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Latest Blog Posts

Partnerships and LLCs, Take Heed of New Tax Law

Posted on: April 29th, 2016
Beginning with tax year 2018, all partnerships and limited liability companies (LLCs) taxed as partnerships will be affected by a new federal tax audit law. In 2015, the Bipartisan Budget Act repealed the earlier audit system, known as TEFRA, and replaced it with entirely new taxation audit provisions. It is important for those affected by this change to address certain issues under the new system by taking affirmative action now. Who Will the Law Affect? The new law will affect many small business owners, particularly those who are in a partnership or are members in an LLC that is taxed as a partnership. What Will the Law Require? Several provisions are similar to the old law, but there are at least two major differences which will impact many small businesses. ...

Recent Superstar Death Brings Estate Planning to the Forefront of Discussion

Posted on: April 29th, 2016
The untimely death of superstar Prince has brought a surprising issue to American living rooms: estate planning. If current reports are correct that Prince died without a will, state law and the Court system will dictate who controls and inherits his sizeable estate. It is also likely that taxing entities will take a bigger bite out of his estate - costing his family millions, unnecessarily -- before anyone inherits anything. All of this could have been avoided and there’s an important lesson here for you and your family. Prince died on Thursday, April 21, at the age of 57, in Carver County, Minnesota. He had one half-sister, Tyka Nelson. He also had six half-siblings. Prince was predeceased by both of his parents and two of his half-siblings. He was divorced twice and had no living children. ...

Why Diversity?

Posted on: April 1st, 2016
Most of us have been exposed over the years to discussions in the media around the issue of diversity. The concept is applied to most of the structures of our society -- schools, employers, governmental bodies, and so on. For businesses, the interest in diversity stems largely from legal mandates such as the federal Civil Rights Act. But there is another way to look at the issue. The common axiom "two heads are better than one" speaks to the notion that one person, thinking alone, will likely reach a conclusion that is lacking. If you introduce another person into the thought process, the reasoning goes, they will help prompt and facilitate a broader discussion, bringing in different aspects of the issue, and ideally, a more accurate or useful conclusion will be reached. ...

Pay Off My Mortgage Now or Save More Money?

Posted on: April 1st, 2016
To many people, living debt-free is a lifelong dream. It’s the picture of the easy life. Retired with no debt. . . You may be surprised to learn, however, that debt-free is not always the best decision - particularly if the choice is between paying off a mortgage or using the money more wisely to invest in a future using low-interest rate funds. What? I Shouldn’t Pay Off My House? Most of us don’t have that much extra cash lying around. We simply don’t have the luxury of being able to pay off our family home and maxing out our retirement contributions and investing in a side business. It’s pretty much an either-or proposition. ...

Benefits of a Home-Based Business

Posted on: February 26th, 2016
With the advanced connectivity options available through the internet and associated devices and applications, more and more people are earning a living by working from home. Many of us, however, may be so ingrained in the notion of being employed and reporting to work at a fixed location that we may not be able to envision the benefits of self-employment in a home based endeavor. Test Drive Your Business One of the best things about a home-based business, is that it allows you try out your business concept before investing in office space, employees, and other overhead. These traditional business expenses can put a new business in the red very quickly. ...

Legal Strategies to Avoid Guardianship

Posted on: February 26th, 2016
As senior citizens continue to age, the likelihood increases that they will become physically or mentally incapacitated. Hopefully, people in such a situation have family members who step in and help keep their affairs in order. That is not always the case, however. If no one steps in to help, courts may be petitioned to appoint someone–a guardian–to look after that person’s very existence. This often happens when a person becomes incapacitated by illness and cannot make decisions. What Can I Do? For medical situations, a medical power of attorney - a document that identifies a person of your choosing (your agent) to make decisions for you in the event of your incapacity - should be executed. Your agent can be family member or friend. The key is to make sure it is someone you trust. ...
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