Spoiler Alert: This post contains spoilers from the first episode. HBO has begun airing a show called Succession, which, through some dark humor, provides examples of the importance of a proper estate plan. The first episode introduces us to the Roy family – led by patriarch Logan Roy, who is a media tycoon and about […]
According to a report by the Association of Certified Fraud Examiners, which is the largest global anti-fraud agency, small businesses constitute 31.8 percent of all fraud-related cases reported per year. This is a significantly higher percentage than for larger businesses. The losses for a small business are also amplified due to their relative size and […]
Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]
Your estate plan likely includes formal documents (a will, perhaps one or more trusts) that direct transfers of your property when you die. But those documents won’t identify each and every item to be transferred. Eventually, whoever settles your affairs will find a sentence in one of your documents such as “I leave the rest […]
You have built a successful company. Now you are starting to think about the potential for retirement. Retiring is a bit more complicated when you own the company. Your reputation, core values, personality, and relationships have been integral to growing a successful company. Here is a process to begin outlining your succession plan. Are you […]
Minnesota’s Revised Uniform Limited Liability Company Act (“new LLC Act”) act will take effect this Saturday, August 1, 2015. Any limited liability companies (LLCs) that are newly organized in Minnesota after that date will be subject to the new LLC Act under Chapter 322C of the Minnesota Statutes. Any LLCs that were formed prior to […]
Collecting Final Wages from Your Employer Most of us don’t work for free. If your employer hasn’t paid you all of the wages you’ve earned, then that’s exactly what you’d be doing. What follows is a quick guide on what to do if your employer owes you wages. The rules for wages due to an […]
Oftentimes, on the cusp of starting a new business, a business owner(s) is excited, slightly anxious, and cautiously optimistic about the future. In this haze of excitement, what often is not discussed, considered or even understood, is what happens if the business does not succeed, or, the owner(s) simply wants out. According to the Small […]
The month of January, of course, brings the start of the tax filing season. As such, there are a couple of items to think about. These two particular items are mainly directed at businesses, however, individuals who own rental properties or who are sole proprietors may be impacted as well. 1099 Reporting First, 1099 reporting […]
For 2014 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates in place for 2013. The 2014 individual tax rates are as follows: Tax Rate Income (Single Taxpayer) Income (Married Taxpayers) 10% Up to $9,075 Up to $18,150 15% $9,076 – $36,900 $11,151 – $73,800 25% $36, 901 – […]
This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who are: In a different tax bracket in 2014 than in 2015; Subject to Alternative Minimum Tax (AMT) in one year […]