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  • Coronavirus Alert

    Should You Convert Retirement Account to a Roth Account During the COVID-19 Pandemic?

    April 28, 2020
    During the COVID-19 pandemic, the investment world has seen a dramatic decrease in values. This is obviously not what you want to see in your retirement account; however, there could be a silver lining for you to take advantage of — a Roth conversion. A Roth conversion is taking the pre-tax dollars in your retirement account — whether that be a qualified plan sponsored by your employer or a traditional IRA — and paying tax on these amounts currently while leaving such funds in a tax free account (i.e., a Roth account). The earnings after the conversion grow tax-free indefinitely, so when you pull the funds out of the Roth account, there is no tax. Although, the distribution from the Roth account must be a “qualified distribution” to be tax free. This requires that the Roth distribution is made after a 5-year period of participation in the Roth account and occurs on or after the individual attains age 59 ½. In the case of a Roth conversion, the 5-year period begins on the date of the Roth conversion. If there is a distribution from a Roth account that is not a qualified distribution, then the earnings in the Roth account from the time of the Roth conversion will be taxed.
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  • Coronavirus Alert

    Paycheck Protection Program: SBA Issues Guidance to Banks for Processing PPP Loan Applications in Bulk

    April 27, 2020
    With the SBA set to resume accepting Paycheck Protection Program loan applications on Monday, the agency issued guidance to allow lenders to make a one-time bulk submission of XML files to E-Tran. The process is intended for banks with a large number of applications ready to submit will allow a single bulk submission per lender and. SBA will begin accepting applications at 10:30 AM EDT, Monday, April 27, 2020.
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  • Chambers USA 2020

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    Chambers USA 2020 Rankings Announced

    April 24, 2020
    Friday, Eldredge & Clark, LLP is pleased to announce 27 attorneys have been recognized as “Leaders in Their Field” in the 2020 Chambers USA: America’s Leading Lawyers for Business. The firm is also ranked highly in four categories: Corporate/Commercial, Labor and Employment, Litigation: General Commercial and Real Estate.
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  • Robert T. Smith

    Robert T. Smith

    Banker Beware: Changing Jobs Can Create Legal Exposure for a Banker and His Next Employer

    April 22, 2020
    The flurry of mergers and acquisitions deals in the banking industry over the past several years has created an active market for bankers seeking a better fit at another institution. Anyone changing jobs accepts some risk that the new position will not be as ideal as hoped. While that risk is inherent in any move, bankers and their new employers should consider a few steps to mitigate other risks accompanying the change.
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  • Coronavirus Alert

    Coronavirus and the Impact on Workers Compensation

    April 21, 2020
    While Coronavirus is not an accidental injury as contemplated in the Workers’ Compensation Act, it may be considered an “occupational disease” if it meets the statutory definition for a compensable claim. In Ark. Code Ann. 11-9-601(e)(1)(A), “Occupational disease” is defined as “any disease that results in disability or death and arises out of and in the course of the occupation or employment of the employee or naturally follows or unavoidably results from an injury as that term is defined in this chapter.”
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  • Coronavirus Alert

    Quick Guidance: Review of New SBA Interim Rule & Update to SBA Frequently Asked Questions Issued April 14, 2020

    April 16, 2020
    The Small Business Administration (SBA) recently released a supplement to the Interim Final Rule issued on April 3, 2020, along with an update to its Frequently Asked Questions. The supplemental rule provides guidance for self-employed individuals as well as addressing certain eligibility requirements. This alert contains a review of several pertinent points in the rule and updated FAQs.
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  • Coronavirus Alert

    What Employers Need to Know: Unemployment, Shared Work Program & Other CARES Provisions

    April 15, 2020
    The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides expanded unemployment benefits for those individuals affected by the COVID-19 pandemic. In particular, the CARES Act creates three unemployment programs: (i) Pandemic Unemployment Assistance; (ii) Pandemic Emergency Unemployment Compensation; and (iii) Federal Pandemic Unemployment Compensation. These programs work alongside state unemployment benefits and are fully funded by the federal government.
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