Our regularly updated blog discusses a variety of issues related to business, tax, and estate planning in California. Learn why an estate plan is necessary regardless of age or income, what steps you can take to reduce your tax liability and protect your assets, how to ensure your business remains on a solid legal foundation, and much more.
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Do You Have Employees? This WILL Affect YOU!NOW IT PAYS TO BE SICK IN CALIFORNIA! Date: Wednesday, June 10th, 2015 Time: 9:00 AM – 10:00 AM Location: Goralka Law Firm Training Center: 4470 Duckhorn Drive, Sacramento, CA 95834 Speaker: Dejon Hart, Regional Payroll Specialist Accountant Centric If you only have ONE employee, this will affect you! Effective...
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What Do You Know About POLST (Physician Orders for Life-Sustaining Treatment)?POLST is a physician order (must be signed by a doctor) that helps give seriously ill patients more control over their end-of life care. Produced on a distinctive bright pink form and singed by both the doctor and the patient, POLST specifies the types of medical treatment that a patient...
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Dynasty Trust Provides a Bridge to Keep on GivingWith a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust, you can extend the estate tax saving benefits for several generations, and perhaps indefinitely? A dynasty trust can build a bridge that...
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Tax Paperwork and Other Records: What to Keep, What to TossE-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million individual...
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Consider a GRAT to Transfer a BusinessSuccession planning for your real estate business can be daunting. Along with selecting the right family member or other individual to carry on the business, you must weigh a variety of tax and financial planning issues. Some closely held business owners have found it pays to use a grantor retained...
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Estate Planning Tips for Blended FamiliesBlended families are continuously becoming more common in the United States. This creates special considerations that must be taken into account during estate planning because not planning properly for blended families is a good way to ensure that there will be family feuds over an estate. One of the more...
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S Corps and Partnerships: Beware of Failure-to-File PenaltiesThe S corporation is a popular business structure that's available only to privately held businesses. In fact, approximately 44 percent of small employer firms -- generally defined as companies with fewer than 500 employees -- have elected to operate as S corporations, according to the U.S. Small Business Administration's Office...
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Small Business Reprieve on Health Premium Reimbursement PlansHistorically, companies that wanted their employees to be protected with health coverage, but didn't want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as...
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11 Potential Mistakes to Avoid in Estate PlanningSometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails...
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Tax Savings on the Sale or Transfer of Personal GoodwillIf you're planning on selling/buying a business or transferring a business to a related party, then you need to be aware of the existence of goodwill and the tax effects. The ownership of the goodwill, by either the business entity or a key employee, may affect the tax treatment from...
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IRS Aims to Ground More Offshore AccountsDespite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the "Dirty Dozen" tax scams for 2015 in one fell swoop, the agency is issuing a press release for each one spanning twelve...
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Estate Planning to Minimize Federal Income TaxesThe traditional estate planning approach, aimed at reducing estate tax values, is less relevant for the vast majority of individuals today than it was in the past. The American Taxpayer Relief Act of 2012 (ATRA) provides relatively generous estate tax rates, limits and rules for estates. Older estate plans should...