1. Acknowledge and reward your staff. Our legal staff makes us look good. Employees help us stay organized, remember important deadlines, and carry a larger load than we would like to admit. As the year ends, it is always a great idea to acknowledge your employees by giving them a bonus or gift. They will certainly appreciate the acknowledgement of their hard work, particularly in a year like 2020 where many have been juggling increased responsibilities at home. 
   

When applying for long-term care Medicaid, there will be an analysis to determine if the applicant is eligible. Is the applicant medically and financially eligible? For the financial piece of the analysis, there are strict rules regarding how many assets an applicant can have and still qualify for long-term care Medicaid benefits, such as nursing home care or care provided in the community under a Medicaid waiver. But as of what date should the state conduct this financial analysis of assets? This date is called the “snap-shot” date.

How does the applicant know when the snap-shot date is? Federal law (42 US 1396r-5 (c)) dictates that the snap-shot date is the first day that the applicant was institutionalized for 30 consecutive days. “Institutionalized” could mean either a hospital stay, nursing home stay, or combination of both. But the stay must have been 30 days consecutively, with no interruption.

by Steve Gorin, JD

Deductible business losses can lead to a reduction in—or refund of—income tax. This article will examine the various rules limiting the current deduction of business losses and a 2020 Internal Revenue Service (IRS) memo explaining the effect of these limits on the self-employment tax. In addition, this article discusses the impact of the coronavirus pandemic relief provided by the Coronavirus Aid Relief and Economic Security Act (CARES Act), effective March 27, 2020, which temporarily upended the 2017 tax reform.