In the COVID-19-ravaged economy, debts can pile up beyond a borrower’s ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here’s what borrowers need to know about the tax […]
Although senior citizens are aging, their hearts remain young. Marrying later in life to establish companionship is a route that many people take. For many older people, there is nothing stopping them from continuing their adventures and at the same time enjoying their extended families. However, if older people marry late in life, how should […]
Advertising is at the core of attracting new customers, publicizing products and building profits. Advertisements frequently focus on a certain aspect of a product, such as its ease of use, ergonomic design or superiority over the competition. Whatever you choose to emphasize, the Federal Trade Commission Act generally prohibits that ads contain “unfair or deceptive […]
Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or […]
Conn Maciel Carey LLP, a boutique law firm with national practices in OSHA • Workplace Safety, Labor & Employment, and Litigation, is pleased to announce that Ashley Mitchell has joined the firm as an attorney in its Chicago office. Ms. Mitchell, an employment litigator, will represent clients in a wide range of employment litigation and counsel clients […]
As if the COVID-19 crisis hasn’t done enough damage, some reports indicate that the extra stress and too much forced togetherness may be causing some married couples to file for divorce. This article covers the federal income tax rules that apply to a divorcing couple’s principal residence. Gain Exclusion Home sales often occur during or […]
Litigation can be filled with procedural twists and turns. In civil, criminal and administrative cases, attorneys make motions — or requests — to courts on behalf of their clients. Motions can be made before, during or after a trial. They may play an important role in the outcome of a case. Motions can be filed […]
On Wednesday, September 16th at 1:00 PM ET, join Kara M. Maciel and Mark M. Trapp for a webinar regarding “NLRB Update: Senate Confirmations, Union Organizing, and Election Rules.” With a solid Republican majority in place for most of the Trump Administration, and new confirmations establishing a quorum, the National Labor Relations Board is methodically establishing or re-establishing […]
Escheatment is one of those legal terms you may not know much about. But be it could cost your corporation substantial interest, fines or penalties. The word means turning over to your state any abandoned, lost or unclaimed property, both tangible and intangible. This property is often transferred to the government because a person died […]
Any employer that temporarily laid off or furloughed employees in the Spring of 2020 as a result of the COVID-19 pandemic and has not yet recalled those employees should be aware of an impending important deadline under the federal Worker Adjustment and Retraining Notification Act (“WARN Act”). The WARN Act requires employers with 100 or […]
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major […]
With both major political party conventions behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. Do you know where the candidates stand on major business tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s […]