Review Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018
In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership […]
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Social Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016
The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016. The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50. This is the amount of monthly income a spouse who […]
There is No Will; Now What Do I Do?
If your loved one has passed away without leaving a Will, you will now find yourself in the murky area of Voluntary Estate Administration. If someone passes with a Will, there is a “probate” of that Will. If there is no Will, then a qualified person must petition the Surrogate’s Court to be appointed the […]
Start the New Year Right: Keep in Mind Savings Opportunities in your HSA
Do your New Year’s resolutions include increasing your savings? Congratulations, this decision will benefit you and your family greatly. If your employer offers a retirement plan such as a 401(k); this is an opportunity to save for the future using tax deductible dollars and have the protection of a qualified retirement plan. In addition your […]
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Doing Business in Other States- An Overview of Corporate Filing Requirements
Many businesses that operate in New York State will at some point be presented with a business opportunity in another state. Business owners need to be mindful of the corporate filing requirements of other states in which they operate. This blog post provides an overview of the corporate filing requirements that may be applicable when […]
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Why Your Partnership Needs a Formal Agreement
Your Business May Already Be a Partnership Unlike other types of business entities such as a corporation or a limited liability company, a partnership can be formed without any written agreement or filing with the government. New York law defines a partnership as an association of two or more people formed to carry out business […]
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Divorced? Is your Retirement Plan Beneficiary Really Who You Think it Is?
This is not a typical topic for a blog post during a holiday week, but nonetheless it is an issue of which we should all be aware. Going through a divorce can be analogous to the loss of a loved one. The emotional side-effects can be very difficult and the division of assets can be […]
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Implementing Local Legacy Simply
Anne Ruffer is Chair of the Community Foundation’s Professional Advisor Council. She wrote this article for the winter edition of Smart Money, a publication of the Central New York Community Foundation, to give some guidance on incorporating charitable giving into estate plans. In 2010, the Central New York Community Foundation commissioned a study on wealth […]
‘Tis the Season to be…. Careful
As the Holiday season is upon us, it is important to be mindful once again of the importance of safe and sober driving. With what seems like a steady stream of Holiday parties and social gatherings, it is important to remember that “just one more Egg Nog” may be one too many Egg Nogs. Of […]
The Drones are coming!
With the holidays upon us, more people than ever will be receiving the newest drone models as novel and exciting gifts. The U.S. Department of Transportation expects over 1 million drones to be sold this holiday season. But what exactly is a drone, you ask? A drone is an unmanned aircraft commonly referred to as […]