by hoodlawkc | Estate Planning
One of the Hood Law Group’s areas of specialty is the focus on a well thought out and structured estate plan to account for the inevitable event of one’s passing. Unfortunately, end of life planning tends to be an area many people tend to “put off” for one reason or...
by hoodlawkc | Business Law, Business Planning, Tax Law
As mentioned in our last newsletter, the IRS continues to keep a watchful eye over S-corporations, requiring minimum levels of “reasonable compensation” to owners who may be otherwise seeking to downplay compensation for tax avoidance purposes. S-corporation...
by hoodlawkc | Business Law, Business Planning
November of last year, the Bipartisan Budget Act of 2015 was signed into law, repealing the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) audit rules and changing the procedures for partnership audits. The new legislation renders many partnership and...
by hoodlawkc | Business Law, Business Planning
Often, S corporation shareholders serve as officers, directors and employees of their corporation, as S corporations have a small number of shareholders because they are usually family-owned and/or closely-held businesses. This may present a choice for these...
by hoodlawkc | Tax Planning, Estate Planning
Rising costs of college and other higher education over the past several years, coupled with inflation and lack of a matching increase in average salary have made college education out of reach for many families. Baby boomer grandparents are now stepping in more than...
by hoodlawkc | Tax Planning
(U. S. Supreme Court, Slip No. 13–485. May 18, 2015) Brian and Karen Wynne challenged Maryland’s position of “double taxation” in which Maryland refused to credit taxes paid to other states on their county income tax while allowing for the income tax credit against...
