You may have heard that limited liability companies, or LLCs, have fewer recordkeeping requirements than corporations. But if you have formed an LLC, you might now be wondering exactly what those requirements are. Your state’s LLC laws may list certain documents and information that LLCs must keep at their headquarters. But the documents you must keep vary by state, and some states don’t have any LLC recordkeeping requirements at all. Regardless of what your state’s laws say, there are certain documents that all LLCs should hang on to, as a matter of good business practice. Here are nine types of records every LLC should keep:
The loss of employment can be one of the most stressful events in a person’s life. Purchasing a home, while it is a very exciting time, can also be an extremely stressful event. If one loses his or her job, however, while in contract to purchase a home it can certainly be devastating. A purchaser spends many years to save up enough of a downpayment to purchase a home and, in the end, could potentially forfeit his or her life savings upon the loss of his or her job after a mortgage commitment has been issued by a lender. Recent court decisions highlight the various issues and consequences that could exist when a purchaser loses his or her job, particularly after the lender has issued a mortgage commitment and the mortgage contingency under the contract of sale has been met.
Email, Facebook, LinkedIn, Twitter, Instagram, Snapchat, Tumbler, online banking, online shopping, and other forms of electronic communications, comprise our digital footprint. They are seemingly ubiquitous and omnipresent in the life of our business, social, and personal affairs. But, on death, who has the right of access to a decedent’s digital footprint? More importantly, what is the scope of that access? Can a fiduciary figuratively step into the decedent’s shoes and gain full access to the decedent’s digital assets and electronic communications?
This has become a summer of discontent for those trying to sell their homes in New York City’s leafy suburbs — in no small part because of the Trump administration. In affluent enclaves in Westchester County, New Jersey and Connecticut, a federal cap on state and local property tax deductions has begun to bite hard. Longtime homeowners who dreamed of offloading their empty nests are finding their plans complicated by the tax bill, as would-be buyers hold back, expecting sellers to cut their prices. The i
Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects the senate’s newly-proposed tax bill. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law.
Taxpayers who wait until the ink is dry on the sweeping Republican tax-reform plan could leave some money on the table. While the vast majority of changes won’t take effect until January, procrastinators might miss out on key tax breaks before then.
read rest of article here: With tax reform pending, it’s time to consider actions now
On October 19, IRS issued Revenue Procedure 2017-58, announcing inflation adjustments for 2018 for dozens of important figures across the Internal Revenue Code, including the following two key numbers regarding the estate tax, gift tax and generation-skipping transfer (GST) tax
WHAT IS AN HDFC CO-OP? There are plenty of Housing Development Fund Corporation (hence the shorthand, HDFCs) buildings across the city—including rentals—but co-ops are usually what garner interest. The original, best-known types were created several decades ago when the city allowed tenants in buildings with derelict landlords to form co-operatives, take over their buildings, and buy their apartments for $250 apiece, as the New York Times reported last summer (yes, that’s the correct number of zeroes.)
Being a caregiver for someone who has a memory deficit can be extremely challenging. It becomes even more difficult when that person is unaware of their dementia or any other limitations associated with it. Dementia can directly impact a person’s ability to follow directions, can compromise their safety, impedes problem-solving and abstract reasoning. It can cause them to be impulsive or unrealistic about their abilities. There are things you can do and approaches you should avoid as a caregiver facing these parameters.
A Third-Party Special Needs Trust (also referred to as a “Supplemental Needs Trust”) allows parents or other relatives of a special needs beneficiary to dedicate assets to the beneficiary by gift or inheritance without affecting his or her eligibility to receive government benefits and without any need for reimbursement of benefits that are provided by government agencies. Although Supplemental Security Income (SSI) and Medicaid programs require that applicants have limited income and resources in order to be eligible for assistance, assets which are owned by a Special Needs Trust are not counted in determining the child’s eligibility to receive benefits. Rather, the Special Needs Trust allows the beneficiary to enjoy the use of the assets in the Trust while preserving his or her qualification to receive government benefits.