⚠️ CTA Reporting Rule Update – Legal Battle & New Deadlines! ⚠️ The Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) Reporting Rule is back in play, but the legal fight isn’t over. Here’s what business owners need to know: What Does This Mean? 📅 Key Dates to Watch: ⚖️ Potential Legislative Changes 🚨 Take Action: This situation is evolving—stay tuned for…
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(Another) Update – The CTA Saga Continues…
This week brought further developments related to the legal challenge to the Corporate Transparency Act (“CTA”) and its Beneficial Ownership Information Report (“BOIR”) filing obligations. We understand how confusing and frustrating this back-and-forth can be for business owners and their advisors, and we’re committed to keeping you informed. Per FinCEN Alert, 01/02/2025: “In light of…
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CTA + BOI: Does my company qualify for the “Inactive Entity” Exemption??
At the beginning of the year, we discussed the new federal Corporate Transparency Act (“CTA”) that took effect on January 1st, 2024. (Check out that blog here!) In short, many small businesses and its owners were impacted and are required to submit Beneficial Ownership Information (“BOI”) reports. Noncompliance with the CTA may result in steep fines ($500/day + $10,000 for criminal fines), plus a…
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Recent Supreme Court Decision Changes the Game for Small Business Succession Plans…
Has your small business purchased life insurance on its owners as a succession strategy? It may be time to check the company’s buy-sell agreements and plan next steps with your advisors to avoid unexpected estate taxes! A common succession strategy for small closely-held businesses is for the company to buy life insurance policies on the life of…
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PB Law Weekly Round Up! | What to Do (Today!) to Sell Your Business “Someday”…
Even if you’re nowhere close to thinking about retirement, there are things you can implement in your business right now to prepare for way down the road… * Bonus- for Law Firm Owners: building your firm with a goal to sell it someday
Continue reading…6 Reasons Why Hiring an Estate Planning Lawyer Beats Doing-It-Yourself
DIY Will?? In the information age, you can pretty much learn how to do just about any household task- watch a video on YouTube to learn how to build a bookshelf, read one of the thousands of DIY blogs to learn how to install a sprinkler set, or refinish a dresser. With the almost unlimited…
Continue reading…FAQs about Protecting Your Ass(ets)
Asset Protection typically refers to the process of legally protecting your property/estate from potential creditors, including lawsuits and divorce actions. Asset protection planning is all about “putting your eggs in different baskets”, so to speak. We often use various methods and strategies, such as insurance, state & federal “freebies” (i.e. Nevada Homestead Exemption), as well as advanced…
Continue reading…Nevada Asset Protection: Does the “Corporate Veil” Really Protect Your Personal Assets?
Most business owners understand the importance of keeping your business separate from your personal estate. You may have done your homework and weighed your options. Perhaps you’ve even considered the tax and non-tax implications for common business entities. We bet you’re also intrigued by the protections certain business entities (such as Nevada LLCs) afford their…
Continue reading…What is Your Purpose?
Mortality is a bizarre concept to wrap your mind around. When I was 10 years old, my Grandfather suddenly passed away from a heart attack. I was faced with my first encounter with death. It led me to start addressing questions I had about mortality. At one point, I began to cry as the thought…
Continue reading…Spring Cleaning: Helpful Tools for Organization
Spring is notorious for being the season that is most associated with new beginnings and clean slates. The term “Spring Cleaning” is historically linked to a deep cleaning of one’s home, inside and out, due to the effects of Winter. Read more about the historical significance of spring cleaning here. However, Spring is also a…
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