Archive for Business
2011 Year End Tax Letter
December 7, 2011 Dear Tax Clients: As the 2011 tax year comes to a close, now is the time to review your financial situation and determine what tax planning opportunities exist to decrease your 2011 taxes. We are ready to help you plan efficiently and effectively for 2011 and future years. Individual Income Tax While [...]
Be Careful With Independent Contractors
We recently faced an issue with a Client who used independent contractors for a temporary job in another state and was assessed severe per-day penalties for misclassifying workers that the state considered employees. The issue was settled to the Client’s satisfaction. While that state has stricter independent contractor restrictions than Georgia, many states are looking [...]
Beneficiary Designation Forms
This is a reminder to clients of the importance of executing designated beneficiary forms for your retirement plan accounts. If no designated beneficiary form is executed, the plan administrator will determine who receives the death benefit based on the plan document, which often names the spouse, or, if none, then the estate of the participant [...]
New Immigration Bill Impacts Georgia Employers
By C. Allen Yates, Esq. ***UPDATE: The United States Supreme Court has upheld an Arizona statute requiring that business use the federal E-Verify database to screen new hires similar to Georgia’s HB87!*** On May 13, 2011, Georgia Governor Nathan Deal signed House Bill 87 into law. HB 87 is designed to tackle a litany of [...]
Urgent: Update Your Non-Compete Agreements to Take Advantage of New Law
Until now, there were no clear rules governing “non-competes” (a provision typically found in employment agreements and similar contracts that restrict one parties ability to compete against the other) in Georgia except for a hodge podge of case law that made it extremely difficult for employers to rely on non-competes. In December 2009 the Georgia [...]
Beware of Solicitations to File your Company’s Annual Minutes!
It has come to our attention that various companies operating under names such as “Annual Minutes Disclosure Services” and “Compliance Services” have been sending our clients solicitations to file annual minutes. Although the form and instructions appear official, these companies are not associated with the Georgia Secretary of State. If you complete the form and [...]
Roth IRA Conversions: Additional Planning Considerations
As mentioned in our first article on Roth IRA conversions, the income limits have been eliminated for Roth IRA conversions in 2010 and 2011. This article will provide some additional planning opportunities related to Roth IRA conversions. 1. Have a profit sharing plan? You can convert to Roth IRA! Many clients have profit sharing plans [...]
Georgia Covenants Not to Compete Between Franchisors and Franchisees
As is customary of the industry, franchisors typically require franchisees to enter into agreements containing non-competition provisions. In Georgia, these provisions can be extremely difficult to enforce, and both parties are best advised to seek counsel. Gandolfo’s Deli Boys, LLC v. Holman is a recent case which illustrates Georgia’s strict analysis of non-competition provisions and [...]
Deadline Approaching: GA Tax Credit for Tele-Working
Georgia is among the first states in the nation to offer a tele-work tax credit for employers who set up, expand, and maintain tele-commuting programs for employees. Georgia has allotted up to $2.5 million in credits for the 2010 tax year. Up to a $20,000 tax credit can be taken for planning consulting, training and/or [...]
Changes to Florida’s Documentary Stamp Tax
On June 10, 2009, Florida Governor Charlie Crist signed a bill amending the Florida documentary stamp tax (the “transfer tax”) to close a tax loophole for certain real property transfers. In the 2005 case, Crescent Miami Center, LLC v. Florida Department of Revenue, the Florida Supreme Court announced that a transfer of unencumbered property (property [...]