Tennessee Appeals Court Straddles Goodwill Issue in Divorce
Lunn v. Lunn, 2015 Tenn. App. LEXIS 515 (June 29, 2015) Tennessee divorce courts seem divided on how to treat the goodwill of a business, specifically on the question of whether to adopt a distinction between enterprise and personal goodwill. The current rule seems to...
Putting ESOPs to Work for You and Your Employees
Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to exit the business and are committed to employee ownership. A business valuation is the first step to determining whether this option makes sense for you. How ESOPs...
The Latest Tax Developments for Partnerships
There have been several significant tax developments that affect Maine small business partnerships in recent months. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we'll...
Protect Your Accounts from Identity Theft and Fraud
There’s no doubt that technology has transformed our lives, from mobile apps to the Internet. It facilitates financial transactions and the transmission of information. But with convenience, it also brings risks. There are weekly news stories about sensitive personal...
Tax Consequences of Borrowing From a Retirement Plan
If you participate in a qualified retirement plan, such as a 401(k), profit-sharing, or Keogh plan, through your job or self-employment, you might be allowed to borrow from the account. It’s important to note that the borrowing option is not available for traditional...
Why Business Owners Don’t Plan for Succession and Why it’s Critical
It can be difficult to plan for your replacement and deal with your mortality, which is why many Maine business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. However, there are many reasons why it’s best to...
Health Savings Account Limits for 2017
Health Savings Accounts (HSAs) involve individuals and businesses buying less expensive health insurance policies with high deductibles, and contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn...
Building the Workforce of Tomorrow Starts Today
A top concern for Maine businesses is attracting and retaining qualified employees. Each year, numerous positions go unfilled, often because job applicants don't have the requisite skills or training. Some proactive employers are tackling the issue with the help of...
How to Wrap Up an Estate
Sometimes, estate proceedings continue to be open for years with no end in sight. If you're an executor or personal representative of an estate, or even an heir, eventually you want closure. There are certain steps that must be taken to close the estate. This article...
Chancery Gives High Marks to Financial Advisor’s Merger Work
In re Dole Food Co., 2015 Del. Ch. LEXIS 223 (Aug. 27, 2015) (Dole III) In sharp contrast to some of its earlier decisions reprimanding financial advisors for generating outcome-driven valuations, the Delaware Court of Chancery recently extolled the conduct of the...