Resolving Family Issues Without the Court.
It has been said that divorces can be more devastating than even the death of a spouse. Sadly, most individuals confronted with a divorce or modification are also forced to shoulder the burden of contested litigation. The problem is that our court system was never designed to resolve family disputes and it shows: Former spouses survive the grist-mill of litigation but are embittered emotionally and devastated financially. Children often emerge bearing the emotional scars as well, scars that may last a lifetime. But what if there was a way to handle the issues without the embitterment, the devastation, and the scarring? What if you didn't even have to go to court, or even fight in order to have your needs met? Well, individuals are discovering that you can, through a cutting-edge method of dispute resolution called "Collaborative Law." Collaborative Law takes a case out of the courtroom and puts it into a conference room. It allows the parties to retain control over these life-changing decisions instead of empowering a judge or jury to substitute their judgment.
Post Divorce Check List: Tying Up the Loose Ends After the Divorce
By Marissa Balius
Many divorced couples in Texas make it through the divorce process only to find that there is still work to be done to protect themselves and the assets they were awarded. Below is a checklist to follow after the Final Decree of Divorce has been signed:
- Have an estate planning attorney draft your will and other necessary estate planning documents.
- Redesignate your beneficiaries for any life insurance policies and any retirement plans you were awarded in the divorce. Even if you are keeping your ex- spouse as the beneficiary you must redesignate.
- If you were awarded a portion of your ex-spouses retirement or deferred compensation plan, consult an attorney to determine what other court orders must be entered to divide the account. The documents vary depending on the type of account. It is also beneficial to consult a financial planner to discuss available options for those funds. There are tax consequences associated with many the decisions you make.
- Make sure you have set up an account with the State Disbursement Unit if you are receiving child support.
- Complete a Direct Deposit form if you have elected to have your child support payments directly deposited into your account.
- Change your passwords for e-mail, financial accounts, social networking sites, etc.
- If you were awarded the marital residence, change the locks.
- Make sure all documents have been signed and recorded with the appropriate entity to change the title of any asset awarded to you.
- Make sure you understand the terms of the Divorce Decree so you can comply with the Court order.
For more information contact us at 214-423-5100.
Independent Contractors Versus Employee?
By Laura Calhoun and Connie Peña
Is that worker an independent contractor or really an employee? Why is this so important? The IRS has teamed up with many state agencies to begin cracking down on businesses that are misclassifying employees as independent contractors. Normally an employer is responsible for withholding and paying the income taxes, Social Security and Medicare taxes, and unemployment tax (Employment Taxes) of an employee. As such, it is critical that you, the employer, correctly determine whether the individuals providing services are employees or independent contractors.
How do you determine whether that worker is an independent contractor or an employee? The courts have identified 20 factors that they believe indicate the status of a worker as either an Employee or an Independent Contractor. However, the basic focus of these factors is the degree of control exercised by the company over the worker, the permanence of the relationship and whether the worker is able to provide services without constant supervision by or interaction with other employees. No single factor is decisive; all factors have to be weighed in making this determination.
While the risk of reclassification cannot be eliminated, AHR can help you minimize such potential risk, or if you are facing an IRS audit on the matter, we can also represent you before the IRS to prevent or minimize the consequences of reclassification.
Converted Partnerships May Immediately Elect S Corporation Treatment
By Anish Patel
In Revenue Ruling 2009-15, the IRS announced that a corporation converted from a partnership under Internal Revenue Code Section 7701 or a state conversion state, can make an immediate S Corporation election following conversion. Prior to such ruling the resulting corporation would have been treated as having an intervening short taxable year as a C Corporation.
