Resources
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Tax Concerns in Purchasing Limited Liability Company Interest
Question: Since limited liability companies do not pay taxes, is there any reason why I should concern myself with the tax consequences of a limited liability company in which I am buying a minority interest?
Using Private Foundations to Defer Taxes
Question: I am selling my business this year and will have significant income to report. I intend to make a meaningful gift to charity and would like the charitable deduction this year but do not yet know how I would like the money earmarked. Are there any vehicles that will enable me to accomplish this?
Lessons Learned from ‘Friendly’ House Sale and Planning for Trial
“True friends stab you in the front,” noted Oscar Wilde, and a recent Illinois decision vividly illustrates the famed playwright’s point. Plaintiffs Brian and Nicole Kelly were not only friends with defendants Larry Orrico and Renae Yockey, they lived two doors down from them in suburban Itasca.
Using A 401(k) Safe Harbor to Enhance Elective Deferrals
Question: I am a 50-year-old sole owner of a corporation, receive $200,000 per year in salary and have one employee who earns approximately $50,000 per year. My employee has no interest in contributing to a 401(k) plan. Am I prohibited from participating in a 401(k) plan?
Publisher Comes to Dead End in Case Against Longtime Rep
Some manufacturers will initially consider a sales rep’s commission claim with sympathy, others with reasonableness, and perhaps most with nervous skepticism. Then there is The McGraw Hill Companies, Inc. (now known as McGraw Hill Financial, Inc.), a leading publisher of elementary school textbooks.
N.Y. Pol Can’t Take Assembly Down With Him
He’s not a big name in Chicago, but Vito J. Lopez is notorious in New York. Once considered among the state’s most powerful politicians, the former chairman of the Brooklyn Democrats and longtime state assemblyman resigned from office in disgrace last year after two more of his ex-staffers filed sexual harassment allegations against the 72-year-old pol.
Receiving LLC Profits Interest to Avoid Taxation
Question: My colleague and I will become equal owners of a new limited liability company we are creating. My colleague will be contributing cash and I will be rendering services in return for our ownership interests. Are there any tax consequences?
Staying Compliant: The Affordable Care Act for Small Businesses
A great deal of the discussion surrounding the Affordable Care Act (“ACA”) deals with large companies and the burden to “big business.” It is estimated that 96% of all businesses in the United States have 50 or fewer employees and employ nearly 34 million workers[1]. For these companies and their smaller counterparts (those having 25 or fewer employees), there is a great deal of confusion about the ACA.
Minor Leaguers’ Salary Lawsuit Poses Major Problems for Baseball
Just in time for spring training, baseball litigation seems to be on the upswing. Exhibit A is the suit filed by three ex-farmhands on Feb. 7 in San Francisco federal court alleging Major League Baseball, three of its teams and the commissioner “have preyed upon minor leaguers, who are powerless to combat the collusive power of the MLB cartel.”
Avoiding Passing Assets to Spouse on Death
Question: I wish for my estate to pass to my children upon my death and bypass my spouse. Are there any obstacles I need to be aware of?