BW INSIGHTS

Do You Need to File a Gift Tax Return?

By Robert D. Hodges & Katheryn J. Thorson | 11.22.2022

The holidays are upon us and even though the holidays may mean more than packages, boxes, and bags, gifting during the holidays can put a twinkle in your eye and thaw your heart as the world slowly freezes over for the winter. But have your dreams of sugar plum fairies been interrupted by the unwelcome thought of gift taxes? No need to bah humbug... Read More

Remote Worker Taxation Considerations: What Employers and Employees Should Understand

By Christopher L. Nuss & Maggie Simonson Schild | 09.19.2022

Since the beginning of the COVID-19 pandemic, remote work has become common in a variety of workplaces and fields. Working from home has become a necessity in some cases, with more and more employees switching to permanent or regular work-from-home arrangements. This unprecedented shift towards remote work has certainly created conveniences for... Read More

What Happens If You Die Without a Will?

By Robert D. Hodges & Katheryn J. Thorson | 09.14.2022

You may have heard that if you die without a will, your property will go to the state. For most cases, this is not accurate. Iowa has an intestacy statute which dictates where your assets will go if you die without a will. Here is a chart to explain where your property would go depending on the family members you leave behind: If you die with:... Read More

IRS Extends Deadline for Certain Required Amendments to Retirement Plans and IRAs

By Cynthia Boyle Lande & Maggie Simonson Schild | 09.13.2022

On August 3rd, 2022, IRS Notice 2022-33 extended the remedial amendment periods for qualified plans, 403(b) plans, governmental plans, and 457(b) plans to adopt certain, but not all, required plan amendments relating to the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the Bipartisan American Miners Act of... Read More

Powers of Attorney: What They Are and Why You Need Them

By Robert D. Hodges & Katheryn J. Thorson | 09.07.2022

Having a power of attorney is essential for the estate planning process. In Iowa, there are two types of powers of attorney available: medical power of attorney (also known as the health care power of attorney) and financial power of attorney (also known as the general power of attorney). Read on to learn more about the differences between these... Read More

Dental Associate: Your First Employment Contract

By Drew D. Larson | 09.06.2022

You’re getting ready to graduate dental school. Congratulations! After years of tests, labs, and working in the clinic, you are looking for the perfect job. Once you have secured a job offer, you are faced with a new challenge—the employment contract. Reviewing your employment contract can be intimidating and because you are so excited to have a... Read More

Considerations for Selling to an ESOP

By Cynthia Boyle Lande & Drew D. Larson | 08.18.2022

An employee stock ownership plan (ESOP) is an employee benefit plan that allows employees to share in the ownership of the company they work for. The shares are held in a trust, established by the company, for the benefit of participating employees. Generally, a company forms an ESOP which then purchases stock from the existing owner(s) at fair... Read More

IRS Issues Revised Revenue Procedure for Late Portability Elections

By Kirsten E. Johanson & Katheryn J. Thorson | 08.08.2022

On July 8, 2022, the IRS issued a revised Revenue Procedure, Rev. Proc. 2022-32, providing for a late portability election to qualifying estates. The new procedure extends the time period in which the simplified method to make a late portability election can be filed. Rev. Proc. 2022-32 allows the simplified method to be used on or before the... Read More

Estate Planning With Pets

By Robert D. Hodges & Katheryn J. Thorson | 08.04.2022

Who will care for your pet after you die? Can you appoint a guardian for your pet? Who will pay for your pet’s care? If you have a pet, these are questions you may have thought about. Fortunately, you can develop a plan for your pets in your estate plan. In Iowa, pets are treated as property under the law. This means that you cannot leave money... Read More

The EPA's Rule Withdrawal Impact on Environmental Due Diligence

By Ellen M. Hames & Karen L. Karr | 07.12.2022

Since our last post, “New ASTM Standard for Commercial Real Estate Phase I Environmental Site Assessments”, the Environmental Protection Agency (the “EPA”) withdrew its direct final rule to adopt the new ASTM E1527-21 standard for the EPA’s “All Appropriate Inquiry” rules. The “All Appropriate Inquiry” rules provide a framework under which a... Read More