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Showing 88 posts from 2014.
'Til Death Do Them Part: Creditor Rights
Settling the affairs of a deceased love one is never easy. When the decedent has outstanding debts to credit card companies, mortgage lenders, or other institutions, the process is further complicated. Generally, no one else is legally obligated to repay the debt of a person who has died, but there are exceptions to this rule. For instance, a co-signor on a loan may be liable for the debt under certain circumstances. More >
Bank to strengthen customer relationships through acquisition
The parent company of Green Bank N.A. will be acquiring SP Bankcorp Inc. for $46.2 million in cash. This would amount to a purchase at $29.55 per share. The sale is expected to be finalized during the third quarter of 2014. More >
Trusts Can "Materially Participate" in Businesses
Estate planning attorneys and financial planners now have much-needed guidance about "material participation" and "personal services" as they relate to trusts. The Tax Court recently ruled that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities as losses from non-passive activities. The court rejected the IRS's argument that "personal services" performed in real estate activities must be performed by an individual, not a trust. This ruling is especially important considering the introduction of the "Medicare Tax" which imposes a 3.8% surtax on net investment income (the definition of net investment income includes income derived from a trade or business that is a passive activity to the investor). More >
Resolving disagreements in a closely held business
Those managing closely held businesses are as prone to disagreements with each other as are those managing any other kind of business. However, a closely held business does present a unique series of challenges in that resolution of those disagreements can be difficult to resolve. More >
Businesses, Take Note of New Breach Notification Duty
Kentucky just became the 47th state to enact breach notification legislation. For businesses, that means that there is a now a legal obligation to inform customers when a data breach occurs that could leave them vulnerable to identify theft. No business's security system is safe from hackers. You may recall that in January 2014, Target reported that between 70 to 110 million of its customers had personal information stolen in a widespread data breach during the holiday season. Data breaches, whether big or small, can leave customers exposed to fraudulent activity and cause massive reputational damage to businesses. More >
Charter and Comcast reach deal over Time Warner acquisition
Charter Communications and Comcast have both been seeking to acquire Times Warner Cable. While Comcast eventually prevailed when it made a $45 billion offer for Times Warner, Charter will be able to pick up on some of the subscribers that Comcast is divesting. Charter will also acquire a stake in a company Comcast is spinning out as well. More >
Severance Payments Do Not Escape FICA
If you are an employer or are responsible for payroll taxes at your business, then this post is a must- read. Recently, the United States Supreme Court issued a decision in United States v. Quality Stores, Inc. and declared that lump sum severance payments made to laid-off employees are taxable wages for FICA purposes.[1] This decision was a major victory for the Internal Revenue Service, which has been fighting thousands of refund claims from companies and former employees. Had the Court ruled in favor of Quality Stores Inc., the IRS faced potential refund issuances exceeding one billion dollars. More >
Bank allows itself to be acquired due to slow economy
Insight Bank has been acquired by First Financial Bancorp. With its $6.4 billion in assets, First Financial has 100 branches including ones located in Kentucky. More >
Lost & Found: How Business Owners Should Handle Unclaimed Property
This week, it was announced that Kentucky State Treasurer, Todd Hollenbach, has returned more than $100 million in unclaimed property to its rightful owners during his six years in office. According to Hollenbach, that is more than all the state treasurers combined returned in the 60 years before his administration. That is quiet an impressive statistic. More >
Entrepreneur hopes to make a go of his new company in Lexington
Individuals often start-up a business with a new idea to market, but they often need the additional financing to back it up. These businesses will often seek the assistance of other companies to help them get a start. More >
