Q: Now that the Supreme Court has upheld The Patient Protection and Affordable Care Act, how will this affect my business in the years to come?
A: First off, the PPACA is a law that is workable for business owners to deal with. It requires business and tax planning like most laws do, but the law is manageable. Of most immediate concern is the 3.8% additional tax on incomes above $250,000. While many people do not earn this level of income, those buying and selling their businesses should be cognizant of this additional tax as it typically causes their income to spike.
Q: I would like to set up a Subchapter S Corporation. How do I do this?
A: You must first file articles of incorporation with your respective state. Once this is done, IRS Form 2553 must be filled out to make the Subchapter S election.
Q: Where is the best place to store estate plan documents?
A: The best place to store estate plan documents is in a secure location that others know of and that is easily accessible. Storing the documents in a safe deposit box that a friend knows of can be a good place as long as that friend knows where to get the keys. Hiding documents in a book or in a safe that no one has the combination for renders the documents useless to both you and those that are trying to help you.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors