… An exploitative principal angling to replace its longtime independent rep and withhold the commissions due could find a means to escape the statute’s reach by stopping just short of affecting a full termination.
Question: I am contemplating purchasing an interest in a limited liability company as an investment. What tax consequences if any I should be concerned with?
A sales representative typically will review a sales representative agreement twice — at the start of its relationship with a new principal, and then at the end.
Question: Under the new tax law, can I deduct 20% of my S corporation income?
Question: Can you provide some guidance from a tax perspective to my business partner and I on the best structure for a new business we are starting?
Question: My S corporation, previously a C corporation, has historically received rental income from a real estate property. Now that the company’s operating business has been sold, can the S corporation passive income tax on rental income be avoided?
Question: I am selling the stock of my small, closely-held corporation. What must I do to exclude the gain from taxation?
ESTATE PLANNING — BEYOND THE BASIC PLAN DOCUMENTS
Planning for one’s demise or disability is not a favorite human activity. However, even after the will, trust and powers of attorney are finally signed, the estate plan process continues. This article summarizes some of the post-execution matters one should address.
REDUCING COSTS: eDISCOVERY IN SMALL BUSINESS DISPUTES
The Radicati Group estimated that in 2017, the average business user was expected to send and receive 120.4 emails per day./1/ That does not include business text messages, calendar invites, calls, and social media messaging. It’s estimated that humanity doubles the amount of data created every couple of years./2/ Think about that: every two years, we double the digital universe. That’s Big Data.
Question: I was granted incentive stock options and non-qualified stock options from my company prior to the time the company went public. Can you explain the tax consequences and whether I am better off buying and holding the stock or doing cashless exercises?
Question: As a surviving spouse, most of my assets are held in my deceased husband’s bypass trust to which I am entitled to distributions of income and principal. Since I will no longer be subject to estate taxes, is there an advantage to my withdrawing as much money as possible from this trust?
Question: I am one of several members in a limited liability company treated as a partnership for tax purposes which is being sold. If we sell our membership interests to the buyer, can the gain be reported as capital gain?
Question: My father died holding all of his assets in a revocable trust. Must the trust’s tax returns be filed using a calendar year-end?
COURT DECISION LIMITS EMPLOYEE MEDICAL LEAVE UNDER ADA
The Americans with Disabilities Act of 1990 (the “ADA”) is intended to prevent discrimination against persons with disabilities. Some provisions are well understood. For example, employers know that they cannot terminate an employee who suffers from a disability if the employee can perform the essential functions of the job. Other provisions of the ADA are less clear.
ENFORCEABILITY OF CONFIDENTIALITY PROVISIONS IN CONTRACTS
The Donald Trump/Stormy Daniels legal slugfest has placed the issue of confidentiality
provisions front and center. While not many clients call upon their lawyers to negotiate
hush agreements to cover up personal indiscretions, an enforceable confidentiality provision is a key component in many agreements. Parties have varying motives to keep a contract’s terms hidden from public scrutiny.
Question: I have been pondering converting my traditional IRA to a Roth IRA for many years and question whether the new tax law makes a conversion more or less beneficial?
With surprising regularity, principals are taking legally flawed positions when reps must resort to legal action to collect commissions due, particularly following a termination.
Question: My spouse and I are about to divorce. Can I deduct any alimony payments I make to my spouse?
HOW TO GET AROUND THE NEW TAX LAW’S BARRIERS TO CHARITY
In the recently-passed tax reform bill, Congress raised the standard deduction, which is now $12,000 for single filers and $24,000 for married taxpayers filing joint returns. Due to this increase, many Americans will likely elect to take the standard deduction, as opposed to itemizing their tax deductions.
ILLINOIS IS BACK IN THE LLC BUSINESS
For years, small business owners in Illinois have lamented about the high fees charged to Illinois limited liability companies (“LLCs”) in formation, annual reports, and other filings. Especially for individuals with multiple LLCs, such as real estate developers, the costs quickly become significant.
Question: I have historically itemized my deductions on my personal income tax returns, a meaningful portion of which consist of charitable contributions. What if anything can I do now that my charitable contributions will not provide any tax benefit to me?
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?
Sales rep lawsuits commonly seek to recover unpaid commissions following the termination of a rep contract.