In the Tax Cuts and Jobs Act of 2017, Congress greatly increased the federal estate tax exemption. The tax bill doubled the federal estate tax exemption to $11.18 million for 2018. At the time of passing the tax bill, Maryland and DC intended to match the federal estate tax exemption amount. DC was set to match the federal estate tax exemption in 2018 and Maryland would match the federal exemption amount in 2019.
An MSA is a Master Service Agreement used by your business that creates a legal relationship between the parties by setting forth the legal terms agreed to by both parties. A SOW is a Statement of Work. SOWs are specific to a job or a client. The SOW establishes the payment terms and project-specific terms for that particular client. The SOW is attached to and governed by the terms of your standard MSA.
Sometimes, individuals confuse a fractional general counsel with in-house counsel because they receive many of the same services from a fractional general counsel as they do from in-house counsel, but the attorney is not an employee of the business nor does the attorney work full time for the company. A fractional general counsel is a part-time attorney who provides on-going legal services for your company at a flat-rate or fixed pricing structure.
Whether you are a new startup, or you have years of business experience, there are easy ways you can screw up your business if you are not careful. Below is a list of the top 10 ways you can cause yourself a lot of grief and potential liability compiled by a trusted Maryland Business Attorney.
Health insurance premiums can be very expensive for a small business. To offset some of that expense for small businesses, The Affordable Care Act provides a small business health care tax credit. The tax credit can reduce the cost of employee health coverage for a small business. If you need assistance with this small business tax deduction or other tax deductions to reduce your tax liability, you can get more information from a Maryland business attorney.
If you have an estate plan, resolve to review the plan with your Maryland estate-planning attorney. If you have no estate plan, resolve to devise an estate plan in 2019 that reflects your wishes and desires for your future and your family.
Garnishments, seizures, and federal tax liens are just a few of the aggressive collection efforts the IRS may take to collect back taxes. A Maryland tax attorney can help you avoid aggressive tax collection efforts. Handling issues related to back taxes without legal counsel could cause the IRS being tougher on you than is necessary.
There are things that you cannot control such as the economy, natural disasters, and the changing needs and desires of consumers. However, you can prepare for some events by purchasing insurance, developing a disaster plan, preparing a business succession plan, and working with professionals such as a Maryland business attorney, accountants, and others to ensure you have adequate plans in place should the unthinkable occur.
Crowdfunding has become a popular way to raise money for a new product or business idea. Investors see crowdfunding as a way to support small businesses while earning money on their investment. However, there are rules and regulations that entrepreneurs and investors should know before participating in crowdfunding. A Maryland business attorney can help you ensure that you comply with the JOBS Act and the subsequent Regulation Crowdfunding adopted by the SEC.
An LLC may elect how it wants to be taxed: as a sole proprietorship, partnership, S-Corp, or C-Corp. Depending on the situation, electing one income tax structure over another income tax structure for an LLC can provide important tax benefits for the company and the owner. Because tax law can be complicated, it's beneficial to discuss your concerns and needs with a Maryland business tax attorney before electing how your LLC should be treated for tax purposes.
Are you interested in purchasing a franchise? Purchasing a franchise offers several benefits, such as name recognition and an established reputation. However, deciding whether a franchise is a good investment for you can be complicated. Below are seven considerations that you may want to discuss further with a Maryland business attorney before entering a franchise agreement.
Are you ready to start a new company? If so, there are several steps you should take as you prepare to begin a new business. The steps you take now to build a strong foundation for your business can greatly impact whether your business is successful. As a Maryland business attorney, I regularly guide clients through the steps of starting a company.
Is your company complying with Maryland’s new minimum wage laws? If not, you could face significant penalties from the Maryland Department of Labor, Licensing and Regulation. If you have questions about the minimum wage increase, a Maryland business attorney can review your company’s policies to ensure compliance with the new minimum wage laws in Maryland.
The Maryland Healthy Working Families Act became effective as of February 11, 2018. Many employers continue to have questions regarding the Act’s requirement for employers to provide employees with ESS time (earned sick and safe leave) to care for themselves or their family members, in accordance withthe requirements of the Act. Consulting with a Maryland business attorney can help ensure you are complying with all provisions of the Act.
Starting a business can be an exciting but nerve-wracking process. Every one of today’s biggest companies started out on the ground floor, and they were often led by people who were unsure about their future prospects.
A Maryland tax attorney can do many things for clients. We are not only called upon when someone has a problem with the Internal Revenue Service (IRS) or other taxing authority. A tax attorney can help you with all matters related to personal and business taxes with two goals in mind – reducing your tax burden and preventing an audit.
Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.
Several events should trigger a review of your estate plan, such as the birth of a child, a divorce, or the death of an heir. Another reason to review your estate plan is a change in the tax code. When Congress passed the Tax Cuts and Jobs Act (TCJA), I received numerous calls from clients with questions about how the changes to the federal tax code impacted their estate plans.
A tax and retirement planning tool used by some individuals has been eliminated with the passage of the Tax Cuts and Jobs Act (TCJA). However, even though we may be losing an effective tax planning opportunity, all is not lost. There are still some ways to use IRA recharacterizations that comply with the TCJA.
The purpose of an Advance Care Directive is to carefully explain how you want medical decisions to be made for you in the event you are unable to make the decisions for yourself. Even though you can locate forms for an Advance Care Directive online, preparing this important legal document without the assistance of a Maryland estate-planning attorney can result in your health care wishes being ignored.