The landscape of the United States has changed in the past weeks as COVID-19 continues to sweep across our nation. The Federal government attempted to mitigate the economic damage of the virus on March 27 with the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Although the programs created by the CARES Act are being explained by media outlets, there is some confusion in the general public about the tax implications of these programs.
Most have heard about the $1,200 per person payments being sent by the IRS to qualifying individuals. These payments are increased by $500 for each dependent under the age of 17 and subject to a phase out for taxpayers above a certain income level. However, some taxpayers are confused about how these payments will be treated for tax purposes. The Act explains the payments are advance refundable tax credits for taxpayers’ 2020 taxes. For tax purposes, a tax credit is a dollar for dollar reduction in tax due. Credits are more powerful than deductions, which are a reduction in taxable income, not in tax. Some credits, such as this one, are refundable, meaning that if the credit exceeds the tax due, the excess is paid to the taxpayer. However, in this case, the government treated the credit as fully refundable in advance so taxpayers are able to receive these needed funds quickly. That does not mean that the payments are loans that must be repaid. It also does not mean the payments will be taxable income in 2020 or any other year. Rather, the payments are truly free money the government has sent to Americans to help them get through the COVID-19 pandemic.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00TAXhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngTAX2020-04-16 12:12:592020-04-16 12:27:48The Tax Implications of Three Programs Created by the CARES Act
The North Carolina Bar Foundation is working to provide North Carolina students with access to resources. Lawyers for Literacy is one of the best things that we can do right now to make a big difference in the lives of young students currently stuck at home and their parents.
If you or any of your colleagues are willing to help by making a recording of you reading one of our books (preferably a video recording), the staff at the North Carolina Bar Foundation can distribute this engaging content directly to teachers and families.
The use of a laptop, tablet or cellphone is acceptable. Please feel free to contact Paul Vaughan at [email protected] for information about where to upload the video and the logistics of making the recording.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00Paralegalshttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngParalegals2020-04-16 12:02:582020-04-16 15:07:11Lawyers for Literacy: Become a Virtual Volunteer
The Legislative Analysis team at the NCBA is compiling a list of causes of action and associated documents which are filed using e-Courts that normally require notarization. The legislature is looking to our Sections to identify any other documents not filed on an AOC form that require notarization prior to filing on e-Courts.
Devon Karst, NCBA Government Affairs Manager, has created a list of such documents and causes of action. Please review this list and send any other items that meet this criteria to Devon before noon on April 27 for inclusion into the final list. Thank you!
On March 19, 2020, Chief Justice Beasley of the Supreme Court of North Carolina entered an order extending deadlines for filings and actions to be done in North Carolina trial courts which were set to be filed or done between March 16, 2020 and April 17, 2020. This blog summarized that order and several subsequent related orders entered by the Chief Justice and the Chief Judge of the North Carolina Business Court.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00Litigationhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngLitigation2020-04-14 13:57:042020-04-14 15:04:44Chief Justice Further Extends Deadlines for North Carolina Court Filings, Acts, and Limitations Periods
On April 13, 2020, Chief Justice Beasley issued another order further extending certain District and Superior Court filing deadlines and limitations periods into June 2020. Until this order was issued, these deadlines were set to expire this Friday, April 17, pursuant to Justice Beasley’s March 19 order. The key provisions of the latest order are below.
Extension of Time and Periods of Limitation
All pleadings, motions, notices, and other documents and papers due to be filed in any county on or after March 16, 2020 and before the close of business June 1, 2020 in civil actions, criminal actions, estates, and special proceedings shall be deemed to be timely filed if filed before the close of business on June 1, 2020.
All “other acts that were or are due to be done” in any county on or after March 16, 2020 and before the close of business on June 1, 2020 in civil actions, criminal actions, estates, and special proceedings will be timely if done before close of business on June 1, 2020.
This order does not apply to filings or acts due in the N.C. Appellate Courts.
As reiterated by Chief Business Court Judge Bledsoe’s April 14, 2020 Order, Chief Justice Beasley’s April 13, 2020 Order applies to all actions pending before the N.C. Business Court.
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I am working in my attic again. My firm has grown, but this is where it began. It is a fortress of solitude as dogs bark and kids rage in the floors beneath it. I am fielding calls from clients and answering emails like normal, but the tone has shifted. There are more calls about deals being called off and more emails about getting out of obligations or getting relief from the government. There are also more human conversations happening by Zoom, Skype, Hangouts, and Houseparty. I’m hearing more questions about individual well-being and mental health than ever before.
As we’re all adjusting to this new normal, I’m quickly realizing that practicing law from home certainly isn’t without its issues. There are the technological issues of not having your files immediately at your fingertips, the inconvenience of not having multiple screens to compare documents and the reality of one’s unflattering appearance on Zoom.
Then there’s the very real problem of wanting to eat everything in the house, not just because of its ready availability but also the urge that stress prompts. And if you’re like me, you have the added pressure of trying to homeschool two young boys that have been stuck inside for large parts of the day without their school friends to help them burn off their seemingly endless energy. But above all that, there’s the loneliness, which seems odd given the constant comings and goings of my family through my makeshift office in the dining room.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00NCBA Bloggerhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngNCBA Blogger2020-04-13 16:26:422020-04-13 17:07:38Loneliness in the Law
One word has been on everyone’s mind lately: Coronavirus. When will the stay-at-home orders be lifted? When can I go to the grocery store without worrying about whether I will find toilet paper? When can I go eat at my favorite restaurant again or will my favorite restaurant even be open after all of this is over?
These questions are on most Americans’ minds daily. The unknown of when this is all going to end is terrifying. There have been so many different occupations affected by this pandemic, lawyers included. Before Governor Cooper announced the statewide stay-at-home order in North Carolina, lawyers from the North Carolina State Bar and NCBA asked Governor Cooper to consider legal services “essential.” When the Order was issued on March 27, legal services were considered essential. Even so, many lawyers find themselves working at home. If you are not used to working from home, finding motivation and willpower to get work done can be challenging. There are plenty of distractions: dogs, children, outdoor projects, spring cleaning, Tiger King . . . the list goes on.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00International Practicehttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngInternational Practice2020-04-13 12:59:562020-04-13 13:03:57How to Make It Work While Working from Home
One word has been on everyone’s mind lately: Coronavirus. When will the stay-at-home orders be lifted? When can I go to the grocery store without worrying about whether I will find toilet paper? When can I go eat at my favorite restaurant again or will my favorite restaurant even be open after all of this is over?
These questions are on most Americans’ minds daily. The unknown of when this is all going to end is terrifying. There have been so many different occupations affected by this pandemic, lawyers included. Before Governor Cooper announced the statewide stay-at-home order in North Carolina, lawyers from the North Carolina State Bar and NCBA asked Governor Cooper to consider legal services “essential.” When the Order was issued on March 27, legal services were considered essential. Even so, many lawyers find themselves working at home. If you are not used to working from home, finding motivation and willpower to get work done can be challenging. There are plenty of distractions: dogs, children, outdoor projects, spring cleaning, Tiger King . . . the list goes on.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00NCBA YLDhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngNCBA YLD2020-04-13 09:17:542020-04-13 09:43:44How to Make It Work While Working from Home
As I look out the window from my home office, the waters on Masonboro Sound are soothingly calm. There is no hint of the worldwide pandemic raging around us, but then I think back to the email I received last Friday from the wife of a client I had last seen at the end of February. Her life has been turned upside down by her husband’s untimely passing from COVID-19. It’s a lot to digest, and as lawyers, we are dealing with our own situations as well as those of our clients.
Yesterday, I participated in a zoom call with NCBA President, LeAnn Nease Brown, NCBA Executive Director, Jason Hensley, and other bar leaders and section chairs. Our discussion centered on what the NCBA is and can be doing right now for you, its members. Toward that end, I encourage you to visit the NCBA website if you are in need of any COVID-19 resources or updates. The bar is doing an excellent job of staying on top of things, and there is a link that takes you to a lot of useful information.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00ACBDhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngACBD2020-04-09 17:33:572020-04-09 18:11:03A Message From the Chair
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