Many small business owners have never heard of trust fund taxes until they receive a Proposed Assessment of Trust Fund Recovery Penalty. These are the Social Security, Medicare and income tax employers withhold from their employees’ paychecks “in trust” for the federal government. Social Security and Medicare make up what’s often referred to as FICA […]
As I’ve received calls from clients who have been hit with large bills for back sales taxes from New York State, it has become evident that the small business community is in need of education on how to comply with sales tax laws. Apparently, many business owners believe that if they do business in cash, […]
The legal principle serving as your guiding light throughout your role as executor(rix) is called fiduciary duty. A fiduciary is someone who takes custody of property on behalf of someone else. This is exactly what you’re doing as an executor(rix), because you are in charge of the estate’s assets while they are being organized and […]
So, a close friend or relative has asked you to be the executor(rix) under his or her will or the trustee of a trust to be funded now or later. What an honor, right? Yes, but …. Being asked to fill one of these roles means the testator(rix)/grantor really respects and trusts you. It’s honorable […]
