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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...

Are You Planning on Starting a Business in 2017?

Posted by Corey F. Schechter | Jan 12, 2017 | 0 Comments

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 ...

Estate Planning in 2017

Posted by Paul D. Woodard | Jan 10, 2017 | 0 Comments

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...

Start the 2017 Tax Year Off on the Right Foot

Posted by Paul D. Woodard | Jan 05, 2017 | 0 Comments

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...

Does ERISA Cover Your Church Plan?

Posted by Corey F. Schechter | Jan 03, 2017 | 0 Comments

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...

Mileage Reimbursement Rate Decrease

Posted by Paul D. Woodard | Dec 28, 2016 | 0 Comments

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...

The Importance of Preparing Corporate Minutes

Posted by Paul D. Woodard | Dec 22, 2016 | 0 Comments

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...

Year End Tax Planning Strategies for Small Business

Posted by Paul D. Woodard | Dec 19, 2016 | 0 Comments

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...

IRS Tax Audit Help – Red Flags to Avoid

Posted by Corey F. Schechter | Dec 16, 2016 | 0 Comments

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 Benefits Increase in 2017

Posted by Paul D. Woodard | Dec 15, 2016 | 0 Comments

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 Intestate Can Rip Families Apart

Posted by Jennifer V. Gateb | Dec 14, 2016 | 0 Comments

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...

Why Every 20-Something Should Have a Will

Posted by Paul D. Woodard | Dec 13, 2016 | 0 Comments

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...

2017 Retirement Plan Limits

Posted by Paul D. Woodard | Dec 09, 2016 | 0 Comments

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 ...

Don’t Forget to Take Your 2016 RMD!

Posted by Jennifer V. Gateb | Dec 08, 2016 | 0 Comments

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...

Why You May Need a Trust

Posted by Jennifer V. Gateb | Dec 07, 2016 | 0 Comments

Many people limit their estate planning considerations to making a will. While a will may allow your estate to avoid probate, a trust may be a better estate planning tool depending on your circumstances. A living trust may provide additional flexibility for estate planning that a will does not of...

Tax Tips for 2017

Posted by Paul D. Woodard | Dec 05, 2016 | 0 Comments

Many people are finally getting ahold of the tax changes that went into effect on January 1, 2016. While we still have a few months before most people have to file their personal income taxes, the new year is less than a month away. Before you can make tax and financial plans for the next year, i...

What Does The Term Gray Divorce Mean, How Can It Impact Your Retirement Assets, And What Can You Do To Protect Yourself?

Posted by Corey F. Schechter | Dec 02, 2016 | 0 Comments

Contributing Author: Dianne Schechter The phrase “Gray Divorce” refers to divorces involving spouses over the age of 50 and who are typically members of the Baby Boomer generation.  While the overall divorce rate has declined over the past 20 years, it has dramatically increased for this segment...

Top 10 Tax Incentives for ESOPs

Posted by Marc S. Schechter | Dec 01, 2016 | 0 Comments

ESOPs (Employee Stock Ownership Plans) can benefit you, your employees and your company. In fact, Congress has enacted a series of remarkable tax incentives designed to encourage employers to adopt ESOPs. Of course, ESOPs are not for everyone.  Some business owners are not particularly concerned ...

New Trend to Attract and Retain New Employees

Posted by Paul D. Woodard | Nov 29, 2016 | 0 Comments

On Tuesday November 1, 2016, Staples announced the launch of its student loan repayment plan for its employees. Staples follows the new trend of employers who are offering student loan repayment as a workplace benefit for employees burdened by student loan debt.  Student loan repayment programs h...

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Retirement Plans

We help establish a customized plan that meets regulatory requirements as a tax qualified plan. Following implementation, our attorneys can assist clients and their plan administrator with regular reviews and updates to help with regulatory compliance for the plan's operation, and continued effectiveness in meeting the client's specific goals.

ESOPs

We are dedicated to employee ownership. When you come to us for ESOP services, you receive influential legal counsel who stand beside you to help you stay informed, in compliance, and abreast of the latest developments-all to help you realize your plan goals as fully and effectively as possible.

QDROs

A QDRO is a specially designed court order that is required for the division of retirement benefits in a family law case. Many family law attorneys do not possess the expertise necessary to divide retirement benefits or stock options upon divorce. We have extensive experience in dividing qualified plans, government plans, IRAs and stock options between the employee spouse and non-employee spouse.

Butterfield Schechter LLP provides the information in this website as a service to its clients and visitors to the site. This website is for information purposes only and is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The information in this website is provided "as is," and while the information in this website is updated periodically, additional facts or future developments may affect subjects contained herein, and no guarantee is given that the information provided is correct, complete, or up-to-date. Seek the advice of professional counsel before acting or relying upon any article, form, or information in this web site. To ensure compliance with the requirements imposed by the United States Treasury and the Internal Revenue Service, we inform you that any federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another person any transaction or matter addressed herein. Butterfield Schechter LLP has endeavored to comply with all known legal and ethical requirements in compiling this website. In the event that this communication does not conform with any laws or regulations of any state or country in which it may be received, Butterfield Schechter LLP will not accept legal representation based on this communication from a person in such a state or country. Electronic mail is provided as a convenience in communicating with the attorneys at Butterfield Schechter LLP. Contact by e-mail does not alone create an attorney-client relationship. Please remember Internet e-mail is not secure and messages sent to the firm or any of its employees or attorneys should not contain sensitive or confidential information. Thank you for visiting our site.

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