Concerned about previous classification of employees as independent contractors? Why wait for an audit? A New IRS Voluntary Classification Settlement Program (VCSP) allows employers a chance to proactively get into compliance with minimal cost to the employer. Specifically, VCSP allows eligible employers to prospectively treat their workers as employees. Check out this IRS link for more information.
Nell & Associates, S.C. is excited to announce that we are supporting the American Cancer Society’s fight against cancer by participating in a unique fundraising campaign called Daffodil Days.
Daffodil Days is one of the American Cancer Society’s oldest and most beloved fundraising programs, celebrating the Society’s mission to save lives from cancer. Since 1973, the Daffodil Days program has empowered people to help save lives from cancer by raising funds and awareness to help beat the disease. Although the Daffodil Days program involves offering daffodils every spring to donors in appreciation of their contributions, it is about more than just giving and receiving beautiful flowers — it is everyone’s opportunity to share hope for a world with less cancer and more birthdays, where cancer never steals another year from anyone’s life. Thanks to this work, 11 million cancer survivors in America will celebrate a birthday this year!
Please visit our company’s Web site with the American Cancer Society to learn more about this campaign and to donate to the Daffodil Days program. The site includes a list of beautiful items available in exchange for donations, including everything from fresh-cut daffodils to commemorative vases, to an adorable Daffodil Days Boyds® by Enesco® Bear, which is sure to please. By giving daffodils and other beautiful gifts to friends, family members, and even cancer patients, you’re really giving hope because you’re helping the Society save lives by helping people get well and stay well, finding cures, and fighting back against a disease that takes too much.
All orders placed through Nell & Associates, S.C. will be delivered to our office between March 12th and 16th. As soon as we have received the Daffodils we will have them available for pick up at our office anytime between 8am and 5pm, Monday through Friday. Who knows, we may even have some special treats waiting for you when you pick up your lovely flowers! Remember, if you would like to help, but live too far away to pick up flowers you can always choose to donate in the form of a Gift of Hope or Bear Hugs for Hope, both of which will be delivered anonymously to a local cancer patient (see the website for more details).
Every dollar truly counts, especially in times like these when people need our help more than ever. So whether you’re looking for a great way to add some color to your house or office, or you just want to let someone know your thinking about them, we thank you for helping save lives and supporting the American Cancer Society through Nell & Associates, S.C.!
Orders will be accepted through February 22nd. If you have any questions, PLEASE don’t hesitate to contact Ann at 920-339-6377 or AnnM@nalawyers.com.
In a recent article by The Hill, Sam Baker discusses the push by Republicans and economists for the Supreme Court to not separate the healthcare reform into individual mandates. Should the Supreme Court find that the law’s individual mandate is unconstitutional, these groups are asking that it strike down the entire law.
What does this mean for you? The healthcare reform law will affect everyone in the United States. The American Action Forum filed a brief stating their belief that if the Supreme Court finds the individual mandate unconstitutional, but deems that the remaining provisions can still function properly without it, premiums would increase and costs would skyrocket.
The article by Sam Baker illustrates just one of many views on a very complex issue. Click here to read the full article for yourself.
The National Business Institute will be hosting a live seminar on December 16, 2011 for attorneys, paralegals, trust officers, accountants and those of the like. We are excited to announce that our own Attorney Bridget Erwin will be a featured speaker at this Drafting Effect Wills and Trusts Seminar! She will be speaking about basic tax considerations and what you need to know in order to choose the appropriate plan. Click here to read all about Bridget and the other featured speakers.
The NBI Drafting Effective Wills and Trusts Seminar is designed to provide an insight into the fundamentals of preparing estate planning documents, including wills, trusts, and ancillary documents. Attendees will discover the pros and cons of using various types of documents, as well as the tax ramifications involved. It will provide information on how to choose the best planning documents, provide protection for beneficiaries, use revocable living trusts, pour-over wills and durable powers of attorney, reduce your client’s estate tax, use a living will or durable power of attorney for health case and handle ethical issues that can arise in estate planning. Click here to read all about Bridget and the other featured speakers. Click here to read the full overview of the Seminar.
Even though the Wal-Mart case was decided back in June, it’s still making headlines. (Click here if you missed our last post on the Wal-Mart discrimination decision.) On September 16th the San Francisco-based 9th U.S. Circuit Court of Appeals reversed the district court’s decision granting class certification to employees of Costco Wholesale Corp, who alleged discrimination against women. The initial district court’s decision was made in 2007, years before the Wal-Mart class action suit would become an issue. This time, however, the circuit court of appeals ruled that the employees could not file a class action, citing the recent Supreme Court decision on more than one instance. With the precedent set, it will be interesting to see how many more cases are overturned.
A recent article by Schenck (click here to read the entire article) warns us that the IRS has sought and received the cooperation of the State of Wisconsin in identifying land transfers via gifts. The IRS is targeting Wisconsin tax payers to make sure they file gift tax returns and, if necessary, pay the appropriate gift tax.
We always consult our client’s CPA when assisting with real estate transactions and, in particular, when gifting is involved. Many times we utilize a Limited Liability Company to transfer interests in real estate, thus eliminating a transfer tax fee. This would not eliminate the gift tax issue, but would not draw attention to the gift of the membership units under this IRS initiative.
Another issue that has become important to consider is that in the last couple of years reliance on the real estate tax bill’s stated fair market value may not be advantageous in gift tax reporting. We are finding more and more pockets of municipalities or townships that have aggressively assessed properties so that the stated fair market value is much greater than the “willing buyer-willing seller” fair market value. We recently had an overstatement of a residence by $225,000 when comparing the tax bill assessed fair market value versus the actual sale price.
Depending on the total value of your gifts and the future threshold for gift tax exemptions this will be an important issue to address.
An update to an earlier Facebook post (Find the original article here)…. the U.S. Supreme Court this week found that the class action lawsuit potentially affecting 1.5 million female Wal-Mart employees had been improperly certified. Specifically, “Justice Antonin Scalia said the women who brought the case, alleging bias in pay and promotions, failed to point to companywide policies that had a common effect on all women covered by the class action”. While this is a significant blow to the plaintiffs’ case, many insist the fight isn’t over, and they’re not going away. Stay tuned for more….
Click here to read the full story by USA Today’s Joan Biskupic.
Hawkins, Ash, Baptie & Company, LLP recently published an article on “Best Practices for the Construction Industry” that apply to contractors, big and small. It’s a short article that helps remind one of some common sense rules and ideas for bidding and profitability. Check it out for yourself by clicking on the article title above.
