The Internal Revenue Code defines an IRA as an individual retirement account/ annuity which was acquired because of the death of another person when the recipient was not the surviving spouse. The Judicial Code protects retirement funds and accounts from attachment or execution by judgment creditors. Until recently, Pennsylvania Courts had not addressed whether inherited IRAs were subject to that protection. In June, the Pennsylvania Supreme Court denied an appeal from a January 2022 ruling by the Superior Court of Pennsylvania regarding Inherited IRAs. The issue arose in an Allegheny County garnishment action and was eventually presented before the Pennsylvania… read more »
COVID-19 Update: Families First Coronavirus Response Act
On March 18, 2020, Congress passed the “Families First Coronavirus Response Act,” which provides free COVID-19 testing, increases Medicaid funding, and expands food security initiatives and support for those impacted by the COVID-19 public emergency. The law also provides paid leave and enhances access to unemployment insurance for employees. The key provisions impacting employers are summarized below. Emergency Paid Sick Leave ActThe section of the law entitled “Emergency Paid Sick Leave Act,” requires employers to provide employees with paid sick leave for absences related to COVID-19 until December 31, 2020. Covered Employers: Defined as private employers with fewer than 500 employees and government… read more »
