WHAT TAXPAYERS NEED TO KNOW ABOUT COVID-19

WHAT TAXPAYERS NEED TO KNOW ABOUT COVID-19 As with nearly everything else, the COVID-19 pandemic has affected taxpayers and their upcoming obligations with state agencies and the IRS. A few federal bills have been passed that aim to help U.S. citizens stay financially afloat the next few months, and some parts of those laws affect what is already a busy season for filing taxes. To help clear up some of the Read More

TYPES OF TRUSTS ALABAMIANS USE

TYPES OF TRUSTS ALABAMIANS USE When you are creating your estate plan – something every adult should do – you will find that there are many different tools and documents at your disposal. One estate-planning document that has been gaining in popularity is a trust. This legal instrument is something in which you may place property and assets so they can be easily managed in one place, before and after your death, Read More

WILLS VS. TRUSTS IN ALABAMA

WILLS VS. TRUSTS IN ALABAMA There are many options available to you when you are crafting an estate plan in Alabama, as well as many aspects of your personal estate to consider when you create the plan. You have to think about having enough funds to pay your final income tax and other debts while being able to leave your children, grandchildren, and other loved ones something so they can be set up for success Read More

HOW SARBANES-OXLEY ACT SECTION 404 AFFECTS SMALL BUSINESSES

HOW SARBANES-OXLEY ACT SECTION 404 AFFECTS SMALL BUSINESSES Enron, a prominent energy corporation that was continually recognized as one of America’s most innovative companies and employed tens of thousands of workers, reported over $100 billion in profits in 2000. A year later, it was defunct and heading toward bankruptcy. This collapse was the most prominent of several high-profile corporations that folded in Read More

4 MYTHS PEOPLE BELIEVE ABOUT IRS AUDITS

4 MYTHS PEOPLE BELIEVE ABOUT IRS AUDITS When you think about paying your taxes and filing your returns, most people don’t ever really consider themselves someone who could get audited by the IRS. For whatever reason, we all have it in our heads that audits are only for certain kinds of people and that if we do everything “right,” then there’s no chance of getting that dreaded audit notice in the mail. However, the Read More

UNDERSTANDING DURABLE POWERS OF ATTORNEY

UNDERSTANDING DURABLE POWERS OF ATTORNEY If you are taking an extended trip out of the country, you might want to think about empowering someone to be able to make important decisions about your estate while you are gone. When the time comes that you are not of sound mind and cannot make reasonable decisions for yourself and your wellbeing, you need to have already signed a form designating someone you trust as Read More

STARTING A BUSINESS? HERE ARE THE DOCUMENTS YOU NEED

STARTING A BUSINESS? HERE ARE THE DOCUMENTS YOU NEED There are many reasons why people venture into business. Perhaps it has been your passion since you were young and have now decided to give it a try. Maybe you have experienced a major life change that requires you to think outside the box, like retirement, parenthood, or losing your job. You could also be simply dissatisfied with your current job and believe Read More

AUDITED BY THE IRS? HERE’S WHAT YOU NEED TO DO

AUDITED BY THE IRS? HERE’S WHAT YOU NEED TO DO It happens randomly, but being notified that you are being audited by the IRS can be anxiety-inducing nonetheless. It is even more daunting if you have had trouble with your taxes or finances in the past. The good news is that there are certain steps you can take to better cope with your situation. Here is what you need to do if you are being audited by the IRS. Once Read More

4 DAMAGES THAT CAN BE AWARDED IN A CIVIL SUIT

4 DAMAGES THAT CAN BE AWARDED IN A CIVIL SUIT If you sustain loss or injuries either on your person or on your property because of the wrongful conduct of another person, you may be entitled to compensation. This compensation is awarded in a damages claim through a civil suit. Damages are usually monetary awards designed to return the affected party to their original position, before the damage was done. Here are Read More

SIX REASONS WHY YOU NEED AN ESTATE PLAN

SIX REASONS WHY YOU NEED AN ESTATE PLAN Do you have an estate plan? According to a survey by Caring.com, only 42% of adults have one. An estate plan is a collection of documents that specify how you wish your assets to be distributed once you are gone. Many people think that estate planning is reserved for the super-rich. But this is not true. It can be done by anyone, regardless of your financial status or family Read More