Digital Assets: What’s Your Plan?

The state of Kansas recently enacted the Revised Uniform Fiduciary Access to Digital Assets Act.  This act defines a “digital asset” as “an electronic record in which an individual has a right or interest.”  I bet you use a digital asset every single day!  Here are a few examples (and there are many others): Personal…

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Is Your 401(k) Plan Part of a Controlled Group?

You may inadvertently put your 401(k) plan at risk if your company structure includes businesses that have common ownership and not all employees of all the businesses are given the same opportunity to participate in the plan. Under the tax code, businesses that are under common control may constitute a “controlled group.” All of the…

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Quick and Easy Copyright Infringement Risk Management

One of our biggest challenges is encouraging our smaller clients to incur some expense – legal or administrative – to address what we refer to as the Legal Essentials™.  “Compliance and Risk Management” is one of the topics that we emphasize and one of our prior articles discusses enterprise risk management for smaller businesses. So,…

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Before You Put Your Tax Records Away, Focus on Your Estate Plan

The government imposes an annual deadline for collecting a year’s worth of income and asset information and sharing much of it with the government.  You can’t put that off.  Estate planning is easier to put off – you don’t know what your real deadline is, and you’d like to think it is far in the…

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Dust Off Those Records Retention Policies and Do Some Spring Cleaning

It is that season again – time for spring cleaning!  Before you start purging your cabinets, drawers, emails, and files, you should review your company’s Records Retention Policy.  Don’t have one of those?  Well, now’s a good time – before the purge – to establish the guidelines for retaining and discarding the company’s records and…

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Surprise! Your Business Appraiser Just Disregarded Your Shareholder Debt

Your carefully drafted Shareholders Agreement addressed several buyout scenarios. After discussing a formula-based valuation, everyone decided to look to a valuation expert to appraise the business and set the value for the buyout.  The valuation process was left to the professional judgment of the appraiser. But be aware that within the scope of that professional…

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Overtime Rules in Limbo

We last discussed the new overtime rules in August (“What Are You Doing About Overtime?“).  Since then, a new President has been elected, the Department of Labor (DOL) has been blocked from implementing the rules, and the Trump administration is now studying what to do about them. The new rules were scheduled to take effect…

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Are You a Business Owner Without a Succession Plan?

Wikipedia defines succession planning as “a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die.” This definition seems just right, provided the term “leaders” encompasses business owners and managers alike. There are several million privately-held U.S. businesses that are owned by Baby Boomers who are set…

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