BGS 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…
Read MoreWhen the Government Goes Out of Business
April 11, 2019 | Scott M. LepakThe North Suburban Hospital District, a political subdivision representing the citizens of Blaine, Fridley, Hilltop, Mounds View and Spring Lake Park, quietly and gracefully ended its long existence on April 10, 2019. The Hospital District was formed in 1960 for the primary purpose of building and initially operating Unity Hospital in Fridley. At the time it was formed and for the next 50 plus years, the Hospital District provided its citizens with a locally focused and stand-alone hospital providing a broad range of services. In meeting its obligation to the citizens of the five cities, the Hospital District contracted with service providers who operated the hospital. In recent years, the Hospital District weaned Unity from relying on tax dollars and did not levy taxes on its citizens. With the advancement and consolidation of health care in the metro area, the Hospital District board determined that it accomplished its mission. Unity is a facility that has been significantly updated. The area is now served by two hospitals as well as multiple clinics providing a broad array of services. Health care is a regional rather than local issue and is less centralized. An individual can now go into their local clinic and receive care that was only provided in hospitals as recently as a decade…
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