If you own a business or own commercial or residential investment property, you should definitely consider setting up a business entity such as a corporation or limited liability company. However, you should probably keep your personal assets such as your house, stocks, etc. out of the company you set up. Use the company only for… Continue Reading
Author Archives: John
Small Business Saturday
Wow!! Holiday shopping season is upon us again. November 29 is Black Friday. But Saturday, November 30 is Small Business Saturday. As many of our clients fall into the category of a small business, this is an important day for them. We have a shortened shopping season this year so every day counts and unlike… Continue Reading
Bankruptcy can’t save Executor
A bankruptcy cannot save an Executor. Executors are generally personally liable for estate taxes if they distribute property to beneficiaries before paying an estate tax obligation. And, according to at least one case, the executor may not discharge that personal liability in a later bankruptcy. Carroll v. United States, 2009-2 USTC par. 60,577 (May 6,… Continue Reading
Asset Protection 101: Be Careful With Joint Accounts
Many people set up joint accounts with spouses, children, elderly parents or business partners. But beware. If that joint account owner has a divorce, a tax lien, or gets garnished after a lawsuit judgment, all of the money in the account(s) may be exposed. In the case of spouses, joint accounts are not necessarily an… Continue Reading
Business and Obamacare
How does Obamacare affect your business? There is a new government website at Business.USA.gov/healthcare that offers employers information and educational materials on how the Affordable Care Act will affect their businesses. Among other things, the site provides businesses with content on tax credits and other provisions in the law. The site can help you learn… Continue Reading