Feeling Squeezed? You Might be a Sandwich

The phrase “sandwich generation” is used to describe people who are caring for their parents and their children at the same time. The number of people who fall into this category is growing, according to an article from The Motley Fool, “How to Help Your Parents Retire Without Derailing Your Own Retirement.” A survey found that about 16% of Americans are currently caring for an elderly relative, and this number is expected to double within the next five years.

What’s worse, very few people are planning for this situation.

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Can the Golden Girls Model Work for Families?

Multi-generational living is not exactly new, and as people are living longer, it may start becoming more common. Shared households bring many benefits, including convenience. Why should a nurse daughter travel 20 miles a day to take her mom’s blood pressure, asks The Mercury’s article “Do shared living arrangements make sense?”

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Can Charles Manson’s Heirs Get Profits from “Once Upon A Time…In Hollywood”?

The Quentin Tarantino movie, starring Brad Pitt, Leonard DiCaprio, and Margot Robbie, features the Manson killings and ends with a shocking bloodbath 50 years after the grisly murders.

Wealth Advisor’s recent article, “Charles Manson’s grandson can profit off of Once Upon a Time…In Hollywood,” also notes that the movie prominently features a song called “Look at Your Game, Girl,” written by aspiring songwriter Charles Manson before his followers’ murderous spree. The tune is sung a cappella by girls in Manson’s ‘family,’ as they walk through Los Angeles and forage for food.

Tarantino said that he only used Manson’s music, after assuring himself that his family wouldn’t benefit, and that royalties and licensing fees would go to the victims’ families. However, since the movie was released, controversy has exploded and a DailyMail.com investigation has discovered the issue around Manson’s music is far more complicated and likely to wind up in court.

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Don’t Forget to Update Your Estate Plan

There are some people who sign their will once in their life and never change it. They may have executed their estate plan late in life, or after they were diagnosed with a serious disease. However, even if your family life and finances are pretty basic, there are still changes in the law that you may need to incorporate into your estate plan.  Some of the people that you named in your will could also have died or moved away.

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Small Business Saturday – How to Avoid an Epic Fail of a Business Succession Plan

For the business owner, the success of their business impacts their daily lives. The success of their succession plans (say that five times fast!) is inexorably linked to having a well-conceived and properly prepared plan, that is coordinated with their estate plan. Both plans need to be built to withstand challenges, which are outlined in the article “Five events that can ruin a succession plan” from Kenosha News.

Let’s take a closer look at the “Five D’s of Succession Planning.”

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Preparing for Alzheimer’s

Once there has been a diagnosis of dementia, there are a number of issues that families need to address, including legal issues. The best way to approach this task, says being patient in the article “Alzheimer’s and the Law” is to meet with an estate planning attorney who can guide the family in planning for the future, and creating the needed documents.

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Where Should I Keep Important Papers?

Where you store estate planning documents and digital assets matters. So does whether your heirs will have access to them.

CNBC’s recent article, “Here are the best ways to secure important financial documents,” says that estate planning documents are very important, and you must make sure you keep them safely secured. The same is true about digital assets, passwords and social media accounts.

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Small Business Saturday – Important Upcoming Compliance Deadlines for Your Business

Busy small business owners have many tasks on their plates: A significant one is staying on top of important tax and filing deadlines. These important dates may vary depending upon the business’ structure. Here are some of the most critical deadlines business owners may need to meet over the next few months.

Federal tax deadlines

  • September 16, 2019 is the extension deadline for partnerships and S corporations to file their income tax returns. It is also the deadline for third-quarter estimated tax payments if you are a self-employed individual or have substantial non-wage income.
  • October 15, 2019 is the extension deadline for C corporations, sole proprietors, and individuals to file income tax returns.
  • November 15, 2019 is the extension deadline for tax-exempt organizations to file income tax returns.
  • December 31, 2019 is the deadline for 401(k) contributions for yourself or your employees. For the contributions to count for 2019, the account must be created and funded by December 31st.
  • January 15, 2020 is the deadline for fourth-quarter estimated tax payments for self-employed individuals or those with substantial non-wage income.
  • January 30, 2020 is the deadline to file Form 1099-MISC if you have non-employee (independent contractor) compensation to report. However, for all other reported payments, the deadline is February 28, 2020, and if you file electronically, the deadline is March 30, 2020.

Note: State taxes are typically—though not always—due at the same time as federal taxes. A few states allow state tax returns to be filed a couple of weeks (or in the case of Louisiana, a month) later than the federal returns. It is essential to be aware of potentially different deadlines for state estimated tax payments as well.

State filing deadlines

It is important not to forget state annual or biennial filing requirements, though these deadlines will vary depending upon the state and your business structure. Most states—though not all—require either an annual or biennial report or statement to be filed, typically either on the anniversary of the date you formed your business or on a specific date mandated by state law. These types of reports are frequently required for business entities such as corporations, limited liability companies (LLCs), and limited partnerships. They are often accompanied by filing fees that must be paid by the same deadline. If you file your report late, there may be a late fee, and failing to file at all could result in the administrative dissolution of your company, as well as the loss of the liability shield provided by the business entity.

There may also be a state franchise tax imposed on business entities such as LLCs, limited partnerships, or corporations. This tax, which varies from state to state, is often due at the same time as the annual report—either on the anniversary date of the formation of the business or a date specified by state law. The due date may also vary depending upon the type of business entity.

Sales tax deadlines

The deadlines for filing and paying sales taxes vary depending upon the state (you must pay a sales tax in states in which your business has a tax nexus, that is, a sufficient connection or degree of business activity, which may include online sales) and often on the volume of your sales. They may be due monthly, quarterly, or annually, depending upon the state.

Local, state, and federal licenses and permits

If your business is required to obtain any licenses, permits, or certificates from the federal, state, or local government, they may need to be renewed periodically. The renewal requirements and deadlines for your licenses or permits will vary, and it is important not to let them expire. Failing to renew your licenses and permits could result in fines, notices, or even the closure of your business. 

Contact Us for Help

Many small business owners are completely immersed in the day-to-day operations of their businesses and have trouble finding the time to stay on top of the filing deadlines they must meet to avoid fines, penalties, interest, or worse. If you have questions about the deadlines applicable to your business, we can help.

Call us (228) 460-5243 or email us at info@perklawgroup.com to find our how your business planning attorney can help you.

Legal disclaimer: The information in this article is provided for information purposes only and should not be construed as legal advice. Your should not act or refrain from acting on the basis of any content included in this article or on our website (www.perklawgroup.com) without seeking legal or professional advice.

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