Employees look forward to their time off when they are working 8-12 hours/day in this tough economy. Paid time off (PTO) plans vary on when the time off may be paid or used. Some employers have a use-it-or-lose-it plan that let employees accumulate days, months or even years of PTO, but if they do not [...]
E-tailers are confronting challenges from aggressive taxing states, such as New York, Rhode Island, Arkansas, California, Connecticut, Illinois, and North Carolina. States are pursuing remote vendors to generate tax revenue through legislation, audit, and lawsuits. U.S. Supreme Court cases have required direct or mail order businesses to have a physical presence with a state before [...]
The Patient Protection and Affordable Care Act of 2010 (PPACA) requires employers to report the aggregate cost of “applicable employer sponsored group health care coverage” on employees’ Forms W-2 in Box 12 using code DD. On October 12, 2010, the Internal Revenue Service (IRS) issued Notice 2010-69 to waive the reporting requirements for Forms W-2 [...]
For employers adopting a retirement plan, such as a 401(k) plan, the employer has these plan options: • Individually designed plan, • Master and Prototype plan, • Volume Submitter plan. To ensure that the plan document complies with the Internal Revenue Code, the plan sponsor may request the IRS review the document and issue a [...]
Any employer who passed January 31, 2012 without delivering information statements to their employees, and then to the IRS, that report 2011 exercises of incentive stock options (“ISOs”) and transfers of stock under employee stock purchase plans (“ESPPs”) may be in for some trouble for not following Internal Revenue Code Section 6039. Failure to distribute [...]
Many times people do not file bankruptcy to get rid of their financial worries because they do not ask the right questions to better understand the bankruptcy process. The following answer frequently asked questions about bankruptcy proceedings: What is bankruptcy? Bankruptcy is a proceeding to discharge debt for individuals. Bankruptcy provides a fresh start to [...]
Many people get into financial debt because of legal problems. Individual legal problems can stem from contract disputes or tax problems. Speak with an experienced NY bankruptcy attorney to understand if the type of debt incurred from a legal dispute can be wiped out by filing bankruptcy. A tax debt may not be dischargeable in [...]
After the busy winter holidays it is time for everyone to take a close look at any debt. Credit card bills from gift buying, travel expenses, mortgage, and car payments are screaming to get paid. Unforeseen circumstances such as a layoff, car accident, or cancer have added to the list of creditors. Bankruptcy is not [...]
Three years after Bernard Madoff’s arrest, about $11 billion of the $18 billion in estimated losses has been recovered by Irving Pickard, the Madoff trustee. In 2011, Picard faced legal challenges. First he obtained a court approval of a $7.2 billion settlement by the estate of Jeffry Picower. Picower was a Wall Street investor who [...]
Cellfor, a privately held company headquartered in Vancouver, Canada that supplies conifer varietal seedlings to the forest industry, got a court order granting it protection under the Companies’ Creditors Arrangement Act. An order from Justice Harris of the Supreme Court of British Columbia grants a stay of proceedings against all actions and creditors until January [...]
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