Late in the evening on March 25th, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) by a vote of 96-0. The House passed the Act on Friday, March 27th. President Trump is expected to sign the Act very soon. While SamuelsLawBlog.com will provide additional details on the CARES Act in the coming days, here are additional details of the Act’s significant $349 billion expansion of the Small Business Administration’s (“SBA”) Section 7(a) loan program.
In the face of the COVID-19 pandemic, the United States Senate is currently debating S. 3548, the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act.” It is estimated that the CARES Act could provide a $1 to $2 Trillion stimulus in economic aid to both businesses and workers.
While multifaceted, one provision sets forth a significant benefit to small businesses that can apply for forgivable loans from the Small Business Administration (SBA).
On March 18, 2020, President Trump signed into law the Family First Coronavirus Response Act, which provides, among other benefits, emergency paid sick leave and emergency family medical leave to employees affected by COVID-19.
There are many facets of the emergency law with complex details. Below is a brief overview of the major changes that many employers must consider during the COVID-19 pandemic. We encourage you to contact an attorney for more details regarding the requirements specific to your situation.
In a tweet at about 10 am Eastern Time this morning, Treasury Secretary Mnuchin announced “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Treasury Secretary Mnuchin announced today that individual taxpayers will now get a 90 day extension of time (through what Excel tells me is Tuesday, July 14, 2020) to pay 2019 income taxes, up to $1 million owed. Corporate filers will get the same period of time to pay up to $10 million in taxes owed. During the period of time from April through July 14, taxpayers will not be subject to additional interest and penalties on amounts due for 2019. Individuals and businesses will still have to file their income tax returns by April 15, unless they file a request for extension.
To our clients,
As we all continue to closely monitor the Coronavirus (COVID-19) situation, we wanted to share the proactive steps we, as a firm, are taking to ensure the health and safety of our clients, professionals, staff, families, and community. While we are following the rapidly changing health related guidelines and recommendations to help mitigate the Coronavirus’ impact, we are committed to offering the best legal representation to our clients, in the most health conscious way possible.
The Oregon Department of Revenue has posted a schedule of public meetings on its website. These meetings are intended to provide information to business taxpayers and tax professionals about the recently-adopted Temporary administrative rules for Oregon’s new Corporate Activity Tax (CAT). We encourage all business owners who anticipate having more than $1 million in gross receipts to learn about this new tax system in Oregon, which will not only apply to corporations.
They have also posted new FAQ’s on their website relating to how the CAT will apply to: (1) wholesale sales made for resale outside of Oregon and (2) the retail and wholesale sale of groceries.
The National Adult Protective Services Association reports that 90% of financial abusers are family members or trusted others. And financial abuse is vastly under-reported: it is estimated that only one in 44 cases are reported to state protective services. Estimates of financial elder abuse and fraud costs range from $2.9 billion to $36.5 billion annually.
The attorneys at Samuels Yoelin Kantor watch for legal changes that may affect our current and future clients. A new Oregon law, effective January 1, 2020, should help vulnerable Oregonians that have been victims of abuse by making it harder to dismiss civil actions for abuse under ORS Chapter 124. This chapter of the Oregon Revised Statutes is also known as the Elderly Persons and Persons with Disabilities Abuse Prevention Act (“Act”).
SYK attorney Anastasia Yu Meisner is a sought after source of knowledge in the area of charitable planned giving. Recently, she put pen to paper for the Portland Business Journal, sharing her knowledge about tax reform, and how it will make donor-advised funds a more popular tool for charitable planned giving.
The Oregon State Legislature is currently in full session and debating a proposed budget for Governor Brown’s approval. At stake is funding for our Oregon Courts. The Judicial Branch currently receives less than 3% of the total budget even though it is one of our three branches of government. SYK partner, Chris Costantino, in her role as President of the Oregon State Bar this year co-authored an article which was recently published in The Oregonian outlining the need to adequately fund our state courts in the 2019 budget. Right now, only one court house in the entire state is providing public services full time; other courts have limited time to answer phone calls or in-person requests. This is because court staffing has been cut by more than 12% since 2009.
Samuels Yoelin Kantor LLP attorney Anastasia Yu Meisner was recently featured in the Oregon State Bar Elder Law Newsletter. Her piece, SSA Retirement Benefits for Spouses, Domestic Partners, and Divorced Spouses”, was included in the publication.
To read the full article, please see the April addition of the Oregon Elder Law Newsletter.
Clackamas County has launched a free and confidential 24/7 call-in at 503.200.1633 (or 800.282.7035) for adults older than 55 who live in Clackamas County. The Senior Loneliness Line supports seniors in the community who are feeling lonely, anxious, or having difficulty connecting. Staff members are primarily trained under Lines for Life, to be well-equipped for crisis management training and suicide prevention. Staff members are also mandatory reporters and have been trained on how to fill out reports to Adult Protective Services.
On April 4, 2019, SYK attorney Darlene Pasieczny joined co-panelist Kate McGrail and moderator Robert J. Girard II in Washington D.C. Together, they presented on FINRA expungement proceedings to an audience of securities attorneys, law professors, and state securities regulators attending PIABA’s Mid-Year Meeting.
Today, over 46 million Americans are 65 years of age or older. This accounts for nearly 15% of the population. According to the Population Reference Bureau, that number is projected to more than double by the year 2060. It will reach an estimated 98 million and 24% of the U.S. population. Approximately 1 out of every 10 Americans, age 60 and older have experienced some form of elder abuse. Estimates of financial elder abuse and fraud costs range from $2.9 billion to $36.5 billion annually
On Thursday, February 21st, SYK attorneys Victoria Blachly and Darlene Pasieczny will speak to the Oregon State Bar Securities Regulation Section about financial elder abuse in the securities industry. Their program “Recent Tools to Combat Financial Elder Abuse: Mandatory and Permissive Conduct Under FINRA Rules and Oregon Law for Securities Professionals,” will take a closer look at Oregon statues and FINRA rules regarding mandatory and permissive conduct for brokers and investment advisers when there is reasonable suspicion of financial abuse.
The January 2019, Volume 22 issue of the Oregon State Bar Elder Law Newsletter featured articles by two of SYK’s outstanding attorneys. Laura Nelson, whose practice includes estate planning, trust administration, and guardianship and conservatorship cases was featured on the first page of the newsletter. Darlene Pasieczny’s article, New Tools Help Financial Professionals Prevent Elder Abuse, examines mandatory and permissive conduct for Oregon securities professionals when there is reasonable suspicion of financial abuse. Pasieczny is a fiduciary and securities litigator. She represents clients in both Oregon and Washington in trust and estate disputes, elder financial abuse, securities litigation, and investors nationwide in FINRA arbitration.
We’ve had a lot of questions from clients about the impact of the Tax Cuts and Jobs act on normal, working Americans. IRS did a clumsy job with implementation, although in their defense the TCJA probably raised more questions than it answered. Also, one of the most surprising effects will be felt by taxpayers who live in high tax jurisdictions and who itemize their deductions.
Friend of the firm, Arlene Cogen, has the #1 new release in Finance on Amazon – Give to Live: Make a Charitable Gift You Never Imagined.
“This is a love story about your finances, taking care of family and making a difference. Whether you are new to charitable giving or simply keen to improve your understanding of giving and philanthropy, this is your book. It will free you from the haze of the complicated jargon, break things down in understandable terms and share ways to effectively and meaningfully include philanthropy in your life.”
All summer we have been talking about the fallout from the Supreme Court’s decision in South Dakota v. Wayfair. We analyzed the opinion when it came out; we looked at the initial state responses in August; and we looked at one of the early Federal proposals in September. It’s been an exciting ride!
One of the things we’ve come to realize is that the Wayfair decision signals a convergence of the disparate state nexus thresholds for different types of tax. Correctly or not, the Commerce Clause and Due Process nexus thresholds for sales tax and income tax regimes are converging around the idea that a taxpayer needs to have “minimum contacts” with a taxing jurisdiction and must “purposefully avail” themselves of the jurisdiction’s economic market. Thanks to Public law 86-272 (codified at 15 USC §§ 381-384), nuance still exists in the areas of sales of solicitation of sales of tangible personal property. Also, the requirements of internal and external consistency help limit the deleterious impact of having thousands of taxing jurisdictions each doing their own thing.
Because there are all of these limitations and restrictions on a state’s ability to tax activity within its borders (however that may be defined), states in the last few years have been relying more and more heavily on “fees.” The challenge, of course, is that there isn’t a good definition of how to distinguish a “fee” from a “tax.”
Darlene Pasieczny will moderate “Hybrid Advisers” panel, Tuesday October 9th. They will be exploring issues in regulation and customer dispute resolution when a culpable financial adviser “wears two hats” as both a FINRA‐licensed broker and SEC‐licensed registered investment adviser. When is the brokerage firm responsible for conduct by its dual‐registered associated person? How do FINRA and the SEC parse enforcement issues for these hybrid advisers? The panel will discuss trends in customer arbitration cases, recent case law decisions, compliance and enforcement.
Find registration information in the full article!