BGS Attorney David Schaps Receives North Suburban Gavel Association 'Outstanding Volunteer of the Year Award
May 28, 2019 | Barna, Guzy & Steffen, Ltd.Local Government and Employment Attorney David Schaps was recently awarded a North Suburban Gavel Association “Volunteer of the Year” recognition at an event on May 15th at the Roseville OVAL. Dave was among ten award winners from various volunteer and non-profit groups that operate in and around the Roseville Area. Dave was specifically chosen for his significant volunteer and pro bono work with the Roseville Area Optimist Club. The purpose of the North Suburban Gavel Association, founded in 1964, is to facilitate the communication and cooperation of community organization leaders in the north suburban Ramsey County area, to keep leaders informed about community activities, and to recognize outstanding volunteers. There are currently over 20 community organizations that participate in the Association including groups such as the League of Women Voters, Friends of Roseville Parks, and local chapters of the Rotary, Lions and Optimist Clubs. The North Suburban Gavel Association has given out Outstanding Volunteer of the Year Awards to between 5-10 people in the Roseville community for the past 40 years. Dave was nominated for the award by fellow Optimist Board member and colleague Craig Waldron. Dave’s volunteer work included establishing the Club both legally with the State of Minnesota and growing and serving the Club’s membership, which started with twenty nine founding…
Read MoreBGS Lawyers Brave a Cold Rainy Day for the Women Run the Cities Races
May 20, 2019 | Barna, Guzy & Steffen, Ltd.On Sunday, May 19, despite constant rain and a hypothermia warning, several female lawyers from BGS ran or volunteered at the Twin Cities Orthopedics’ Women Run the Cities races, which start and end at Minnehaha Falls. BGS’s participation in this event is spearheaded by Attorney Tammy Schemmel, a member of MNCREW (Minnesota Commercial Real Estate Women), who serves as a Head Course Marshal for the races. MNCREW established Women Run the Cities in 2007. Women Run the Cities has been voted one of the top races for women in the country, and it is the premier women’s race in all of Minnesota. The race features a 5K, 10K and 10 mile distances. Attorneys Nicole Wiebold and Jennifer Moreau led the BGS four person 5K running team, which also included Jennifer’s daughter and the teenage daughter of another BGS lawyer. Attorneys Karen Kurth and Carole Isakson volunteered as course marshals. Despite the weather it was a great morning! Many race sponsors provided rain ponchos, which were popular and offered needed protection from the soaking rain. Despite the rain and the cold, runners were in good spirits, and the hot coffee and outdoor brunch were in great demand as the runners crossed the finish line. Hats off to all the participants for showing up and…
Read MoreIRS Expands Self-Correction of Plan Qualification Errors
May 14, 2019 | Barna, Guzy & Steffen, Ltd.In 2018, the IRS modified its program for correction of plan qualification failures to significantly increase the fees for getting approval of corrections under the Voluntary Compliance Program (“VCP”). Since that occurred, the IRS has issued expanded permissible self-correction methods under Revenue Procedure 2019-19. This new Procedure provides many new ways in which a plan sponsor may act independently to fix errors to retain the plan’s tax qualification, without IRS filings, user fees, or other involvement. The new procedure permits plans to self-correct failures in two categories that previously required VCP filings: problems with participant loans and plan amendments. 1. In regards to loan failures, the new procedure permits self-correction of loan failures if the failure relates to • A default on loan payments (if the five-year maximum repayment period has not expired); • Allowing participants to have multiple loans even though not permitted under the plan or loan procedure; • Providing a loan when the plan does not permit (which was allowed under the old procedure, and continues under the new); or • The failure to obtain spousal consent (assuming that the spouse is now willing to provide that consent—if not, VCP is required to repair this failure). A loan failure correction of the above can either result in participant avoiding being…
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