According to LegalZoom.com, “If you’re not incorporated, first of all you don’t have the benefit of limited liability... which means that creditors of the business can come after your personal assets instead of the business.” With just a few clicks of a mouse and a small fee, new entrepreneurs can form limited liability entities and protect themselves and their personal assets.
The annual anguish of tax filing may be a bit more painful this year for some taxpayers, as new regulations adopted by the Internal Revenue Service will require an additional form to be filed by taxpayers in every industry.
In 2008, the U.S. economy, and in fact, the world economy, was on the edge of a precipice. Hastened in large measure by loose lending standards, subprime mortgages and declining residential real estate values, IndyMac, the largest savings and loan in the Los Angeles market and one of the largest mortgage originators in the country, failed in July 2008.
Jeffrey Solomon has been admitted as Connecticut PIC of assurance services by New York-based Marcum LLP (FY13 net revenue of $350.2 million). Based in New Haven, Conn., Solomon will additionally be responsible for assurance services to clients of the firm’s Hartford and Greenwich, Conn., offices.
After nearly 1,000 comment letter s, with 350 letters from the construction industry alone, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) published a new joint standard on revenue recognition, replacing most of the
existing guidance and taking a major step toward converging Accounting Principles Generally Accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS).
Although the last two years have brought significant clarity at the state level regarding married, samesex couples’ filing status, many same-sex couples will still be unable to file joint state returns in 2015, leaving them restricted to filing separately or unsure as to their appropriate filing status.
When a trust is a resident trust under a state’s law, the state may tax the trust’s entire income. Double taxation becomes a concern because trust residency laws vary so much among the states that a trust may be considered a resident trust in more than one state, and thus, taxable on its entire income in multiple states.
Just as we should all be going to our family doctors as we get older to make sure we are healthy and in good physical condition, everyone should also periodically have a financial checkup, including a review of your estate plan and your estate planning documents, including wills and trusts.