The internet has been a game changer for small businesses, allowing them to reach new markets, hire nonlocal talent, and compete with larger companies. You may also have remote team members and vendor partners that are vital to your success. In short, not having an...
What Happens if You Fail to Pay Child Support?
Child support is a critically important obligation between parent and child to ensure and directly support the child’s well-being. However, parents sometimes fall behind on their child support payments because they cannot pay, or in some cases, they do not want to...
Creating Resolution in a Complex Family Law Case
A client came in with a 1991 divorce decree with an unusual provision that required him to pay his ex-wife fifty percent of any inheritance he might receive from his parents in the future. Now, with his mother recently deceased, the client was about to receive a...
How to Keep Your LLC in Good Standing
Starting a new business takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to first determine the best business form for your business and complete the official formation process. Although starting a business is a...
Hobby or Business: What Factors Does the IRS Consider?
There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on the weekends, or collecting classic records. There is no monetary gain—and no...
How to Pay Yourself When You Own an LLC
One significant advantage to organizing your business as a limited liability company (LLC) is the flexibility it provides. For example, the Internal Revenue Service (IRS) allows LLC owners to choose whether their business will be taxed as a sole proprietorship (if you...
Updating Your Estate Plan After the Death of a Loved One: Frequently Asked Questions
What should I do if my chosen successor trustee dies before me? If the successor trustee of your revocable living trust (RLT) dies before you, nothing will happen immediately with respect to how your trust is managed. If you named a backup to your successor trustee in...
How To Dissolve A Partnership On Good Terms
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...
What to Know Before Investing in a Small Business
With the country emerging from pandemic lockdowns and with economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a...
What Employers Should Know about Giving Gifts to Employees
In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications. Employee...