2020 Strategies Newsletter

Focusing on Our Clients: Dr. Alfonso Heras, Bio SB President and CEO

Businesses aim to satisfy customers’ needs, ranging from supplying basic essentials to meeting altruistic goals that can help solve global health problems. The latter is exactly what Bio SB does. In 1998, Dr. Alfonso Heras founded Bio SB to help reduce global cancer mortality rates through refined diagnostics and treatment predictions. According to the World Health Organization, cancer is the planet’s second leading cause of death, but as of 2018, thanks to businesses like Bio SB and its subsidiary, Bio SB Mexico, cancer death statistics have fallen for the first time in modern history.

Thomas Edison stated, “What you are will show in what you do” and this quote unquestioningly describes Alfonso Heras. His distinguished life and career were clearly shaped and influenced by his father’s interest in science and animal husbandry. Pursing related interests, Heras graduated from University of Sonora in Hermosillo, Mexico, with a degree in biochemistry, then went on to earn his Doctor of Veterinary Medicine from UNAM, Mexico City. As a DVM, Heras’ career focused on DNA research and genetic engineering in Mexico’s vast poultry industry. With a growing interest in the field of genetic engineering, Heras sought a Ph.D. in molecular biology and genetic engineering at UCSB. His path became even more directed as he tracked, studied, and became immersed in his advisor’s prominent cancer research.

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Point Of View

By Kirk Stovesand CFP, CPA

Last time I wrote the Point of View my oldest son was 21 and youngest 18. I am happy to say that they are now both out of college and gainfully employed. This alleviates my concerns of them sitting on the couch playing video games all day. I owe the credit to my wife Donna. It has been a great pleasure watching them grow, won-dering what life challenges they will encounter. I always want to be supportive, but at the same time not interfere with their capacity to become more self-aware and inde-pendent; to seek a calling and take full responsibility for their actions.

I’m now finding myself spending more time thinking of what the future could look like for me. Recently, I was fortunate to spend time with a gentleman named George Kinder, who has written many books on the subject of exploring your passions. He came up with three questions. Along with the questions he gave me a couple rules to follow in thinking about them: Answer these in order; Answer for myself, without input from a spouse or significant other. Question #1 I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is… how would you live your life? Would you change anything? Let yourself go. Don’t hold back on your dreams. Describe a life that is complete, that is richly yours. 

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Tax Updates

By Melissa Athougies, CPA, MST

In response to the economic downturn due to the global pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act contains noteworthy provisions aimed at providing relief to individuals and businesses. At the forefront of the CARES Act is the Payroll Protection Program (PPP), which allows the Small Business Administration (SBA) to offer certain small businesses loans that will be eligible for forgiveness. The CARES Act also temporarily rolled back some of the Tax Cuts and Job Act’s (TCJA) provisions that had limited deductions just two and a half years ago. The summary below highlights the income tax provisions of the CARES Act.

Early withdrawals from retirement plans – The CARES Act waives the 10% penalty for early distributions of up to $100,000 during 2020 from IRAs, employer retirement plans, 457(b) plans, and 403(b) annuities for individuals affected by COVID-19. These distributions will be taxed ratably in 2020, 2021, and 2022. The taxpayer can avoid taxation of these distributions by rolling the funds back into an eligible retirement plan within three years.

Waiver of required minimum distributions – The CARES Act waives required minimum distributions from IRAs, employer defined contributions plans, or 403(b) annuities during 2020.

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