How many years after a taxable gift may the IRS audit the gift? Taxpayers are often surprised to learn that when a gift tax return is not filed, or when a filed gift tax return does not “adequately disclose” a…
Read MoreA Real Estate Investment Trust (REIT) is a corporation, trust, or association that combines the capital of investors to own and many times operate income-producing real estate (e.g., apartments). Generally, to be considered a REIT, the REIT must pay at least…
Read MoreMany leases contain provisions allowing for the tenant to renew the lease. The material terms during the optional renewal period must be specified sufficiently so as not to be considered vague. Thus, if a renewal option leaves all the terms…
Read MoreOn January 2, 2013, the American Taxpayer Relief Act of 2012 (the “2012 Tax Act”) was signed into law. While the 2012 Tax Act did not significantly affect many taxpayers, those individuals with incomes over $400,000 and married couples filing…
Read MoreOn March 26, 2013, the Office of Inspector General (OIG) issued a new Special Fraud Alert regarding physician-owned entities. Physician ownership or investment in entities that derive revenue from selling or arranging for the sale of medical devices, supplies or…
Read MoreOn January 2, 2013, the American Taxpayer Relief Act of 2012 (the “2012 Tax Act”) was signed into law. Under the 2012 Tax Act, the top federal estate, gift and generation-skipping transfer (GST) tax rate is 40%, representing an increase…
Read MoreEmployee bonus programs are a great way to incentivize work performance and improve job satisfaction. But employers planning to implement a bonus program should bear in mind the legal implications of doing so and seek advice from an experienced employment…
Read MoreLike most states, Washington has adopted the Uniform Enforcement of Foreign Judgments Act or UEFJA. The UEFJA permits a person or entity to enforce a judgment against a person or property located in Washington based on a judgement issued in…
Read MoreAs 2013 begins, it is a good idea to be sure that your business practices are in compliance with applicable laws and regulations. There is nothing like preventative care. Discovering noncompliance too late and dealing with the process of fixing…
Read MoreOn October 18, 2012, the Washington State Supreme Court issued a decision regarding the Washington state estate tax consequences of reporting “qualified terminable interest property” (QTIP) on the estate tax return of the second spouse to die. In re Estate…
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