Reinhart Boerner Van Deuren s.c.

Reinhart Boerner Van Deuren manages our clients’ business needs with innovation, focus and commitment. We serve as attorneys and business law counselors to public and privately held corporations, financial institutions, family-owned businesses, retirement plans, exempt organizations and individuals in trusts and estate matters.

Reinhart Boerner Van Deuren s.c. Blogs

Latest from Reinhart Boerner Van Deuren s.c.

Recently, the House Ways and Means Committee released its proposal to fund the $3.5 trillion “Build Back Better” reconciliation spending package. As expected, the proposal takes aim at several estate planning opportunities and vehicles that wealthy individuals have traditionally utilized to reduce gift and estate tax. The most significant estate planning provisions of this proposal are summarized below, however, it is important to note that this proposal is far from final. In fact, the proposal is the third piece of legislation introduced this year that would significantly impact high-net-worth estate planning (we wrote about the STEP Act and the For…
RETIREMENT PLAN DEVELOPMENTS IRS Sets Dates and Procedures for Cycle 2 Submissions for 403(b) Pre-Approved Plans Employers with Internal Revenue Code (Code) section 403(b) pre-approved plans (i.e., prototype and volume submitter plans) can soon take advantage of a second remedial amendment submission cycle (Cycle 2). The IRS announced in Revenue Procedure 2021-37 that the on-cycle submission period for Cycle 2 applications will extend from May 2, 2022 through May 1, 2023. The procedures for the 403(b) pre-approved plan program will be similar to the Section 401(a) pre-approved plan program. Changes include: Eliminating the distinction between prototype and volume submitter plans; The issuance of a Cumulative List of…
A well-drafted personal guaranty of payment and performance provides peace of mind for the diligent lender. It is not only irrevocable, but also covers future extensions of credit and includes broad waivers of defenses. Even when a lender is faced with a bankruptcy proceeding, the guarantor’s promise to pay the full amount of a debt is inviolate: a claim against the guarantor need not be reduced to account for recoveries from other sources unless and until the creditor is paid in full. As long as the creditor does not collect more than it is owed, it may prosecute its bankruptcy…
On September 9, 2021, President Biden laid out his multi-pronged COVID-19 Action Plan to address the highly contagious Delta variant. The most critical piece of the Plan requires employers with more than 100 employees to ensure that their employees are either vaccinated or tested weekly. While not a true vaccine mandate, the Biden Plan provides employees an either/or choice: get vaccinated or tested weekly. These provisions of the Plan are not in effect immediately. The Occupational Safety and Health Administration (OSHA) is tasked with developing rules to implement the new requirement. It is unclear when we can expect to see…
Global Intangible Low-Taxed Income (GILTI) is the income of a foreign subsidiary in excess of 10 percent of the foreign subsidiary’s tangible assets. A U.S. owner pays U.S. tax on its share of a foreign subsidiary’s GILTI. The policy underlying GILTI is to deter moving intangibles abroad by taxing excess income that presumably the intangibles produce. For example, if a foreign subsidiary earned $1.5 million and had $10 million of tangible assets, the GILTI taxed in the United States would be $500,000 ($1.5 million less 10 percent of $10 million). To avoid any excess income that would incur tax as GILTI,…
On August 26, 2021, Illinois Gov. JB Pritzker issued COVID-19 Executive Order No. 87 (the Order) reinstating a statewide public mask mandate as well as introducing COVID-19 vaccination and testing requirements for health care workers, education workers (K-12 and higher education) and certain state facilities. This article focuses on obligations for health care workers and their employers. Under the Order, health care workers must: (1) Receive, at a minimum, the first dose of a two-dose COVID-19 vaccination series or a single-dose COVID-19 vaccine by September 5, 2021 (10 days after the Order was issued), and; (2) Be fully vaccinated against…
On August 18, 2021, President Biden announced that his administration would require all nursing home staff be vaccinated against COVID-19 as a condition to continue to receive Medicare and Medicaid funding. The same day, the Centers for Medicare and Medicaid Services (CMS) announced it would develop emergency regulations to enforce President Biden’s initiative. CMS indicated it will issue the regulations by the end of September 2021. In light of this announcement, nursing homes should review their obligations related to mandatory vaccination programs. Specifically, nursing homes should be prepared to administer a mandatory vaccination policy and to accommodate employees who qualify…
As the growing scrutiny of per- and polyfluoroalkyl (PFAS) chemicals mounts, increased regulations and enforcement seem imminent, as does an onslaught of lawsuits against companies considered responsible for releasing the compounds into the environment. PFAS chemicals include more than 4,000 different chemical compounds and are widely used in everyday products, including stain and water-resistant fabrics and carpeting, cleaning products, cookware, paints and fire extinguishing foams. There are growing concerns over potential health effects of a small subset of PFAS compounds. Two of the most concerning – PFOA and PFOS – are no longer manufactured in the United States. However, the…
RETIREMENT PLAN DEVELOPMENTS IRS Releases Guidance Regarding Changes to Single-Employer Defined Benefit Plan Funding under ARPA On July 30, 2021, the Internal Revenue Service (IRS) released Notice 2021‑48, providing guidance regarding changes made under the American Rescue Plan Act of 2021 (ARPA) to the funding rules for single‑employer defined benefit pension plans. ARPA made two significant changes affecting defined benefit pension plans: (1) extending the amortization period for unfunded liabilities from seven to 15 years; and (2) reinstating the pre‑ARPA interest rate stabilization program, which was set to phase out beginning in 2021. For more information refer to our alert, Impact of American Rescue Plan Act
Recently, there have been numerous developments pertaining to the COVID-19 pandemic. Here are a few key issues Wisconsin employers should be aware of related to the COVID-19 pandemic. Food and Drug Administration Approves Pfizer-BioNTech COVID-19 Vaccine On August 23, 2021, the U.S. Food and Drug Administration (FDA) granted full approval to the Pfizer-BioNTech COVID-19 Vaccine. Previously, all COVID-19 vaccinations were approved under the Emergency Use Authorization (EUA) process. The EUA process allows the FDA to authorize unapproved medical products to be used in an emergency to treat or prevent serious or life-threatening diseases. Throughout the pandemic, employers have been concerned…
The FTC has a new rule to crack down on false “Made in the USA” claims. The “Made in USA Labeling Rule” – which became effective on August 13, 2021 – gives the FTC the authority to seek substantial monetary penalties from manufacturers who falsely label products as made in the USA. The Rule Allows the FTC to Crack Down on Made in USA Fraud With its new Made in USA Labeling Rule, the FTC aims to crack down on false unqualified “Made in USA” labels. The Rule does not create new requirements but allows the FTC to impose substantial…
On August 5, 2021, the Wisconsin Senate introduced a bi-partisan bill that would require Wisconsin employers to provide “reasonable” unpaid lactation breaks to nursing mothers. Senate Bill 493 (SB 493) is similar to portions of the Fair Labor Standards Act (FLSA) that require most employers to provide nursing mothers with unpaid lactation breaks in a place, other than a bathroom, that is shielded from view and free from intrusion from coworkers and the public. SB 493 does not specify what length of break is “reasonable,” but does state that employers are not required to compensate employees for “any work time spent”…
Conflicts involving trusts and estates are often difficult and complex, both legally and emotionally. Instead of taking the shape of typical civil litigation, the emotional and familial aspects are more like those of a divorce. These conflicts can be referred to as “fiduciary litigation,” “financial elder abuse” or “will or trust contests.” They typically involve a person, acting in a fiduciary capacity, taking advantage of another person through undue influence and/or exploiting their incapacity. These conflicts have multiplied in recent years. Demographics play a role, too. As the baby boom population ages and ultimately dies, and as family members are…
On July 21, 2021, the Federal Trade Commission (FTC) voted unanimously to increase enforcement against practices that limit consumer repair choices. This vote signaled the FTC’s commitment to the Right to Repair. The Right to Repair represents the concept that consumers should be able to fix their products themselves or through independent service providers of their choice rather than being required to go back to the manufacturer or its selected provider for all repairs. This has become a hot topic, as manufacturers have been putting more restrictions on consumers’ ability to repair their own products. The FTC can already enforce…
On July 15, 2021, the Internal Revenue Service (IRS) published an updated version of the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30. This updated version supersedes the previous version outlined in Revenue Procedure 2019-19 and includes changes applicable to both defined benefit and defined contribution plans. Notably, the updated version of EPCRS provides the following: Expanded guidance regarding the correction of overpayment errors, including two new correction methods. Effective January 1, 2022, the anonymous submission procedure under the voluntary correction program (VCP) is eliminated and replaced with an option for a plan representative to request an anonymous,…
In light of increasing concerns about the COVID-19 Delta variant in the United States, the CDC has revised its recommendations regarding masks for fully vaccinated individuals. Although the CDC has reiterated that infections happen in only a small proportion of people who are fully vaccinated, people who are fully vaccinated may spread the virus to others. To stop the spread of COVID-19 and particularly the Delta variant, the CDC is recommending that those who are in an area of substantial or high transmission should wear a mask in public indoor settings, even if they are fully vaccinated. OSHA’s COVID-19 guidance