Of Interest
TELECOMMUTING EMPLOYEES AND THE TICKING TAX-BOMB DEVELOP A POLICY THAT MANDATES WHERE WORK IS TO BE CONDUCTED AND MANDATE THAT GOOD RECORDS BE KEPT (PART 1 OF 2 PARTS)
Note: This article focuses only on the employee – a subsequent article will focus on tax and liability issues imposed on the employer Background. Because the pandemic has forced many more workers to telecommute compared to what we have seen in the past, there could likely be significant tax implications that you may not be considering. Generally, a state and even a locality (city/county) expects employment taxes if work is done within the state where the employment generally occurs (...
IS REAL ESTATE STILL IN YOUR NAME? YOU ARE EXPOSED!
Owning property is a cornerstone of the American dream, but if it is deeded in your name, you might be opening yourself up to more risk than reward! Cost-cutting and risk avoidance are crucial to a company's success – especially small businesses. Here at Weiss LLP, we have found that transferring one's title to a property, owned in his or her sole name, into a limited liability company (LLC) offers such protection. Benefits to doing so range from avoiding payment of certain taxes otherwise ap...
COURT FIRES WARNING VOLLEY AT FINANCIAL SERVICES BUSINESSES THAT USE AFFILIATED TITLE COMPANIES IN REAL ESTATE SETTLEMENTS
The United States District Court in Maryland has recently ruled that a lender who uses an internal title company for its real estate settlements is on the hook for the title company’s alleged violations of the Sherman Antitrust Act. This ruling could spell bad news for financial services businesses that use owned or affiliated subsidiaries in their real estate settlements, as it indicates that courts may be willing to look bey...
A Changing Landscape: How Tax Reform Has Modified the 1031 Exchange Process
Are you selling a piece of real property and looking for a way to defer the capital gains taxes owed on your investment? Due to the recent 2018 tax reform and the resulting changes made to Section 1031 of the tax code, new issues have arisen that smart sellers and buyers must take into account before deciding that a “1031 Exchange” is wise decision. To put it simply, a 1031 Exchange allows an investor to “defer” paying capital gains taxes on a property when it is sold, as long another ...
Virginia Legislature Enacts Law to Protect Consumer Privacy: Big Consequences for Business Owners
Does your business deal with a consumer’s personal data? Does your business interact with Virginia residents? If so, your business operations could be greatly affected by a new law aimed at protecting consumer privacy. Set to take effect January 1, 2023, the Virginia Consumer Data Protection Act (“VCDPA”) will grant Virginia residents the rights to access, correct, delete, know, and opt-out of the sale and processing for targeted advertising purposes of their personal information. It will...
The New Maryland Trust Act Allows Spouses To Protect Marital Assets From Creditors After Death While Still Avoiding The Estate Tax.
Only married couples may own property jointly as tenants by the entireties. Whenever possible, it is advisable for them to do so. This is because this form of ownership gives each spouse full rights to the property, including the right of survivorship, but does not allow creditors to seize the property if the property is used as collateral for a loan and the spouse who put up the property as collateral dies without paying off the loan. Traditionally, one drawback to this estate-planning appr...
Website Compliance Under the Americans With Disabilities Act (ADA)
Recently, there have been a plethora of “professional plaintiffs” filing lawsuits against clients under the ADA based upon “website compliance;” this is a follow-up by the same professional plaintiffs who filed dozens of ADA lawsuits last winter against some of our clients. The purpose of this article is to advise you to ensure that you ask your web designer if your website is compliant with the ADA. Note: This article does not reflect compliance standards under local laws. For example,...
Secure Act 2.0: Changes To Retirement Plans Are Coming Your Way
If you are a business owner or an employee, your retirement plans may have changed following Congress’s bipartisan $1.7 trillion spending bill, Secure Act 2.0. Inside the bill, which is headed to the President for signing, are provisions directed toward increasing retirement savings and access to 401(k) and other individual retirement accounts for low- and middle-income workers. Some of the key retirement provisions of the legislation include: Starting in 2025, many businesses must enr...
IS YOUR INVESTMENT IN BANKRUPTCY? WHAT IS CLAWBACK AND SHOULD YOU BE CONCERNED? DON’T THROW IN THE TOWEL IF CLAIMS ARE MADE FOR CLAWBACK
Giving Back What You Got? Federal bankruptcy and state insolvency laws permit a bankrupt or insolvent company to “claw back” or recover payments made to investors and third parties. Most understand bankruptcy laws – but beware that all states have some kind of “insolvency laws” which is similar to bankruptcy laws but only applicable to a particular state’s proceedings. Both procedures claw back money and assets in these cases for a variety of reasons. Most important is that, i...
D.C. Wage Payment: Pay the Right Amount and Stay Out of Trouble
If you are an employer in the District of Columbia, your employees are owed certain compensation. To avoid wage disputes and substantial fines, make sure your employees have been properly paid for their work. How much and when do you need to pay your employees? Under the District of Columbia Minimum Wage Act, most employees within the District of Columbia are protected and must be paid the minimum wage. The minimum wage in the District increased to $16.10 per hour on June 1, 2022. Ti...