Question: I own an interest in a limited liability company with others through which we operate a professional service business. Our company holds a significant amount of assets largely consisting of equipment, accounts receivable and cash. How can we protect the company assets from creditors in a tax-effective manner?
Question: I own a policy of insurance on my life that I am selling to a third party at a profit. What tax consequences and other concerns do I have?
William Valle’s commission lawsuit against Powertech Industrial Co. Ltd. offers a little bit of everything.
Two versions of a contract, changing commission rates, enforceability questions, and the duty of good faith and fair dealing are all raised in this dispute. (So too is the perennial employee v. independent contractor battle, but that part of their contest will be saved for another day.)
Question: I personally realized a large capital gain from the sale of my stock. Can I avoid or defer the gain by reinvesting some or all of the sale proceeds in a qualified opportunity zone investment?
Former Chicago Ald. Willie Cochran will be sentenced next week.
After admitting helping himself to the proceeds of a donors’ fund earmarked for ward activities, Cochran asked the court for the proverbial wrist slap (six months’ home confinement), rather than the 12 to 18 months in prison indicated under federal sentencing guidelines.
Property owners are receiving reassessment notices with increases of 200% or even 300% on commercial property and apartment buildings. Even those who planned for the reassessment this year never imagined increases on this scale and do not know how to budget for the potential tax increase.
Question: I am buying an insurance policy on my life that contains a long-term care insurance rider. Can I transfer the policy to an irrevocable insurance trust and still benefit from the long-term care feature?
The Vacationing Lawyer.
In concept, it would stir envy for the practitioner contrarian enough to use it as an autobiography title. In practice, it’s an oxymoron.
The reasons why smaller law firms offer significant advantages to companies are well known—this is especially true for businesses that are midsized or emerging. But the following is a primer for in-house counsel when their businesses are facing litigation and need help from outside counsel.
Question: I received a distribution from a limited liability company in which I am an owner representing proceeds from the refinancing of a commercial loan on company property. Can I deduct my share of the interest on this debt?
While sales rep protection statutes vary state to state, most contain a provision invalidating any contract term that would negate or limit the rights provided or would make the contract subject to the laws of a different state.
Question: I am planning to remarry and want my 401(k) plan benefits paid to my children upon my death, not to my future spouse. Do I need a prenuptial agreement to accomplish this?
Staff ace Aaron Nola was headed to salary arbitration weeks ago until he reached a four-year, $45 million deal with the Philadelphia Phillies. “I don’t play specifically for the money,” he actually said after signing his contract, “I play for the love of the game. I play for my teammates.”
After finishing various levels of schooling, training and employment, and upon reaching a certain age, encountering a heretofore unknown activity provokes surprising interest. When that activity is designated with an equally novel term, the curiosity only heightens.
Question: Is there any way to deduct business entertainment expenses after the most recent tax legislation?
Answer: The Tax Cuts and Jobs Act of 2017 fully eliminated deductions for entertainment expenses incurred by taxpayers, effective for tax years beginning after December 31, 2017.
…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.
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: I am contemplating purchasing an interest in a limited liability company as an investment. What tax consequences if any I should be concerned with?
Question: Under the new tax law, can I deduct 20% of my S corporation income?
For reasons I don’t understand, this year’s holiday party has been entrusted to me.
Wait, on second thought, I do understand. I’m in charge of the holiday party by default. No one else wanted to do it. And the party’s decision-making has been rife with conflict.