A sales rep legal column that doesn’t speak of terminations or commissions? That doesn’t mention succession planning or tax issues? Not even a state sales rep statute?
What’s left to discuss?
Well, there’s Walter Blockmon III. Or more precisely, the late Walter Blockmon III.
Question: I am a retired executive of a public company and received significant fees during 2020 from serving as a member of the board of directors of other companies. Is it too late to establish a qualified retirement plan to offset my income and, if so, what type of plan should I establish?
A limited liability company (“LLC”) may elect to be taxed as a partnership, a C Corporation, an S Corporation, or as a disregarded entity. Many LLCs elect to be treated as “S Corporations” for federal income tax purposes in order to minimize employment taxes.
The past year has provided us much to reflect upon, including our dependence upon our files and records. Whether telecommuting or working with a reduced staff in the office, it may be time to declutter the office or clean out the file room.
Most states have enacted anti-SLAPP statutes, to protect speech rights and provide an expedited process for the dismissal of SLAPPs with awards of attorney fees and costs to prevailing movants. Some states have broad anti-SLAPP statutes, whereas many are more restricted in scope.
Question: My spouse and I recently loaned our daughter and her husband the full amount needed to purchase a home. None of this was documented. Is there anything we should be doing?
On December 16, 2020, the Equal Employment Opportunity Commission (“EEOC”) issued new guidance for employers regarding the recently approved COVID-19 vaccines and the implications under applicable equal employment opportunity laws, including the Americans with Disabilities Act (the “ADA”) and Title VII of the Civil Rights Act of 1964, as amended (“Title VII”).
On December 11, 2020, Governor Pritzker extended the moratorium on residential evictions, but only as to a “Covered Person” which is defined as a person who (1) expects to earn no more than $99,000 in annual income for 2020 (or no more than $198,000 if filing a joint tax return) or was not required to report any income in 2019 to the Internal Revenue Service or received an Economic Impact Payment pursuant to the Federal Cares Act…
Question: With the 2020 calendar year coming to a close, can you provide some suggestions for tax planning moves to make before year-end?
Question: I have been working from home since the onset of Covid in March of 2020. Am I entitled to an income tax deduction for the business use of my home office?