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Creenan & Baczkowski, PC Law Blog

Friday, December 27, 2019

SECURE Act: How It Will Affect You and the Beneficiaries of Your Retirement Accounts


On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020.

 

The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
Read more . . .


Friday, December 20, 2019

Congress Passes "Secure Act" - Retirement Savings Strategy Must Be Reviewed


On December 17, 2019, Congress passed the long awaited SECURE ACT (Setting Every Community Up for Retirement Enhancement Act of 2019).  

 Link to SECURE Act

Some of the key points:

  • The required beginning date to take RMDs is increased to 72
  • Allowing retirement plans to be effective for current year when amended
  • Reducing the "stretch" to 10 years for most beneficiaries 

 

For ease of understanding the Act (located in Section O of the 2019 spending bill), here is the relevant table of contents.
Read more . . .


Sunday, November 3, 2019

What Records Do Small Businesses Need to Keep for Taxes?


What Records Do Small Businesses Need to Keep for Taxes?

Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business’s tax return. Keeping the proper records is not optional—it is required by the Internal Revenue Service (IRS).

Recordkeeping System

The IRS does not require a specific type of recordkeeping system. Rather, you must simply use one that clearly shows your income and expenses. Although the type of business you own affects the types of records you need to retain for taxes, in general, you should keep records (either hard copies or electronically) summarizing your business transactions.
Read more . . .


Tuesday, October 29, 2019

New Overtime Rules Issued by US Department of Labor


Attention Small Business Owners: New Overtime Rule Issued by the Department of Labor

At the end of September, the Department of Labor issued a new overtime pay rule that will take effect on January 1, 2020. According to the Department of Labor, the new rule will make 1.3 million American workers newly eligible for overtime pay. It is important for small businesses with employees to be aware of the changes to avoid violating the rule by misclassifying their employees, which could result in the payment of back overtime, civil or criminal penalties, and damages.

The Basics

Under the Fair Labor Standards Act (FLSA), employers must pay employees overtime pay (1 ½ times their regular hourly rate) for hours worked exceeding 40 hours in a workweek unless the employees are exempt because they are (1) paid a salary (2) of at least a minimum amount and (3) meet certain tests regarding their job duties.
Read more . . .


Sunday, June 2, 2019

Dealing with Negative Online Reviews of Your Business


Dealing with Negative Online Reviews of Your Business

You’ve worked hard to build your small business. Nothing is more frustrating than negative online reviews, particularly if you feel they are unjustified or have been posted in bad faith. There are several steps that you can take to prevent your business’s reputation from being damaged by unfavorable reviews.

Respond promptly and professionally. More and more potential customers are turning to internet review sites like Yelp or Google My Business when they are making decisions about which businesses to patronize.
Read more . . .


Sunday, April 28, 2019

C&B Resolves Miulti-Million Dollar Construction Defect Case in Favor of School District

The construction litigation team at Creenan & Baczkowski, PC recently obtained court approval of a successful negotiated settlement against the contractor.  The multi-million dollar settlement resulted from C&B persistence in demonstrating the ongoing nature and scope of the structural damages.  

The C&B Team included Jim Creenan, Esquire, Jake Oresick, Esquire, and paralegal Joanne Parise.  


Read more . . .


Sunday, April 28, 2019

PA's "One-Stop Shop" Has Valuable, Free Resources

 The Commonwealth of Pennsylvania's newly updated business resources page- Pa Business One Stop Shop - has many resources for new and existing businesses.

 

The free resources includes: 

  • Free Business Plan Template
  • Workshop and one-on-one business counseling
  • Link to PA funded business programs to help expand your business.

 

 

 


Read more . . .


Sunday, March 24, 2019

To better serve our business clients, C&B becomes a commercial registered office provider


Many small business owners face a dilemma when  starting out - what address should I use for my official business registration?   

Under Pennsylvania law (15 P.S. Sec. 109), entities required to provide a registered office address in any document filed in the Department of State may enter into a contract for the services of a Commercial Registered Office Provider (CROP), and may list the name of the CROP in lieu of providing a registered office address. This option is also available for any corporation or association that does not have a physical location or mailing address in the Commonwealth of Pennsylvania.


Read more . . .


Saturday, October 27, 2018

C&B Supports ACBF Pro Bono and "Jeans for Justice"


Our office supported Pro Bono Month and the Allegheny County Bar Foundation's annual Jeans for Justice fundraiser and awareness campaign.  

 Check out the great things lawyers do to help our communities.

http://www.


Read more . . .


Saturday, September 29, 2018

LaCava Completes Summer Internship


Nicholas LaCava, a rising senior at St. Vincent College in Latrobe, has completed a summer internship with Creenan & Baczkowski, P.C.  We wish Nick the very best as he enters his senior year of college and continues on his path toward law school.

 

Did you know?

From time to time, Creenan & Baczkowski, PC hires students to assist in various aspects of the practice, from data and litigation support, file management, and marketing.
Read more . . .


Saturday, September 29, 2018

Employee Handbook Questions?


Employee Handbooks should give your employees a clear direction on workplace rules and policies.  When properly drafted, maintained, and enforced, these Handbooks can protect a company from employment related liabilities.

 What are the essential elements?  According to www.thehrspecialist.com, these are some of the must haves:

  • Letter from President 
  • Brief History
  • At Will Acknowledgement 
  • Work Hours and Breaks
  • Time off, leave, absenteeism
  • Use of Company equipment, IT, and personal use 
  • Dress code
  • Alcohol and drug use
  • Misconduct and insubordination
  • Sexual harassment
  • Pay procedures, bonuses, reviews
  • Expense reimbursement
  • Probationary period
  • Termination and resignations
  • Benefits
  • Safety Rules

Did you know?

Our Counsel Access Plan members receive an annual review of Employee Handbooks included in the annual service fee.
Read more . . .


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| Phone: 412.675.0940

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