October 11, 2022 Changes in the Section 30D Electric Vehicle CreditThe recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new rules to help you maximize the credit you are allowed. North American assembly requirement.  …

Changes in the Section 30D Electric Vehicle Credit

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August 29, 2022 What Happens if Coinbase Goes Bankrupt?            In May 2022, the cryptocurrency exchange Coinbase announced, in an SEC Form 10-Q, that the various cryptocurrencies held on its exchange could be included as property of its bankruptcy estate should it file for bankruptcy protection.  Though Coinbase followed up with public announcements attempting to allay fears of its solvency, the announcement sent shockwaves …

What Happens if Coinbase Goes Bankrupt?

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August 15, 2022 Schumer-Manchin Bill Looks to Tighten Carried Interest LoopholeThe recently introduced Inflation Reduction Act of 2022 addresses the taxation of carried interest. A carried interest (“carry,” “incentive,” “promote”) is a form of compensation received by a partner/fund manager in exchange for investment management services. A carried interest entitles a fund manager to future profits of a partnership, also known as a “profits interest.” Under …

Schumer-Manchin Bill Looks to Tighten Carried Interest Loophole

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August 8, 2022 Tax Tips for HobbyistsHow you can determine if an activity is a business or a hobby. Most people will never turn a profit from their hobby. However, hobbyists should be aware that if they pursue their hobby to earn income, it may also be a business. Is the activity a business?  The most important thing to know when …

Tax Tips for Hobbyists

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June 15, 2022 U.S. Department of Labor Issues Publishes New Guidance on FMLA Leave for Mental Health ConditionsBased on estimates that nearly one in five U.S. adults – or about 52.9 million people – live with a mental illness, the U.S. Department of Labor (“DOL”) is determined to ensure that obtaining job-protected leave under the Family and Medical Leave Act is not another obstacle to overcome when workers seek the mental health …

U.S. Department of Labor Issues Publishes New Guidance on FMLA Leave for Mental Health Conditions

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May 18, 2021 Factors to Consider Regarding State of Residence for State Tax PurposesThe legal test for determining your home state for tax purposes is your place of domicile, which is somewhat different than residence, but the terms are often used interchangeably and residence is used below because most people think in terms of residency, rather than the technically correct domicile. Domicile means the place a person intends …

Factors to Consider Regarding State of Residence for State Tax Purposes

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April 27, 2021 Treasury and IRS Implement Temporary 100% Deduction for Business Food and Beverage ExpensesThe Treasury Department and Internal Revenue Service (IRS) have issued a new notice under the Taxpayer Certainty and Disaster Relief Act of 2020 (the “Act”) which provides guidance on the 100% deduction for food and beverage expenses provided by a restaurant and incurred after December 31, 2020 and before January 1, 2023. The purpose of …

Treasury and IRS Implement Temporary 100% Deduction for Business Food and Beverage Expenses

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April 8, 2021 Summary of the American Rescue Plan Act of 2021Summers Compton Wells LLC has prepared a summary regarding the latest installment of COVID-19 relief and stimulus legislation, the American Rescue Plan Act of 2021. This summary provides information on new and expanded grant programs and tax benefits for businesses and employers, including: The State Small Business Credit Initiative Economic Injury Disaster Loans The Restaurant …

Summary of the American Rescue Plan Act of 2021

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February 9, 2021 Are Your Trade Secrets Under Lock and Key?New Missouri cases demonstrate that protection is paramount. By:  Jim Nowogrocki Trade secret litigation has been on an upward trajectory in recent years, especially with the passage of the Defend Trade Secrets Act of 2016.  As recent Missouri federal decisions show, an essential legal component is that an owner must show that it has taken …

Are Your Trade Secrets Under Lock and Key?

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January 22, 2021 Summary of Second Draw PPP Loan ProgramSummers Compton Wells has prepared a summary of the new Second Draw PPP Loan Program that may be helpful for borrowers who received a first round PPP loan and still had a 25% reduction in gross receipts due to COVID-19. These loans are available beginning the week of January 11, 2021. The application deadline is …

Summary of Second Draw PPP Loan Program

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