The Opportunity Zones Federal Tax Incentive is best utilized when all community partners work together to achieve its success. Although the initiative is not a governmentprogram, this does not mean that government is a silent bystander.

By enticing investors with tax free growth, Opportunity Zones work to give low-income communities a “shot in the arm” and a chance at making a deal that may not otherwise be possible, possible. In short, Opportunity Zones present opportunity.

If news headlines about cyber-attacks and data breaches have not yet frightened you to examine and bolster the security measures protecting your retirement plan assets, what kind of an epiphany are you waiting for?