BW INSIGHTS

U.S. Supreme Court Greatly Narrows the Definition of Wetlands in the Clean Water Act

By Ellen M. Hames & James L. Pray | 06.05.2023

On May 25, 2023, the United States Supreme Court issued a much-anticipated decision in the Sackett v. EPA case. At issue was whether “Waters of the United States” (“WOTUS”) could include wetlands that are not directly and continuously connected to navigable waters. All nine justices were unanimous in finding that the EPA overstepped its statutory... Read More

New Iowa Law Establishes Optional Workaround for Pass-through Businesses to the $10K Federal SALT Limitation

By Christopher L. Nuss & Maggie Simonson Schild | 05.22.2023

Late last week, Governor Kim Reynolds signed House File 352, which establishes an IRS-approved workaround to the federal limitation of deducting only up to $10,000 of state and local tax (SALT) for individuals who itemize their deductions effective retroactively to January 1, 2022. Under this new law, which will remain in effect for the duration... Read More

How Business Entities Held In Trusts are Treated Under the Corporate Transparency Act

By Robert D. Hodges & Katheryn J. Thorson | 05.01.2023

The Corporate Transparency Act (“CTA”) is a new law coming into effect January 1, 2024, that implements reporting requirements for limited liability companies (LLCs), corporations, and other business entities that have never had to report such information previously. BrownWinick attorney Brennan Block outlines the main components of the CTA in... Read More

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