Firm News

Business Tax Planning and Transactions

Important Information on the Corporate Transparency Act Reporting Requirements in the United States

A photo of a woman typing on a laptop, featuring overlays of various applications.

There is a significant regulatory development that may impact your business operations—the Corporate Transparency Act (“CTA”). Enacted as part of the National Defense Authorization Act for Fiscal Year 2021, the Corporate Transparency Act introduces new reporting requirements for beneficial ownership information (“BOI”), aimed at enhancing corporate transparency and preventing financial crimes. Overview of the Corporate Transparency Act The Corporate Transparency Act mandates that certain entities disclose BOI to the Financial […]

KJMLAW Partners, Attorney Michael O’Connor assisted our client Warp2Biz, a Southern California-based internet service provider, in its sale to Gigstreem, a leading provider of high quality residential and commercial broadband networks nationwide. David Hellmold, CEO of Warp2Biz, who will be joining the Gigstreem executive team and leading its commercial sales efforts said, “Joining forces with Gigstreem provides us with the opportunity to deliver even greater value to our customers and […]

The Golden Gate Bridge at sunset, with the sky painted in shades of orange and pink

Last week Kevin J. Moore attended the NYU 78th Institute on Federal Taxation in San Francisco. This conference covered the most advanced tax issues, offering participants a clear understanding of the key issues affecting their clients or business and presenting planning ideas that can immediately be used in practice. The Institute also provided the perfect setting to meet practitioners from all around the country. The range of attendees included: attorneys, […]

A tax professional computing figures with a calculator at his desk in front of a laptop

Kevin J. Moore was recently quoted in MSN.com article “10 steps you can take right now to reduce your tax bill”. One of the ways you may reduce your tax liability is through tax-loss harvesting. Tax-loss harvesting is the selling of assets, such as stocks at a loss, in order to offset gains realized on other assets or stocks. In the article, Mr. Moore explains the importance of tax-loss harvesting […]

A photo of the Internal Revenue Service office.

The recent passage of the Tax Cuts and Jobs Act (TCJA) increased interest in C Corporations. The Act permanently reduced the federal income tax rate on C Corporations from 35% to 21%. The widespread media coverage has led company founders, shareholders, and investors to ask whether they would benefit from being a C Corporation. There is another less publicized provision of the IRS Code that may also benefit shareholders of […]

A world map glowing with city lights background

Whether you have funds in an offshore account, generate foreign business revenue, or invest outside of the United States, your activities are likely to require special care and handling to stay in compliance with Internal Revenue Service regulations. If you have control of foreign income and you aren’t readily familiar with the acronyms FBAR, FACTA, OVDP, and SFCP, it’s time to seek professional assistance. While your immediate impulse may be […]

A photo of different foreign national flags waving in the wind.

In 2012, foreign nationals conducted about 17 percent of real estate transactions in California. They may have engaged the professional assistance of real estate agents and brokers to streamline the purchase process but without thoughtful attention to legal details around international tax planning strategies, they may be putting their U.S. assets at risk of significant gift and estate tax consequences – often to the tune of 40% of the property […]

Corporations 101: Double Taxation, Write-Offs, and Fringe Benefits

My corporations 101 series, which began with a look at roles, responsibilities and structure, continues. Let’s talk today about C corporations and money matters. When you create a C corporation, you’re establishing an entity that is legally independent of its shareholders and managers. The IRS views this entity as a “legal person” that can do business and make contracts. Most big brand companies are C corporations, and for good reasons: They […]

Equity, Debt and a Process Called ROBS: Funding a New Business

Let’s say you’ve had an idea for a new venture. Maybe you want to open a cafe specializing in Viennese pastries. Or you’d like to start a writing school offering classes for IT consultants, attorneys and other professionals. Or you want to be a one-man company that plans trips for wealthy clients and travels the world with them. Depending on the business sector and other factors, your funding needs can […]

Corporations 101: Roles, Responsibilities, Structure

How are corporations structured? What must you do to fund them and take money out? How do you set them up? What are best business practices? I’ve talked in previous blog posts about specific aspects of closely held businesses, such as shareholder disputes and the rights of minority shareholders. Today, I want to get back to basics with a series that I’m calling Corporations 101. Let’s start with the first question above: […]

Merchants, Slaves, Peculium: The History of LLCs

The other day, a friend asked me about the history of Limited Liability Companies (LLCs.) I shared with her what little I could off the top of my head: That they have only become popular in this country over the last couple of decades, that the first LLC statute was passed in Wyoming in the late 70s, and that other countries, such as the German speaking ones, have had some […]

A probate court document with a case no. 0142678/021 and a gavel

“You should avoid probate.” This is one the most common refrains you hear when you talk to a wills and trusts lawyer or financial advisor. In fact, they have done such a good job emphasizing the evils associated with the probate process that even sophisticated people mistakenly believe that, once they set up a trust or estate plan, they don’t have to do anything else once someone passes When done […]

Two man and woman dressed in business attire discussing in a workplace environment.

Owners of family-owned and closely held businesses are for good and obvious reasons concerned about taxes. But sometimes the focus on legitimate and legal tax avoidance causes people to forget about asset protection. This is where a Limited Liability Company or LLC can come into play. Without an LLC, a person’s property would be often owned in an individual capacity or in their living trust. And that can lead to […]

Do Good or Make Money? Benefit Corporations Have it Both Ways

It used to be that the business world was divided in a binary manner: for-profit companies on the one side, nonprofits on the other. A company’s purpose was either to make the most money or to do the most good, and entrepreneurs who wanted to seek profits but also act in a socially responsible way had a hard time defending their business practice against shareholder interests. As an answer to […]

Thinking Ahead: Why You Need a Business Succession Plan

Family owned businesses form the backbone of our economy. They create 57 percent of the nation’s gross domestic product and 75 percent of all new jobs, and in California they employ 7 million people. That said, their longterm viability is anything but guaranteed. Only one in three family businesses continues successfully into the second generation and only one out of eight survives into the third. The reason these transitions usually […]

Corporation v LLC: Which is Better For Startups?

You’re the entrepreneurial type. You and your friend would like to open a gym in your neighborhood strip mall. Or you want to sell mini quiches to a couple of cafés around town. Or you’ve designed an app that, with some help from investors, is destined to be the next big thing on the high-tech market. Questions arise: do you need to form a company to pursue your dream? If […]

Firm News

Business Tax Planning and Transactions

Important Information on the Corporate Transparency Act Reporting Requirements in the United States

KJMLAW Partners’ Client Warp2Biz Sells to Gigstreem

Kevin J. Moore Attends NYU’S 78th Institute on Federal Taxation

KJM Quoted in Msn.com Article on Steps to Reduce Your Tax Bill

How To Reduce Capital Gains Taxes

IRS Continues Crack Down on Foreign Bank Account Reporting

International Tax Planning Helps Foreign Nationals Buy Peace of Mind