The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), signed into law on March 27, 2020, is meant to serve as a stimulus to individuals and businesses in response to the economic distress caused by the coronavirus (COVID-19) pandemic. Below is a brief summary on some of the key points to the CARES Act.
The SBA declared a disaster for the entire state of Illinois and various contiguous counties in Iowa, Indiana, Kentucky, Missouri and Wisconsin.
The declaration makes Illinois businesses impacted as a direct result of COVID-19 eligible to apply for Economic Injury Disaster Loans up to $2,000,000 to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
A nonprofit disability rights organization filed a class-action lawsuit against Uber, claiming the ride-hailing service discriminates against New York City riders with disabilities by not providing enough access to vehicles that can accommodate wheelchairs.
On December 1, 2016, representatives of the Treasury and the Internal Revenue Service (IRS) held a hearing to discuss the proposed regulations on valuation discounts for family-owned businesses under Internal Revenue Code (Code) § 2704 (Proposed Regulations). The Proposed Regulations were released on August 2, 2016. This article summarizes that hearing in light of the Proposed Regulations and concludes with a few practical takeaways.
Aaron E. Ruswick was interviewed by Jim Kendall of Kendall Communications on issues of corporate succession. The resulting article entitled "Who's the 'Right Who' to Take Over Your Business?" was published in the Daily Herald [...]
May is National Elder Law Month. This designation was established by the National Academy of Elder Law Attorneys as a way to acknowledge the profession which supports the senior community (defined as people over 65 years) with all [...]
Posted by: Heinz Brisske According to Forbes/Retirement, Social Security staff are telling people with 100 percent certainty something that is 100 percent false. This is happening in different parts of the country, in local offices [...]
By Sarah Ferris - 01/25/16 03:19 PM EST Spending on federal healthcare programs outpaced spending on Social Security for the first time in 2015, according to an expansive report from the congressional budget scorekeeper released Monday. The government [...]
Posted by: Heinz Brisske IRA Charitable Rollovers are now a permanent part of the tax code. On December 18, 2015, Protecting Americans from Tax Hikes (PATH) was passed by both the House of Representatives (318 [...]
Posted by: Heinz Brisske A tight year for Medicare could force millions of seniors to pay at least $650 more for public insurance in 2016, sparking a likely showdown between policymakers and activist groups, according [...]
Posted by: Heinz J. Brisske Conjecture regarding the cost-of-living-adjustment (COLA) for Social Security recipients has been reported by various media sources for some time. The Social Security Administration just announced that, in fact, there will [...]
Posted by: Beth Cwik October 21, 2015 The Internal Revenue Service recently announced the 2016 Inflation Adjustments in Revenue Procedure 2015-53. ADJUSTED - Estate and Trust Tax Rate Tables - for taxable years beginning in [...]
Posted by: Heinz Brisske Seniors should get ready to pay more, or shop more wisely, when it comes to Medicare “Part D” prescriptions drug plans. According to Colin Shannon, senior manager at Avalere Health Care [...]
The IRS has published its proposed regulations for state ABLE plans. Unfortunately, the offered rules leave many questions unanswered. The Achieving a Better Life Experience (ABLE) Act, was signed into law late last year. It [...]
Posted by: Heinz Brisske The IRS published its “Dirty Dozen” tax scams for 2015 in Publication IR-2015-26 on February 9. John Koskinen, IRS Commissioner, noted that the list highlights two items: phone scams and e-mail [...]
posted by: Heinz Brisske As the tax filing season opens, the IRS has offered eight tips for protecting yourself against identity theft. 1. Social Security Number – Don't carry your Social Security card or other [...]
Posted by: Katie May On January 23, 2015, the U.S. Department of Veterans Affairs proposed a rule that “would establish new requirements pertaining to the evaluation of net worth and asset transfers for pension purposes [...]
Posted by: Katie May Congress passed the National Defense Authorization Act (NDAA) of 2015, containing provisions that protect disabled children of members of the military. It specifically allows members of the military to leave their [...]
Posted by: Katie May The ABLE Act (Achieving a Better Life Experience Act of 2014) creates tax-favored accounts for children and adults whose disability occurred before age 26. These accounts can receive up to the [...]
posted by: Heinz Brisske The Illinois Power of Attorney Act was amended effective January 1, 2015. The Amendment affects only the Power of Attorney for Health Care. As a part of the Amendment, the Illinois [...]
Posted by: Katie May The Social Security Administration announced that Social Security benefits and Supplemental Security Income (SSI) benefits will be increased in 2015 by 1.7% to adjust for cost of living increases. The Social [...]