A federal district court has held in Dase v. IRS, 124 AFTR 2019-5281 that jointly-owned property subject to an IRS lien against one of the joint owners only encumbered the tax debtor’s interest in the property. Legal Background: A person’s failure to pay any tax after the IRS makes demand for payment automatically creates a…
On September 24, 2019, the U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The new rule will take effect on January 1, 2020. The final rule updates the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s…
Since 2016, each individual small business owner filing single or married filing jointly is eligible for a “small business” income tax deduction (SBD) against their state income tax liability equal to 100% of the first $250,000 of business income the owner receives or is allocated from a sole proprietorship or pass-through entity (“PTE”). In addition,…
On July 17, 2019, Senate Bill 57, a bill decriminalizing industrial hemp cultivation and permitting possession of CBD oil derived from hemp was passed by the legislature and will be sent to the Governor for signature. Assuming it is signed (which is expected) it will take immediate effect. Currently, the State Board of Pharmacy has…
PS&E is proud to announce that Gabrielle R. Neal (Gaby) has recently joined our firm as an Associate. Gaby will be on our Business Law and Real Estate team where she will concentrate her practice on real estate, business, and municipal law. As an attorney, Gaby has exceptional client communication and negotiating skills. She represents…
There was a time when the most vulgar thing we would come across in commerce was Yosemite Sam’s rants about that flea bitten varmint Bugs Bunny. Well, times are-a-changing, perhaps even more than you think. On June 24, 2019 the US Supreme Court struck down part of a federal law blocking trademarks bearing “immoral” or…
Investing in startup and growth-stage businesses has generally been limited to accredited investors. Accredited investors are individuals with annual compensation of at least $200,000 for the last two years or a net worth of at least $1,000,000 (not counting personal residence). Startups solicited accredited investors primarily because they could offer and sell securities to accredited…
The Ohio Senate unanimously recently passed Senate Bill 8. If enacted, this Bill would create a 10% Ohio income tax credit for Opportunity Fund investments. The maximum amount of such credits permitted under this Bill in the initial two-year period would be $50 Million, with a per applicant max of $1 million. Taxpayers would apply…
As part of its ongoing security review, the Internal Revenue Service announced today (IR-2019-58) that starting May 13th, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An “EIN” is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee…
Senate Bill 57, a bill decriminalizing industrial hemp cultivation and permitting possession of CBD oil derived from hemp was unanimously passed by the Senate on March 28 and moves now to the House for consideration. Hemp and marijuana are related, but actually two different plants. Hemp contains a very low level of tetrahydrocannabinol, (THC) the…