After passing out of committee earlier this summer, two nominees to the National Labor Relations Board – one Republican, one Democrat – were recently confirmed by the full Senate. Even though both nominees have Board experience, the confirmation votes reflected the ongoing partisan contention that has in recent years surrounded the labor agency, with Republican […]
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family’s overall tax bill. These so-called “kiddie tax” rules have gone through several changes in recent years. […]
Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal […]
The changing demographics in the United States and the desire of baby boomers to work longer than earlier generations has led to more older employees in the workforce. That has led to thousands of claims of age discrimination being filed against employers with the EEOC. Consider that in fiscal year 2018, the EEOC received 16,911 […]
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan Basics A participant in an employer-sponsored qualified retirement […]
Protecting a company from attack by third parties intent on stealing money, data — or both — is a constant challenge. Companies must anticipate where the threat is the most severe and defenses are the weakest and dedicate the appropriate resources there. However, given the complexity of a company’s information technology environment, as well as […]
The word “free” attracts attention, generates phone calls, brings customers to websites and can boost volume. In fact, some experts say the word pulls in more business than any other term in advertising. However, businesses are not free to use the word any way they want. Federal and state laws strictly regulate advertising that includes […]
The business experienced a significant decline in gross receipts. A “significant decline” occurs if gross receipts are less than 50% of the gross receipts for the same calendar quarter in 2019.For the purposes of claiming the payroll tax credit, “qualified wages” are limited to the first $10,000 of wages paid to an employee. Thus, the […]
With the different variations of families in today’s modern world, complications can arise as to who has the legal right to inherit assets. In some cases, an adult child will come to a lawyer’s office after a parent has died to discuss the distribution of the estate — only to find out that he or […]
The IRS has largely reopened for business on July 15, with an eye toward high net-worth individuals. The IRS recently announced it will restart its global high-wealth program by commencing several hundred new examinations of high net-worth individuals between July 15 and September 30. IRS audits of individual tax returns showing more than $1 million […]
Let’s say you’ve been summoned to give a deposition. It might send shivers up your spine, but it may be the one time you can tell your story. Only there’s no judge, no jury. A deposition is a strategic tool that lawyers on both sides use to dig for the facts before a case goes […]
Borrowing money from your corporation is a viable way to get your hands on some cash without triggering a current tax liability. Of course, the transactions must be structured as a legitimate loan, with repayment terms and all the necessary paperwork. It’s important to plan ahead when you borrow a large amount of money from […]