This article reviews the federal rules surrounding deferred compensation paid to either employees or independent contractors. It highlights the distinction in the Tax Code between qualified and nonqualified deferred compensation plans and...
When trying to determine the form of incorporation for your business as well as how you want it to be taxed, you will ideally consider the costs and benefits of the various options. This article adds to this consideration by pointing to a...
Revocable living trusts have surged in popularity as an estate planning tool in recent years. This article explains what these trusts are, why so many people use them to manage their estate and points to important benefits both you and...
Hiring employees for your small business presents a host of new legal challenges; this article aims to provide some guidance through these challenges by providing a checklist of the big issues which can raise legal issues for your business in this...
What is a reseller permit? What does it allow your business to do? If transacting with a counterparty which has a reseller permit, what are your business's obligations? This article focuses on the rules surrounding reseller permits...
When incorporating as a one-person consultancy, what are some legal pitfalls to avoid? This article relates a handful of pieces of advice to help such an operation avoid legal trouble down the road, whether that trouble involve tax issues,...
This article discusses the various options LLC members have for federal income taxation (and states which follow the federal scheme) -- disregarded/partnership taxation, C corp taxation, and S corp taxation.
In California, professional corporations can elect to be taxed as either a C corporation or an S corporation. This article explains some of the ramifications of this choice, and points out that making the election to be taxed as an S...
Filing taxes (either personal or corporate) can be a time-consuming hassle; being audited is perceived as being much, much worse. This article aims to dispel some common misconceptions around IRS audits, both in terms of the frequency...
Marc J. Lane, a Chicago attorney and chairman of the Illinois Task Force on Social Innovation, Entrepreneurship and Enterprise, discusses the risk of environmental benefits if Congress fails to approve energy tax credits.