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What is the Difference Between an LLC and an LLP?

Posted by Keith Codron | Feb 27, 2020 | 0 Comments

If you are starting a new business, the type of business entity you decide to establish will have an impact on the extent of personal liability, how the business is taxed, its management, the level of formality required, and many other factors. There are a wide variety of options, which can make ...

Important Considerations for Purchasing a Business

Posted by Keith Codron | Feb 24, 2020 | 0 Comments

Among those who desire to own their own business, many attempt to build a company from scratch. That, however, is not the only available option. Purchasing a company that is already in existence is a valid alternative. If you are interested in potentially acquiring a business instead of starting ...

What is an ‘S’ Corporation … and Should I form One?

Posted by Keith Codron | Feb 20, 2020 | 0 Comments

Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code[1]. T...

Understanding How LLC Members are Taxed

Posted by Keith Codron | Feb 11, 2020 | 0 Comments

Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC's flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed. The LLC enjoys this flexibility because the Internal Revenue S...

Business Succession Planning

Posted by Keith Codron | Feb 10, 2020 | 0 Comments

If you own a small business, developing a succession plan should be a critical element of your strategic planning. Unfortunately, many business owners fail to appreciate the complexities and time involved in successfully transitioning a business from one generation or group to another. Entangled ...

Protecting Your Business Using a Nonsoliciation Agreement

Posted by Keith Codron | Jan 30, 2020 | 0 Comments

For most entrepreneurs, the three essential ingredients in keeping a business running successfully are (1) employees, (2) vendors and (3) customers. When someone with inside knowledge about your employees, vendors or customers leaves the company, the business becomes vulnerable to losing these cr...

Benefits and Risks of Forming a Limited Liability Company

Posted by Keith Codron | Jan 30, 2020 | 0 Comments

If you have decided to start a business and are researching available types of business entities, you may have repeatedly come across the term, “limited liability company” or “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability compan...

Foreign Financial Account Reporting

Posted by Keith Codron | Feb 24, 2011 | 0 Comments

TREASURY ISSUES FINAL REGULATIONS CONCERNING FOREIGN FINANCIAL ACCOUNT REPORTING Final rules have just been issued by the Treasury Department's Financial Crimes Enforcement Network [FinCEN] concerning the reporting requirements for U.S. citizens or residents who, directly or indirectly, hold a ...

When is a Non-Refundable Deposit Refundable?

Posted by Keith Codron | Sep 16, 2010 | 0 Comments

SELLER MUST REFUND BREACHING BUYER'S “NON-REFUNDABLE” EARNEST-MONEY DEPOSIT WHERE NO FINANCIAL HARM INCURRED Recently, a California appellate court, in reversing the Orange County Superior Court, held that a seller may not retain the earnest-money deposit of a buyer who breached a real estate p...

Estate Tax Update

Posted by Keith Codron | Jul 22, 2010 | 0 Comments

On June 17, 2010, the U.S. House of Representatives passed H.R. 5297, the Small Business Jobs and Credit Act of 2010 (commonly referred to as the "Small Business Jobs Bill"). In the last few weeks, since H.R. 5297 was passed, Senate Minority Whip Jon Kyl (R-Arizona) and Senator Blanche L. Linco...

New IRS Regulations Coming for Foreign Trusts

Posted by Keith Codron | Jul 03, 2010 | 0 Comments

Fearful that foreign trusts are being used by "the rich" for tax evasion purposes, IRS is hard at work drafting new proposed regulations covering income tax reporting and filing requirements involving offshore trusts. This disclosure was just made, on June 22, at a Washington, D.C. Bar program ...

Inconsistent Testamentary Instruments

Posted by Keith Codron | May 20, 2010 | 0 Comments

A recent case from Alameda County, California, highlights why it is so important to be clear and unambiguous when drafting testamentary instruments, especially where there are inconsistent dispositive provisions between the documents. FACTS In September, 2002, Bud Krusi, a widower, executed ...

New 3.8% Medicare Surtax on Unearned Income

Posted by Keith Codron | May 12, 2010 | 0 Comments

The Health Care Care and Education Reconciliation Act of 2010 (H.R. 4872), was passed by Congress on March 25, 2010, and signed into law by President Obama on March 30, 2010. H.R. 4872 amended the previously enacted Patient Protection and Affordable Care Act of 2010 (Public Law 111-148), which P...

Whose Mortgage Deduction Is It, Anyway?

Posted by Keith Codron | May 04, 2010 | 0 Comments

SUMMARY As a general rule, in order for interest payments on a home mortgage loan to be deductible, the indebtedness must be the taxpayer's own obligation and not that of another person.  Section 1.163-1(b) of the federal income tax regulations states: "Interest paid by the taxpayer on a mortga...

The Importance of Proper Vesting on Deeds

Posted by Keith Codron | Mar 23, 2010 | 0 Comments

A recent Tax Court decision in favor of IRS highlights the critical importance of proper grantee-vesting on deeds and other instruments of transfer, and the potentially dire tax consequences of improper vesting.  The case involved the joint interest of a decedent's predeceased spouse in two parc...

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