Risk Management

Protecting The Business Owner

Most business owners form an entity through which the business is operated.   Any of the following may have been formed when the company was started:  a corporation, a limited partnership, or a limited liability company (LLC).  One of the reasons to form an entity is to protect you, the business owner, in your individual capacity, […]

Business Law, Risk Management

Asset Protection

In today’s economic environment, people have become more and more concerned about liabilities, asset protection, and securing their future. Many of our clients are concerned that market conditions could cause them to experience economic or financial turmoil that is not within their control. For example, one of my clients did not seem to have any […]

Risk Management

Online Accounts and Your Estate Plan

You may be surprised to know that the provisions of your Will or Trust may not allow for control of your online accounts, such as Google, Facebook, Amazon, iTunes, etc.  When you sign up for an online service, you accept the terms of the Agreement, which governs your use, even after your death.  For example, […]

Estate Planning, Risk Management

Is Severance Considered Compensation?

There has been some discussion regarding the designation of severance pay for tax purposes. Is it considered compensation? The Supreme Court of the United States is hearing a case to determine if a severance payment made to an employee upon termination of employment should be considered compensation subject to FICA and Medicare taxes. If found […]

Income Taxes, Risk Management

IRS Changes for Automatic Gratuities

“Gratuity included” may be a thing of the past for many restaurants.  It is a common practice for a restaurant to add an 18% gratuity for parties over 6 people.  Starting in January 2014, these automatic gratuities will be treated as wages paid by the restaurant to the server and subject to payroll taxes.   According […]

Income Taxes, Risk Management

Identity Theft Plan

Beginning June 1st, 2010, a business that extends credit is required to develop a plan to identify and prevent identity theft. The Federal Trade Commission (FTC) is responsible for enforcement of this rule. The requirement to develop a written plan applies to obvious institutions that extend credit, such as banks and credit card companies, but […]

Risk Management