Archive for Business
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 and non-traditional [...]
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 its [...]
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 not [...]
Reducing Mortality Risk in DGT Sale
Clients often freeze the value of their taxable estates through sales of businesses, family LLCs, family partnerships, or real estate to defective grantor trusts (“DGTs”), which are disregarded for income tax purposes but recognized for estate tax purposes. The value in these transactions is generally that they cause future appreciation of the entity to be outside [...]
Georgia Uniform Securities Act of 2008
On May 12, 2008, Georgia became the 15th state to adopt a securities regulation regime based upon the Uniform Securities Act of 2002 (which was created as a model act by the National Conference of Commissioners on Uniform State Law). The Georgia Uniform Securities Act of 2008 (the “Georgia Uniform Securities Act”), which became effective [...]
Changes to Georgia’s Lien Law
The 2008 Georgia legislature enacted several significant changes to Georgia’s lien law. These changes were effective on March 31, 2009. Failure to comply with these changes could result in the loss of the ability to claim a lien.
First, time periods have changed. Claimants must file their liens within 90 days after completion of the work [...]
Valuation Discounts in Peril
We are very concerned that the window for taking advantage of valuation discounts may be closing. In January 2009, House Bill 436 was introduced by Rep. Earl Pomeroy (D-N.D.), ostensibly to fix the estate tax exemption amount at 3.5 million dollars. However, that Bill also attempts to eliminate valuation discounts for lack of marketability and/or minority interest for [...]