Tag Archives: McDonald Hopkins

ILN Today Post

UPDATE: CMS reevaluates Accelerated Payment Program, suspends Advance Payment Program for Part B suppliers and points providers to relief fund

On April 26, 2020, the Centers for Medicare & Medicaid Services (CMS) announced that it is reevaluating pending and future amounts that it will pay under its Accelerated Payment Program and is suspending its Advance Payment Program for Part B suppliers, effective immediately. CMS noted it has already approved almost 24,000 applications resulting in $40.4 billion of payments for Part B suppliers, including doctors, non-physician practitioners and durable medical equipment suppliers.
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Small business loans above $2M will be audited

McDonald Hopkins’ Dave Kall, Vice Chair of the firm’s Tax and Benefit Department, offers his insight on the PPP loan process and Treasury Secretary Steven Mnuchin’s recent announcement that businesses receiving loans of more than $2 million from government relief programs intended for small businesses will receive a full audit to ensure the loan was justified.
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OSHA issues COVID-19 case reporting relief for contractors

On April 10, 2020, the Occupational Safety and Health Administration (OSHA) issued temporary guidance for recording cases of COVID-19 that provides relief to the construction industry. OSHA’s announcement provides certainty to the construction industry and helps contractors focus their response efforts on implementing good hygiene practices in their workplaces and otherwise mitigating COVID-19’s effects.

Click here to learn more.

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6 techniques high net-worth individuals should be considering now

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. It carries a price tag of over $2 trillion. In addition, Congress may not be finished with legislation to help Americans and American businesses recover from this crisis. At some point, we will recover. However, it is likely taxes will be raised to pay for this relief. Higher estate tax exemption rates are set to expire after 2025, reducing the per person exemption to around $5.8 million. In addition, historically low interest rates and asset values at suppressed values due to the COVID-19 crisis, makes this the perfect time to consider the following estate planning strategies.

Click here to learn about 6 options for transferring wealth.

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Coronavirus creates challenges for ESOP companies

The coronavirus and the attendant economic disruption is creating challenges for companies that sponsor retirement plans. This article highlights the unqiue challenges facing companies that sponsor Employee Stock Ownership Plans (ESOPs) and suggests some administrative and operational steps ESOP companies may wish to consider. READ MORE

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Confusion remains as state attorneys general order businesses to shutdown

Although each state provides a definition or list of examples of businesses that qualify as essential, businesses not expressly listed continue to face difficulties when determining if they are permitted to continue operating. As a result, state attorneys general have been forced to decipher these stay-at-home orders and hold businesses accountable. READ MORE 

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DOL issues 4th Q&A guidance on Families First Coronvirus Response Act

To assist employers in implementing the Families First Coronvirus Response Act, the Department of Labor (DOL) has issued a 4th set of questions and answers that dig into some of the specifics regarding when emergency paid sick leave and emergency FMLA leave are available for use. READ MORE

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Monitor your privacy settings for Zoom Video and Alexa

In March 2020, as professionals worked from home due to COVID-19, Zoom video conferences surged in popularity while, conversely, lawyers cast weary glances at the Alexa device in their home office, wondering if it was recording confidential communications. While society struggles with its relationship with ubiquitous communication devices, here is advice on properly configuring Zoom and Alexa privacy settings. READ MORE

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Orders and collections as usual in a pandemic? Looking ahead while addressing current needs

Thousands of businesses across the country are looking at months of extended business distress due to the spread of COVID-19, and many companies are reevaluating their books and accounts receivable to determine cash flow issues. Given the unknown amount of time until business resumes as usual, your company may want to consider the following when planning for cash flow issues and determining strategies for orders and collections in the coming months. READ MORE

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The novel coronavirus impact on secured loans: Considerations for secured lenders and borrowers

Insight to help lenders and borrowers identify issues that should be considered due to the impact of the coronavirus. Specifically, lenders and borrowers should pay careful attention to the certain provisions in a credit agreement and related loan documents now more than ever. READ MORE

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