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02Apr2018

Your Parent’s Retirement and Contemplating Long Term Care

The average age of a Reston adult is about 40, which means their parents are approaching retirement age. While 40-somethings are focused on career and making sure their kids are getting prepared for college, are they also making sure their parents are prepared for retirement? Our parents will inevitably need some form of long term
  • 2 Apr, 2018
  • suzette blackwell
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19Mar2018

General Needs Trusts – The Grantor’s Role

Effective trust administration requires getting a clear understanding of all parties’ expectations at the outset. As you begin the conversation with your designated trustees, the first thing they will want to know is “What is expected of me?” Generally, the trustee’s role is to administer your wishes as far as distributing the trust assets for
  • 19 Mar, 2018
  • suzette blackwell
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17Jan2018

New Year, New Estate Plan

Like most people, you probably have set all sorts of goals for 2018. Do these goals include: putting a plan in place for who will care for your minor children if you and your spouse passes away? who will make financial and health care decisions for you if you become incapacitated? who will receive your
  • 17 Jan, 2018
  • suzette blackwell
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  • Estate Plan, Financial Responsibility, Proactivity,
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17Jan2018

The New Section 199A Tax Deduction for Business Owners

Rejoice if you operate your business as a sole proprietorship, partnership, or S corporation, because your 2018 income from these businesses can qualify for some or all of the new 20 percent deduction! The new Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many
  • 17 Jan, 2018
  • suzette blackwell
  • 0 Comments
  • Global Law, Qualified Business Income, Tax Deduction,
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17Nov2017

Why are Americans Underpaying Their Estimated Taxes?

According to the Internal Revenue Service (“IRS”), there has been an increase in the number of penalties assessed for underpayment of estimated taxes. Between 2010 and 2015, the number of taxes owed to the IRS increased from $101 billion to $161 billion. In 2010, 7.2 million filers were penalized for underpaying their estimated tax payments;
  • 17 Nov, 2017
  • suzette blackwell
  • 0 Comments
  • Estimated Tax Payments, Global Law, IRS, Quarterly Taxes,
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01Nov2017

IRS Plans to Change Audit Procedures of Partnerships

The Internal Revenue Service (“IRS”) reissued proposed regulations that will substantially change the way it examines partnerships and LLCs treated as partnerships. The regulations govern the assessment and collection of partnership taxes, and are effective for partnership tax years beginning on or after January 1, 2018. While the number of partnership audits by the IRS
  • 1 Nov, 2017
  • suzette blackwell
  • 0 Comments
  • Centralized Partnership Audit, Global Law, Partnership Taxes,
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06Sep2017

IRS Forgiveness: Settle Tax Debts for Less Than You Owe

With tax season gone, it is quite possible that you owe Uncle Sam more than you can pay. Like any other creditor, the IRS will sometimes allow you to settle your debts for less than you owe, also known as an offer in compromise. With an offer in compromise, you can reduce a mountain of
  • 6 Sep, 2017
  • Karina Torres
  • 0 Comments
  • Global Law, Offer in Compromise, Reduce Tax Debt,
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30Aug2017

Urgent Warning About Ransomware Email Scam Issued By IRS

Here at Global Law, we often receive calls from panicked clients that they received a threatening phone call from the IRS to collect tax debt.  Many times these calls turn out to be Spyware – bogus attempts to trick taxpayers into giving them personal financial information used for identity theft. IRS just issued an urgent
  • 30 Aug, 2017
  • Karina Torres
  • 0 Comments
  • Email Scams, Ransomware,
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08Aug2017

Picnics, Flowers & Fruit: Enjoy These Tax-Free Benefits

Job well done! Let’s have a picnic. Tax regulations allow employees to receive certain tax-free de minimis fringe benefits. Examples of de minimis fringe benefits include occasional cocktail parties, group meals, or picnics for employees and their guests; birthday or holiday gifts of property (not cash) with a low fair market value; occasional theater or sporting event tickets; coffee, doughnuts,
  • 8 Aug, 2017
  • Karina Torres
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  • Excludable Fringe Benefit, Global Law, Tax-Free Benefits,
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04Aug2017

Taking the Next Step: Why Your LLC Needs an Operating Agreement

When you form an LLC, you need to draft articles of organization that comply with the state’s LLC act and then file the articles with the appropriate state office. However, the articles of incorporation are broadly worded and likely don’t address members’ rights and responsibilities. Therefore, it is essential to consider the extra step of
  • 4 Aug, 2017
  • Karina Torres
  • 0 Comments
  • Global Law, Operating Agreement, Tax Deductions,
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