Because Your Government CARES

Valerie Sasaki, of Samuels Yoelin Kantor, LLP facilitated a “Cocktails and Conversation” discussion with the Portland Chapter of Women in Insurance and Financial Services, which explored the recent Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act is Congress’ comprehensive legislation to provide relief to individuals, families, and businesses that are adversely affected by the Coronavirus pandemic. Despite frequent news coverage and criticism, the scope and effect of the CARES Act can seem impenetrable because it contains so many separate moving parts. In this discussion, Ms. Sasaki walked through the different components of the CARES Act and explained how each works to combat the economic hardship brought about by the Coronavirus epidemic.

The CARES Act is a $2 trillion economic relief package that creates new aid programs and expands existing programs. State and local governments will receive $339.8 billion, the majority of which goes to specific COVID-19 response efforts. The rest of the state and local government relief is divided between education, community development, and family assistance programs.

Read More

Top 5 Tips From My Service as a Pro Tem Judge

With the growing divide between judicial budgets and the demand for court services, Oregon continues to look to part-time judges to help bridge the gap. These part-time judges are known as Pro Tem Judges.

As a private attorney serving as a Pro Tem Judge in the Washington County Probate Court, my public service has been a privilege and honor. And having one foot in both private practice and one inside the Court has provided me with a unique experience. The following 5 tips are specific to my familiarity of the Washington County Probate Court, but most of these tips are good best practices to apply to any probate matter in an Oregon court.

Read More

Where’s My Stimulus Check?

The IRS sent out the first wave of stimulus payments this  past week to around 80 million Americans. In order to speed up the process, the IRS has prioritized sending payments to Americans that have previously submitted their direct deposit information with the agency. Those that have not authorized a direct deposit account with the IRS will receive their stimulus payment in paper check form. However, the IRS estimates that it only has the capacity to mail out 5 million checks a week, so many Americans will not receive their payment until likely August or later.

Based on the income level eligibility requirements, at least 90% of Americans should qualify for at least some amount of stimulus payment. If you think you should have received your stimulus payment by now, here are several reasons why the IRS has delayed your payment.

Read More

COVID-19 Federal, State, and Local Prohibitions Against Non-Payment Evictions

The ongoing COVID-19 pandemic has encouraged Oregon State Governor Kate Brown to issue a Stay at Home order effective statewide in an effort to curb the spread of the virus. As a result, many individuals are out of work, causing emotional stress and financial hardship.

Federal, state, and local governments have each taken action in an attempt to reduce financial stress on residential and commercial tenants.

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). In Section 4024, the CARES Act imposed immediate protections for some residential tenants. Specifically, the CARES Act placed a federal eviction moratorium for nonpayment of rent on covered properties. Landlords are temporarily prohibited from filing new eviction actions for nonpayment of rent as a result of COVID-19, as well as prohibited from charging late fees or other penalties for tenants’ nonpayment of rent. It is critical for landlord to review the definition of covered properties, and confer with a knowledgeable attorney is they are unsure whether they own a covered property.

Read More

Treasury Department Releases Additional Guidance on Paycheck Protection Program

On April 8, 2020, the U. S. Treasury Department updated its “Frequently Asked Questions (FAQs)” guidance on the Paycheck Protection Program (PPP) that is being administered by the Small Business Administration (SBA). While this document was previously issued by the Treasury Department, it has been updated to address some of the questions that borrowers and lenders have raised as lenders have been inundated with applications for the forgivable loans under the PPP. Congress is currently considering allocating another $200 to $250 billion to the PPP.

Read More

How to Prepare for Bankruptcy

This sudden economic downturn will cause a large number of individuals and corporate entity debtors to consider bankruptcy in order to get a better handle on their financial situation. While many associate declaring bankruptcy as an admission of failure or destitution, bankruptcy can actually offer debtors a path toward recovering from a devastating financial situation. When considering whether bankruptcy is the right option for your situation, it is essential to have a basic understanding of how bankruptcy works and the initial actions you should take should you need to proceed with bankruptcy.

Read More

COVID-19: Changes in Federal Tax Law You Need to Know

In response to the COVID-19 pandemic, the last few weeks have seen an unprecedented series of legislative actions by Congress, as well as a number of significant administrative actions by the Internal Revenue Service. Here is a brief synopsis of federal tax extensions and changes due to COVID-19.

Initially, the IRS only offered a payment deadline extension in response to COVID-19, but after much pressure, the IRS in response has instead provided much more comprehensive relief to mostly taxpayers in the U.S.

All taxpayers refers to: individuals, trusts, estates, (some) partnerships, associations, companies (including LLCs), corporations, nonprofits, and more that have a filing date of April 15, 2020.

Read More

Changes to Charitable Giving Limits in the CARES Act

The newly passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) contains two provisions that will be of interest to folks who want to help their communities this year.  Section 2104 creates an above the line deduction of up to $300 for contributions made in 2020. This is important because after the Tax Cuts and Jobs Act (TCJA) a couple years ago, many folks no longer itemize, which means that they are not eligible to receive a tax benefit for the charitable deductions that they make over the course of the year. So, if you now claim the standard deduction, individual taxpayers can claim a deduction for the amounts up to $300 that they donate to charity. They don’t let you double-dip though, so if you itemize, you would claim your deductions on Schedule A as usual.

Read More

Family First Law & What It Means

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.

Read More