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Monday, December 21, 2020 One important reminder from the COVID-19 pandemic in 2020 is that, in the words of one scientist, “It is difficult to make predictions, especially about the future.”  While that proverb has broader implications, it certainly describes deferred compensation in 2021.  Midyear Deferral Elections for Bonuses Many employers who maintain nonqualified deferred compensation plans have allowed their employees to wait to make deferral elections for their bonuses ...

To embed, copy and paste the code into your website or blog: One important reminder from the COVID-19 pandemic in 2020 is that, in the words of one scientist, “It is difficult to make predictions, especially about the future.”  While that proverb has broader implications, it certainly describes deferred compensation in 2021.  Midyear Deferral Elections for Bonuses Many employers who maintain nonqualified deferred compensation plans have allowed their employees to wait to make deferral ele...

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Canyon News SANTA MONICA—On Thursday, December 17, conflict broke out during a Santa Monica Malibu School District Board Meeting. City Councilmember Oscar De la Torre refused to step down as a member of the board. The district believes that per Government Code Section 1099, which prohibits elected officials from holding “incompatible offices,” De la Torre forfeited his board position when he assumed a seat on City Council on December 8. During the meeting De la Torre made multiple atte...

City Council member de la Torre refuses to step down from School Board Dec. 18, 2020 at 1:34 pm Oscar de la Torre Conflict broke out in a Dec. 17 School Board meeting when City Council member Oscar de la Torre attempted to continue serving as a Board member and was told he could only speak as a member of the public.  The District believes that per Government Code Section 1099, which prohibits elected officials from holding “incompatible offices”, de la Torre forfeited his Board position wh...

Print Over the many years I have been writing this column, the clear No. 1 ranked dispute between homeowners and their associations regards records and information access. These disputes are never productive, and generally are avoidable. Here are some tips for HOAs regarding producing requested records and some tips for requesting homeowners. The law has improved dramatically in recent years in this regard. Civil Code 5200 provides a very clear list of what are “association records” which m...

The Governor of Iowa has declared a Public Emergency because of the COVID-19 outbreak. The Mayor has determined that an in-person meeting of the City Council is impossible or impractical without violating the Governor’s mandates. When an in-person meeting is “impossible or impractical,” Iowa Code Section 21.8 permits a governmental body to conduct a meeting by electronic means. The meeting will be conducted by video conference using ZOOM from the Council Chambers. The Mayor and n...

To embed, copy and paste the code into your website or blog: Starting in 2020, companies that pay at least $600 for services performed by someone who is not their employee are required to use the new Form 1099-NEC to report the nonemployee compensation. The Form 1099-MISC will no longer be used to report such compensation. Reason for the Change The Protecting Americans from Tax Hikes (PATH) Act in 2015 accelerated the due date for filing Forms 1099 that include nonemployee compensation from Feb...

OVERVIEW Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no taxable income for the borrower upon loan forgiveness. While many borrowers were expecting to deduct business expenses as would be the case if there has not been a PPP loan, the US Department of the Treasury’s (Treasury) position has been that PPP expenses resul...

Wednesday, December 16, 2020 Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no taxable income for the borrower upon loan forgiveness. While many borrowers were expecting to deduct business expenses as would be the case if there has not been a PPP loan, the US Department of the Treasury’s (Treasury) position ha...