On January 1, 2024, the Corporate Transparency Act went into effect. The law creates a nationwide central registry whereby “beneficial owners” of all legal entities, including limited liability companies (LLCs) will be reported. Under the Act, a beneficial owner...
The Employee Retention Tax Credit (ERTC) was established as part of the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses that retained employees during the pandemic. While many businesses have taken advantage of the ERTC program and...
A rabbi trust is a special type of grantor trust that is created by a company and provides a non-qualified employee benefit. Despite its name, it is not limited to use by rabbis. The name derives from the fact that the first known trust of this type was created by...
Owning shares in an S Corporation can present some unique issues when it comes to your estate planning. An S-Corp is a corporation that elects special tax status under the Internal Revenue Code (IRC) Subchapter S. Often a business owner chooses S-Corp status...
The failure of several banks in early 2023 raised fears among many individuals and businesses that their cash deposits were at risk. Most depositors were covered by FDIC insurance but others were not. The best way to protect your cash holdings is to understand the...
One of the first decisions you must make when starting a business is where to incorporate. If you plan to create a corporation (LLC, S-Corp, or C-Corp), you can select virtually any state to incorporate your business. However, you should review your options...