By Hank Gutman President Biden signed the “American Rescue Plan Act of 2021” on March 11. It did not contain any of his campaign proposals relating to high income and high net worth individuals. Now the Treasury Department is preparing a formal version of the tax proposals that the President will present to the Congress. […]
The District of Columbia recently lowered its estate tax exemption to $4 million, effective for a decedent whose death occurs on or after January 1, 2021. See “District of Columbia Changes to Estate Tax Exemption and Notarization” in this newsletter. Twelve states also impose an estate tax, with exemptions that vary widely, for example, from […]
The District of Columbia, Maryland, and Virginia have enacted or are considering a host of changes that employers need to keep track of in 2021, such as revisions to discrimination laws, wage and hour laws, labor laws, and workplace safety and health regulations. Illinois employers should be aware of an already existing minimum wage increase […]
Kara Maciel is a founding Partner of Conn Maciel Carey and Chair of the firm’s national labor & employment practice group. Ms. Maciel works to create workplace solutions for her clients. She counsels clients on issues related to ADA accessibility requirements, wage hour compliance, prevention of harassment and discrimination, effective employment policies and procedures, and […]
Are you in the market for a new vehicle? If you jump on the electric vehicle bandwagon, you might be eligible for a sizable federal income tax credit. However, not every electric vehicle qualifies for the credit. And the tax break is being phased out, or is already phased out, for certain models. Here’s what you […]
There are two basic ways to sell an incorporated business — sell the assets or sell the stock. For two good tax reasons, sellers usually prefer stock sales: 1. Assuming you’ve owned the shares for more than a year, your profits will generally be taxed at a maximum federal rate of 20%. This applies equally to C and S […]
After someone dies, you may get a citation or a notice from an attorney or other party informing you of the death. The communication may include other information such as who is named the executor, personal representative or administrator. Attached to the communication are copies of Probate or Surrogate’s Court forms that are routinely sent […]
On December 29, 2020, the U.S. Department of Labor Wage and Hour Division (WHD) issued Field Assistance Bulletin 2020-8 regarding the use of telemedicine in establishing a “serious health condition” under the Family and Medical Leave Act (FMLA). The FMLA provides eligible employees of covered employers with unpaid, job-protected leave for specified family and medical reasons. Eligible […]
If you’re nearing retirement, you’ve likely paid into the Social Security system your entire career. It’s only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should you start receiving benefits — at the first available date, at the latest date or somewhere between those dates? The answer […]
The U.S. Department of Labor’s Wage and Hour Division (WHD) recently issued news releases announcing judgments against five companies investigated for various violations of laws and regulations. Here are the details. Case Number 1: Child Labor Laws A grocery store employed several minors in violation of federal child labor laws by allowing them to operate trash […]
When one door closes, another opens. The COVID-19 pandemic has forced many small businesses to permanently shutter. But it has also provided new opportunities, especially for gig economy workers and other sole proprietors who were laid off or furloughed during the pandemic. (See “Start-Up Hot Spots,” at right.) In fact, the Wall Street Journal recently reported […]
In the wake of a 1993 Supreme Court case, challenges against expert witnesses have found greater success. In that case, two minor children and their parents alleged in a lawsuit that the children’s serious birth defects had been caused by the mothers’ prenatal ingestion of Bendectin, an antinausea prescription drug marketed by Merrell Dow Pharmaceuticals. A lower […]