BW INSIGHTS

Regulators Close Silicon Valley Bank and Signature Bank: Here's What You Need to Know

By John D. Hunter & Allison M. Lindner | 03.13.2023

Last weekend was a wild ride for the banking industry and depositors everywhere. Silicon Valley Bank experienced an old fashioned “run on the bank” that forced the FDIC to close it on mid-day Friday. Remember Jimmy Stewart in “It’s a Wonderful Life”. Over the weekend another bank, Signature Bank, was also closed by regulators. Both of these banks... Read More

Affordable Care Act Deadline Extension

By Cynthia Boyle Lande & Maggie Simonson Schild | 12.19.2022

On December 15, 2022, the Internal Revenue Service issued final regulations extending deadlines for providing certain information statements under the Affordable Care Act (ACA). The extension applies to Forms 1095-C, filed and issued by applicable large employers (ALEs), who are subject to the ACA Employer Mandate. The extension also applies to... Read More

What is the Purpose of a Trust?

By Robert D. Hodges & Katheryn J. Thorson | 12.06.2022

There are two main types of trusts—Revocable/Living Trusts, and Irrevocable Trusts. This article provides a very short overview of the different purposes of a trust and why you would set one up. Trusts can provide privacy, coordination of assets, asset protection from third-party creditors, gift and estate tax savings, protect beneficiaries from... Read More

Estate Planning During and After Divorce: What You Should Know

By Robert D. Hodges & Katheryn J. Thorson | 12.01.2022

If you are going through a divorce, there is probably a lot on your mind. One thing you may not be thinking about is your estate plan. If you name your spouse in your estate planning documents, you may want to consider making some changes. This article explains some key estate planning items to consider during and after your divorce. Estate... Read More

UPDATE: IRS Extends Deadlines for Certain Additional Required Amendments to Retirement Plans and IRAs

By Maggie Simonson Schild & Cynthia Boyle Lande | 11.29.2022

Earlier this year, we shared an update on certain retirement plan updates originally required to be adopted this year. At that time, we noted that some amendment deadlines had been delayed, but other amendments were still required this year. On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for qualified plans, 403(b)... Read More

Do You Need to File a Gift Tax Return?

By Robert D. Hodges & Katheryn J. Thorson | 11.22.2022

The holidays are upon us and even though the holidays may mean more than packages, boxes, and bags, gifting during the holidays can put a twinkle in your eye and thaw your heart as the world slowly freezes over for the winter. But have your dreams of sugar plum fairies been interrupted by the unwelcome thought of gift taxes? No need to bah humbug... Read More

Remote Worker Taxation Considerations: What Employers and Employees Should Understand

By Christopher L. Nuss & Maggie Simonson Schild | 09.19.2022

Since the beginning of the COVID-19 pandemic, remote work has become common in a variety of workplaces and fields. Working from home has become a necessity in some cases, with more and more employees switching to permanent or regular work-from-home arrangements. This unprecedented shift towards remote work has certainly created conveniences for... Read More

What Happens If You Die Without a Will?

By Robert D. Hodges & Katheryn J. Thorson | 09.14.2022

You may have heard that if you die without a will, your property will go to the state. For most cases, this is not accurate. Iowa has an intestacy statute which dictates where your assets will go if you die without a will. Here is a chart to explain where your property would go depending on the family members you leave behind: If you die with:... Read More

IRS Extends Deadline for Certain Required Amendments to Retirement Plans and IRAs

By Cynthia Boyle Lande & Maggie Simonson Schild | 09.13.2022

On August 3rd, 2022, IRS Notice 2022-33 extended the remedial amendment periods for qualified plans, 403(b) plans, governmental plans, and 457(b) plans to adopt certain, but not all, required plan amendments relating to the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the Bipartisan American Miners Act of... Read More

Powers of Attorney: What They Are and Why You Need Them

By Robert D. Hodges & Katheryn J. Thorson | 09.07.2022

Having a power of attorney is essential for the estate planning process. In Iowa, there are two types of powers of attorney available: medical power of attorney (also known as the health care power of attorney) and financial power of attorney (also known as the general power of attorney). Read on to learn more about the differences between these... Read More