When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors asking them to pay outstanding balances. Close relatives may also want to know: Who is responsible for paying the mortgage of […]
A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals. 1. Reduced Threshold for Medical Expense Deductions The Tax Cuts and Jobs […]
A shareholders agreement drafted for a privately held company details the rights and obligations of the shareholders. It not only provides guiding principles for running the business today, it lays out the ground rules of what to do if one of the shareholders dies, becomes disabled — or one party wants to dissolve the business. […]
Recent changes in the tax law make 2020 an ideal time to review the beneficiary designations on your retirement accounts. In particular, if you have designated a trust as your beneficiary, the new legislation makes it advisable to revisit that decision to determine whether that designation is still appropriate for your estate plan. Historically, a […]
Have you ever watched a legal television show where the court case wraps up nicely during an hour-long episode? In real life, the process doesn’t move so quickly. Many people are generally aware of what occurs in a civil lawsuit. However, they don’t know the details of what procedurally occurs during one. Before you decide […]
What is the “regular rate of pay” for a nonexempt employee? The answer is needed when calculating hourly overtime wages, which must exceed base wages by 50%. New regulations from the U.S. Department of Labor (DOL) that take effect January 15 update the definition of “regular rate of pay” to guide your overtime pay calculations. […]
On Wednesday, January 15, 2020 at 10:00 AM Pacific (1:00 PM Eastern), Andrew J. Sommer and Megan S. Shaked will present a complimentary webinar regarding “California Employment Law Update for 2020: New Legal Requirements and Practical Compliance Strategies Every HR Professional and Manager Should Know.” 2020 brings significant changes for California employers, from a new test for determining independent contractor status […]
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favourable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it’s not right […]
Under current tax law, the federal income tax rate for C corporations is a flat 21%. Under prior law, C corporations faced a graduated federal income tax-rate schedule with a maximum effective rate of 35%. The flat 21% corporate tax rate is permanent unless Congress passes legislation to repeal or modify it. In contrast, the […]
The Equal Employment Opportunity Commission (EEOC) reports the number of age discrimination claims remains high. The EEOC logged 16,911 such cases during its 2018 fiscal year. Steps to Take What can you do to protect your company against employee lawsuits based on age discrimination? Follow these “common sense” steps. Provide training sessions for various jobs. Establish a […]
If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster than is required under your loan agreement. This can be a powerful way to invest surplus cash. But it’s not right for everyone. Here are some hypothetical scenarios to show […]
When someone dies owning real estate, problems may occur — especially if the individual doesn’t have a will. This article addresses some of the issues that could arise so that you can plan ahead to make the process go smoothly for your heirs. A person can leave real property specifically to someone in a will or […]