Most Recent Attorney’s Blog Posts

  • What to do if you Can’t Pay Your Upcoming Tax Liability
    First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. If you don’t file your tax return, it only makes things worse. If you can, include as much of a partial payment as you can, and consider borrowing the funds for payment. As discussed below, just filing without full payment can save you substantial amounts in filing penalties. More importantly, procedures exist for payment extension and installment payment arrangements which will keep IRS from instituting its collection process (liens, property seizures, etc.). Overview of ... read more
    Source: Mark J KohlerPublished on 2017-03-20By Mark J. Kohler
  • Eight Spring Cleaning Ideas for Your Business
    Don’t ask me why, but my seven year-old daughter is obsessed with the cheesy early 1990’s goodness that is Full House.  Nick at Nite has scheduled a two-hour block of Danny Tanner, Uncle Jesse, Joey and the Tanner girls from 7-9 p.m. most weeknights, and my daughter begs to watch at least one episode every night before she goes to bed. Because there are much worse things she could be asking to watch, we typically oblige.  As such, over the past year or two I’ve endured more than my fair share of Full House catchphrases (think: “Have mercy!” “How rude!” ... read more
    Source: KKOSLawyersPublished on 2017-03-14By Jarom Bergeson
  • Alternatives for Securing Your Loans or Investments
    We often advise clients who want to loan money or participate in an investment to “get adequate security” for their investment. The purpose of getting additional security for your loan is so that you have something else that you can go after if the loan goes south. Ordinarily, if your loan is “unsecured,” it generally means that if the investment tanks, then your only remedy would be to sue the debtor and go through the potentially expensive process of litigation in hopes that you can get a judgment against the debtor, and perhaps most importantly, that the debtor will then ... read more
    Source: KKOSLawyersPublished on 2017-03-07By Lee Chen
  • Quitclaim Deed Versus Warranty Deed, What to Use?
    When it comes to transferring property, such as rental properties into LLCs or our personal residence into a Trust, it can be confusing understanding whether you should use a quit claim deed or a warranty deed. Here is a brief description of each type of Deed and when they should be used. Warranty Deed– A warranty deed transfers ownership and explicitly promises the buyer that the transferor has clear title to the property, meaning it is free of liens or claims of ownership. The terms of a warranty deed should state that the transferor “warrants” and conveys the property.  The ... read more
    Source: Mat SorensenPublished on 2017-03-07By Mat Sorensen
  • Score some Points and Pay Your Taxes by Credit Card
    How many of you build, track and utilize credit card points for personal benefit?  It’s a great tax strategy (credit card point redemption benefits are currently tax free), AND it’s an added bonus when you have to pay one of the most dreaded bills of the year. No matter how you file your income tax return—by mailing a paper copy or electronically—you can pay your taxes using a major credit card or a debit card online. Individuals can make these payments 24 hours a day, seven days a week, using certain cards as long as they follow the proper procedure. ... read more
    Source: Mark J KohlerPublished on 2017-03-06By Mark J. Kohler
  • 10 Reasons why buying your parent’s home and renting it back to them may be a wise move
    There are several ways to handle a parent’s home depending on their particular health or financial situation. At a bare minimum, your parents should have a Revocable Living Trust to ensure the orderly and effectively transfer of the home to the family and avoid probate in states where the expense is significant.   However, some of you may have alternative goals and purchasing the home to rent back to your parents could be a wise strategy.  With a simple transaction, your parents could gain immediate access to their home equity, stay in the home, and you’d pick up some generous new ... read more
    Source: Mark J KohlerPublished on 2017-03-06By Mark J. Kohler
  • Real Estate Investor Escapes Criminal Charges: Legal Factors When Raising Money from Others with Promissory Notes
    Thousands of real estate deals/projects involve the use of promissory notes as a way to raise money to fund the project.  If you are raising capital for a real estate project using promissory notes and you assume incorrectly that securities laws do not apply to your deal/project, you could be fined or possibly end up in an orange jump-suit. In a recent California case called People v. Black, the California Court of Appeals was asked to whether a promissory note in the real estate deal (an investment in land in Idaho) was a security.  Needless to say the project/deal did not ... read more
    Source: KKOSLawyersPublished on 2017-02-28By Kevin Kennedy
  • Just “Having” an S-Corp May Not be Enough
    Just “having” an S-Corporation may not be enough. It’s important you make sure to reap the tax and legal benefits of your S-Corp if you’re going to set one up. If you routinely read articles in this space or have heard any of our attorneys speak around the country, you are probably aware that we are big fans of the S-Corporation structure as a way for folks who own and operate small operational businesses (i.e. ones where they are selling goods or services and are not someone else’s W-2 employee) to get some limited liability protection and (probably more importantly) ... read more
    Source: KKOSLawyersPublished on 2017-02-21By Jarom Bergeson
  • New 990-T Filing Rule for Self-Directed IRAs
    The IRS recently released updated the extension rules for 990-T tax returns that are required for certain self-directed IRAs. Form 990-T is a tax return that must be filed by an IRA when it receives what is known as unrelated business taxable income (“UBTI”). For a description on UBTI and 990-T returns in general, see my prior article here. The new rules allow an IRA to receive a automatic 6 month extension of time to file by filing IRS Form 8868. Previously, IRAs required to file a 990-T, were only allowed an automatic 3 month extension. The new extension procedures were released ... read more
    Source: Mat SorensenPublished on 2017-02-21By Mat Sorensen
  • Who’s Liable- The Landlord or the Tenant?
    We have many clients that own residential rental and commercial properties and lawsuits involving landlords continue to happen throughout the country, and will continue so long as someone is willing to ‘rent a room’ and someone is likely not to pay or damage something. However, the question then becomes…who’s liable when something goes wrong.  As you can imagine a lot of finger pointing takes place and it can oftentimes be difficult to see who is in the right. Thus, history has taught one of the most important lessons of all- “learn from the past”.  As such, I have compiled a ... read more
    Source: KKOSLawyersPublished on 2017-02-14By Kevin Kennedy
1 2 3 8