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The COVID 19/Pandemic/Shutdown has caused turmoil and upended benefit planning. The voluntary benefits platform has also been open to new rules and regulations. This miasma was heralded by the IRS issuing final regulations on deferred compensation in June 2016 that provides guidance and a roadmap to positive planning. The guidelines support the uses of an actuarially based patent to provide benefits for selected employees on a tax efficient basis. If you already have a plan in place it is most likely a traditional deferred compensation plan for your executive and professional employees. This is not meant to replace a plan in existence, rather it compliments it as there are decided differences. Most significant for the participants is the opportunity to provide for their families, a pre-retirement death benefit without risks of forfeiture and with enormous flexibility. This is not an ERISA plan; it does not need a Trustee and the participant and plan sponsor will avoid the claims of creditors while providing for the participant’s loved ones.
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By Rob Mattern
A Look Back from the Future
If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
By J. Mark Santiago
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
By Dan Packel
Economists are increasingly gravitating to the concept of a “K-shaped” recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that “K” may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.
By Jacob Weichholz, Daniel Mayo and Chris DeMayo
A summary of information on the various Small Business Association (SBA) loans that are available under the new federal economic stimulus package. Continually updated; last update October 9.