Series LLCs may finally be the next big thing. A Series LLC is a limited liability company that acts as the master LLC with a group of sub-units acting as independent LLCs. There are a number of possible benefits to forming a Series LLC over a traditional LLC; however, there are also additional r...
Contributing Author: Dianne Schechter On December 30, 2016, a California appellate court ruled that the California Legislature's elimination of a public employee's ability to purchase "airtime" did not violate the California Contract Clause. Cal Fire Local 2881, et al. v. California Public Emplo...
Contributing Author: Dianne Schechter Launching into adulthood is never an easy task, but today's young people do have it pretty rough -- at least compared with recent generations. Fallout from the Great Recession has delayed the start of full-fledged careers for many in the millennial generatio...
Couples who decide to get married usually do not consider the tax implications of marriage until it is time to make their first joint filing. While many couples enjoy tax benefits after they are married, others may face greater tax liability. It is important to consider how marriage affects your ...
After asking whether you need a 409A valuation before issuing stock options for your startup, the answer was likely: yes. Still, it is not uncommon for entrepreneurs to reconsider seeking a valuation even after they know that they should. Before foregoing compliance with the tax code, executives ...
Stock options in a startup company can be a valuable form of compensation for employees. Many early startup employees have become wealthy by getting in on the ground floor with stock options that may have been worth little at the time they were granted. However, before issuing stock options, your...
Unfortunately, many people underestimate the abilities of those individuals with mental or physical disabilities. In reality, many people with disabilities are able to handle many of their own affairs and achieve a high level of independence in spite of their mental or physical disabilities. Hist...
Beyond employee salaries, bonuses, and health benefits, some companies offer Employee Stock Options (ESO) to allow the employee to own stock in the company and invest in its future. Stock options may be considered a form of compensation which gives the employee the right to buy an amount of compa...
Today, business owners are trying to figure out what changes may be in store for 2017 and how those changes may potentially impact their company. A recent article from Forbes examines the top trends shaping business in the coming year, which could have an influence on everyone from sole proprieto...
Starting a new business can be an extremely rewarding experience, but it is by no means an easy process. There are countless laws and regulations for operating a business, including at the federal, state, county, and even city level. California is not known for having an overly business-friendly ...
The Protecting American Families Retirement Advice Act – a bill to delay the effective date of the new DOL Fiduciary Rule – was introduced in the U.S. House of Representatives on January 6, 2017. The Fiduciary Rule is a sweeping expansion on the definition of “fiduciary” observed by the DOL which...
Estate planning can be a difficult process for many people to start thinking about. It involves planning for the inevitable day when your assets and property will have to be distributed according to your final wishes. Changes to state and federal estate laws also mean that individuals should regu...
The new year is upon us. We are a few days into 2017 and many individuals and small business owners are wondering how a new year and a new president may impact their tax planning strategies. However, until any tax law changes are put in place, it will be difficult for people to anticipate their t...
Contributing Author: Dianne Schechter The U.S. Supreme Court announced on December 2, 2016, that it will hear three cases that may have a multi-billion dollar impact on the funding of retirement plans for several large church-affiliated hospital systems across the country as well as many other e...
Effective January 1, 2017, the IRS will begin publishing annual Required Amendments List (“RA List”) in lieu of the Cumulative List of amendments that previously applied to qualified retirement plans. An RA List is intended to include statutory and administrative qualification requirements that a...
If you are an employee and your job requires you to do some traveling using your personal vehicle, federal tax law allows you to claim a deduction for the business mileage if you're not reimbursed for the expense. If your employer does provide you with a reimbursement or allowance for business re...
For California businesses, there are many benefits associated with forming a corporation over other types of business entities. Depending on the type of corporation, benefits may include eliminating double taxation on income, sales of stock to fund growth, and other tax and investment benefits. H...
California may be behind many other states when it comes to accessing corporate documents and filings online. However, with the California Secretary of State's updated website, Statement of Information copies are made available immediately through an online search, with a PDF copy available at no...
The end of 2016 is only a couple of weeks away. However, there may still be time to take action to reduce small business tax liabilities. For example, buying necessary equipment for your business by December 31st may allow you to take a big deduction in your 2016 taxes. Under Section 179, busine...
There are few things more frightening to a small business than an IRS tax audit. In the aim to avoid a possible audit, many small business owners are overly conservative with their tax filings; however, this may result in paying more money in taxes than necessary. At the same time, a simple mista...
Social Security and Supplemental Security Income (SSI) benefits are adjusted annually to reflect any increase in the cost-of-living as measured by a change in the Consumer Price Index (CPI). For 2017, the cost-of-living adjustment is 0.3%. As a result, Social Security benefits will increase in 20...
Dying without a will can have a devastating impact on a family. Without a will, property is divided according to state law, without regard to your wishes or expectations. Beloved family members and friends who do not fall under the intestate succession laws could be left with nothing while distan...
Most twenty-somethings do not think they need a will. Many young adults think they only need to worry about a will after they get married. Others think they are too broke to need a will, especially after accumulating thousands of dollars in college loan debt. However, even young people should con...
On October 27, 2016, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2017 tax year. 401(k) Plan Limits for Year 2017 2016 2015 401k Elective Deferrals ...
If you have savings in a tax-deferred retirement account such as a traditional IRA or 401(k), you are required to start taking Required Minimum Distributions (“RMD”) from these accounts after you turn 70 ½ years old. The exact amount of your annual RMD is calculated annually based on your age and...