The Corporate Transparency Act (the “CTA”) has been in place since 2020 when it was passed as part of the National Defense Authorization Act for Fiscal Year 2021; however, after a long administrative rulemaking process, the Beneficial Ownership Information (“BOI”) reporting requirements have only recently been finalized and will first become effective on January 1
On June 20th Governor Evers signed into law 2023 Wisconsin Act 12 (the “Act”), which repeals the personal property tax that has long been an administrative burden for authorities and a source of confusion for taxpayers.
Under the former provisions, both real and personal property was (and is until January 2024) subject to tax unless…
A common, but important, mistake that business owners make when selling their business is failing to adequately investigate what their and their spouse’s health coverage will be after the sale of the business. Obviously, many prior owners will sell their business before they are eligible for Medicare leaving them facing the high costs of obtaining private individual insurance if their spouse is not covered under another group plan.
Commonly, as a potential solution, the prior owners will negotiate to stay on with the new owners as consultants under a consulting agreement or as employees under an employment agreement with the proviso that they be added to the new owner’s group health plan until the prior owners are eligible for Medicare or some other pre-negotiated timeframe.