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My Plan is Being Audited! Now What?

Posted by Paul D. Woodard | Mar 14, 2017 | 0 Comments

Contributing Author: Kristine M. Custodio, Advanced Certified Paralegal In my previous blog post, I discussed internal controls that plan sponsors of qualified plans can implement to avoid or mitigate compliance issues before an audit is initiated. But what happens when you receive that dreaded ...

Robo-Advisers

Posted by Corey F. Schechter | Mar 09, 2017 | 0 Comments

Individuals worried about robots taking over their lives may have to make a phone call to their wealth management provider to see if their accounts are being managed by a human being or a robo-adviser. Over the past decade, the use of robo-advisers in handling investments has grown substantially,...

Proposed Tax Deduction for Pet Medical Bills

Posted by Paul D. Woodard | Mar 08, 2017 | 0 Comments

If you own a pet, you know veterinary bills are a costly but necessary part of pet ownership. In California, Pet owners may soon be able to receive a tax deduction for medical costs incurred on behalf of their dogs and cats. On February 16, 2017, Assembly Bill (AB) 942 was introduced to the Calif...

457 plans

Posted by Paul D. Woodard | Mar 07, 2017 | 0 Comments

What is a 457 plan? A 457 plan gets its name from the Internal Revenue Code (IRC) Section 457, which establishes the plan. A 457 plan provides another option for employees to reduce their taxable income while simultaneously setting aside money for their future retirement. Generally speaking, a 4...

Benefit and Social Purpose Corporations

Posted by Paul D. Woodard | Mar 01, 2017 | 0 Comments

In the midst of the Occupy Wall Street movement, California made a move to create a new type of corporation that could operate with the public good in mind. On October 11, 2011, then Governor Jerry Brown signed the Corporate Flexibility Act of 2011 (“Corporate Flexibility Act”), creating two new ...

U.S. Supreme Court Denies Certiorari on Petition Requesting Review of Enforceability of Forum Selection Clauses In ERISA-Governed Benefit Plans

Posted by Corey F. Schechter | Feb 23, 2017 | 0 Comments

On January 17, 2017, the Supreme Court of the United States declined to decide the issue of whether forum selection clauses contained in ERISA benefit plans are enforceable when it denied Certiorari in Clause v. U.S. District Court for the Eastern District of Missouri, 2017 U.S. Dist. LEXIS 719 (...

2017 List of Dirty Dozen Tax Scams

Posted by Paul D. Woodard | Feb 16, 2017 | 0 Comments

Each year, the Internal Revenue Service identifies a “Dirty Dozen” list comprised of a variety of common tax scams that a taxpayer may encounter. Although a taxpayer may encounter the schemes described by the IRS at any time, the IRS notes that the schemes peak during the tax filing season as ind...

6 Reasons to Update Your Estate Plan

Posted by Paul D. Woodard | Feb 15, 2017 | 0 Comments

When major life events take place, government tax regulations change, or if you simply change your mind regarding how you want to distribute your property at death, it may be time to update your estate plan. Finding the time to make those changes can be challenging. However, the good news is that...

Planning for Incapacity

Posted by Paul D. Woodard | Feb 14, 2017 | 0 Comments

In many ways, planning for incapacity is even more difficult than planning for death. Eventually, we all pass away; however, it may be unfathomable to consider a time when we may be alive, but unable to communicate our thoughts or wishes to those around us. Unfortunately, many people will become ...

Revoking or Modifying Your Will

Posted by Paul D. Woodard | Feb 13, 2017 | 0 Comments

Relationships with family, friends and even charities change all the time. At the time you initially create your estate plan, you may intend to leave specific property or assets to a certain individual. However, circumstances may change and you want to change the way your assets are to be distrib...

Are Series LLCs Finally the Next Big Thing?

Posted by Corey F. Schechter | Feb 10, 2017 | 0 Comments

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...

Tax Implications of Marriage

Posted by Corey F. Schechter | Feb 07, 2017 | 0 Comments

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 ...

Risks of 409A Non-Compliance (Pt 2 of 2)

Posted by Corey F. Schechter | Feb 01, 2017 | 0 Comments

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 ...

Special Needs Trust Fairness Act

Posted by Paul D. Woodard | Jan 25, 2017 | 0 Comments

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...

How to Expense Stock Options

Posted by Corey F. Schechter | Jan 23, 2017 | 0 Comments

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...

Business Trends for 2017

Posted by Paul D. Woodard | Jan 18, 2017 | 0 Comments

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...

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