Business Succession Planning is not Just a Fancy Term
It can mean the life or death of your business. Let’s say you’re an entrepreneur who has created a successful business, one that clearly bears your image. But have you …
Options Available When Gifting to Minors
The following outlines different methods of transferring assets to minors: OUTRIGHT GIFTSA direct transfer, i.e., the transfer of assets into the minor’s name or establishing a bank account in the …
Estate and Gift Tax Planning Discussion Points For 2024
For a list of questions to ask yourself or your clients to determine the need for a business succession plan contact Jeffrey M. Manley at: jmanley@maypotenza.com or at 602.774.3505.
Paperless Processing Initiative: Taxpayers now able to digitally respond to all correspondence
The IRS met the first goal of the Paperless Processing Initiative three months ahead of schedule. Taxpayers are now able to digitally submit all correspondence and responses to notices. The …
Prop 208
On November 3, 2020, Arizona voters narrowly approved (51.75% voting “Yes”) Arizona Proposition 208, also known as the Tax on Incomes Exceeding $250,000 for Teacher Salaries and Schools Initiative (“Prop …
With Blixseth, the Ninth Circuit Relaxes Its Grip on Third-Party Releases
For the last 25 years, third-party releases in chapter 11 plans were thought to be categorically prohibited in the Ninth Circuit. With its recent decision in Blixseth v. Credit Suisse, however, the …
SECURE Act and Your Estate Planning
One area you may want to re-visit at this time is your retirement accounts, such as a 401(k) or an IRA. During the final weeks of 2019, Congress and the …
Trustee Notice to Creditors Protects Beneficiaries
Trusts can be a useful tool in estate planning. Trusts provide the settlor (the “creator” of the trust) with added control over the distribution of his or her life’s work. …
Recent Government Actions in Response to the Coronavirus and their Impact on Lenders and Landlords
Federal, state, and local governments are increasingly taking steps to ease the public health and economic problems caused by the COVID-19 pandemic. Some of these orders and announcements directly affect …
Force Majeure Clauses: Does The Coronavirus Pandemic Provide A Party Grounds To Get Out of A Contract?
Force Majeure Clauses: Does the Coronavirus Pandemic provide a party grounds to get out of a contract? As businesses across the United States measure the economic impact of the Coronavirus Pandemic …