Effects of the Tax Law Vary Based on Major Life Events
The one thing that never changes is that life is always changing. The Tax Cuts and Jobs Act (TCJA) has made huge changes to the federal income tax rules for individuals. But how will you, your family, and your business be affected? It depends on your specific...
Misunderstanding of Facts Results in Overvaluation of Fuel Supply Rights
r2 Advisors, LLC v. Equitable Oil Purchasing Co. (In re Red Eagle Oil, Inc.) When the distributor of Exxon-branded fuel ran into financial trouble, it agreed to transfer its rights to supply several retail stores to the defendant in exchange for the latter’s...
Small Business Tax Strategy: Heavy Vehicle Plus a Home Office
Small business owners are often looking for additional ways to lower their taxes. One simple and effective tax planning technique that is available thanks to the Tax Cuts and Jobs Act (TCJA) is to purchase a “heavy” vehicle, work from a qualifying home office, and...
Safeguard Your Company from Defective Product Suits
Does your Maine business deal with products instead of services? You need to make sure to factor in the potential liability for defective product claims. From state to state, laws regarding defective products vary, but in general, a product is considered defective if...
Judicial Appraisal Lacks Valuation Evidence and Gets Dinged on Appeal
Lally Orange Buick Pontiac GMC, Inc. v. Sandhu Although both sides in a Florida judicial appraisal action offered expert opinions on the value of a car dealership, the trial court used a valuation whose author and methodology were unknown. In rejecting the lower...
Be Careful When Setting Up an ‘English-Only’ Policy
When your company’s staff is culturally diverse, it can be tempting to require all employees to only speak English during the workday. You may be thinking it’s easier to promote unity and teamwork when everyone speaks the same language. It may not be legal though....
Move to Exclude Damages Expert at Class Certification Stage Fails
In re Stericycle Financial expert testimony is critical to class actions, which are their own breed of lawsuits. What is still an unresolved issue is whether courts must perform a full Daubert inquiry at the class certification stage. A contract case illustrates the...
Is an Association Health Plan Right for Your Company?
Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement to the benefit of association members and their employees. Last October, the Trump Administration started to develop AHP’s as an...
Will States Conform to the New Tax Rules?
Many state legislatures are now in session. One of the major issues that state lawmakers face this year is whether to conform their state income tax systems to the many changes included in the Tax Cuts and Jobs Act (TCJA). Some states are giving consideration to, or...
Good Reasons to File Extensions for 2017 Returns
This year, the deadline for filing your 2017 individual income tax return this year is Tuesday, April 17, 2018, and the countdown to Tax Day has begun! Currently, many taxpayers are scrambling to wrap things up. But there’s an easy fix if you're among the...