Jeff Bezos to Step Down as Amazon C.E.O.

Amazon founder Jeff Bezos announced that he would be stepping down as C.E.O. after building the company into a $1.7 trillion behemoth that became known as “the everything store,”. In the process, he upended the retail industry, turned Amazon into a logistics giant, and expanded into cloud computing, streaming entertainment and artificial intelligence-powered devices. For a time, he was the world’s richest person. Bezos said that he planned to hand over the reins this summer and transition into the role of executive chairman. Andy Jassy, the chief executive of Amazon’s cloud computing division, will be promoted to run the entire company. The change will be effective in the third quarter, which starts in July.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Eligible Paycheck Protection Program expenses now deductible

The Treasury Department and the Internal Revenue Service issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan under the Paycheck Protection Program (PPP).

The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.

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Former KU Med Center Administrator Charged With Embezzlement

A former administrator at the University of Kansas Medical Center faces criminal charges that he embezzled more than $500,000 from KU. A charging document filed in federal court accuses Michael Ahlers of diverting money from the KUMC Credit Union between 2009 and 2015. Ahlers was the administrator of the medical center’s occupational therapy education department. According to the complaint, he was the sole signatory on the credit union account. The document also charges him with income tax evasion because he allegedly failed to report the money on his tax returns.

The felony charges Ahlers faces – bank fraud and filing false tax returns – carry sentences of up to 30 years and three years in prison.

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Twenty States Raise Minimum Wage at Start of New Year

Twenty states and dozens of localities increased their minimum wage, giving a financial boost to many frontline workers during the pandemic. New Mexico will see the largest jump, adding $1.50 to its hourly minimum and bringing it up to $10.50. Arkansas, California, Illinois and New Jersey will each increase their minimum wages by $1. Alaska, Maine and South Dakota will increase wages by just 15 cents an hour, while the rate in Minnesota will rise by half that, at 8 cents, to $10.08 an hour. Additional increases are scheduled for elsewhere this year, with most changes taking effect on July 1st. Much of the country’s workforce have seen their wages remain relatively stagnant for decades when inflation is taken into account.

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Debt Collectors, Payday Lenders Collected over $500 Million in Federal Pandemic Relief

More than 1,800 Paycheck Protection Program loans last year went to debt collectors and high-interest lenders, according to the Washington Post. The aid to these firms amounted to more than $580 million. More than 170 of those recipients have been the subject of a multitude of complaints. Twenty-five have been subject to legal enforcement or consumer alerts, many by the CFPB and the Federal Trade Commission.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Jackson County Court temporarily halts eviction writs and proceedings

The Jackson County Circuit Court has temporarily suspended eviction proceedings and service of eviction writs after placing two process deputies on leave for shooting a man while serving an eviction writ on Jan. 8.

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N.R.A. Declares Bankruptcy and Seeks to Exit New York

Seeking an end-run around an investigation by the New York attorney general, the National Rifle Association said that it was declaring bankruptcy and would reincorporate in Texas. The group’s effort to circumvent New York’s legal jurisdiction raised immediate questions from the New York attorney general, who is seeking to use her regulatory authority to dissolve the N.R.A. She has been conducting an investigation into corruption at the gun group since 2019. Typically, nonprofit groups that are chartered in New York and under investigation are prohibited from relocating their assets during an inquiry; in recent years, the attorney general’s office prevented the Trump Foundation from closing before it had reached the conclusion of an investigation into that organization. The bankruptcy filing could delay the resolution of the attorney general’s case while the matter is litigated in bankruptcy court.

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2020 Tax Tip – Mileage

The mileage rate for businesses for 2020 is being reduced from 58 cents per mile to 57.5 cents per mile.  The medical mileage rate for individuals for 2020 is being reduced from 20 cents per mile to 17 cents per mile.

If you need assistance preparing an income tax return, feel free to email us at reception@hoorfarlaw.com or call us at 816-524-4949.

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2020 Tax Tip – Retirement Distributions

If you suffered an economic hardship due to COVID-19, you may be eligible to take a distribution from your retirement plan and avoid the ten percent (10%) penalty and spread the distribution over a three (3) year period.

If you need tax advice or tax help, feel free to email us at reception@hoorfarlaw.com or call us at 816-524-4949.

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2020 Tax Tip – Stimulus Payments

Before you file your 2020 tax return, be sure to include the information from your IRS Notice 1444.  This document informs you how much you received in stimulus payments this past year.  You should not file your tax return without including this information on your return.

If you need assistance preparing an income tax return, feel free to email us at reception@hoorfarlaw.com or call us at 816-524-4949.

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