Final regulations issued by the Internal Revenue Service [Reg. § 1.1361-4, Reg. § 301.7701-2(c)(2)(iv)] will require disregarded entities to pay their own employment taxes and file all related information returns for all wages paid to employees on or after January 1, 2009. Under prior rules, a disregarded entity had a choice: it could pay its own employment taxes, or the owner of the disregarded entity could pay the taxes under the owner’s name and tax ID number. Now, all disregarded entities paying wages must have their own tax ID number. These regulations are only applicable to employment taxes. A disregarded entity continues to be disregarded for other Federal tax purposes. … [Read more...] about “Disregarded Entities Must Pay Own Employment Taxes” by William E Evans
A recent Appellate decision out of State of Kansas involving construction and financing of a motel at the Wichita Airport, gives rise to the importance of having background information on the entities with which you deal, and who is authorized to act on their behalf, both from a lending standpoint as well as doing business and execution of contracts. In the Corporate arena, the actual authority of Board of Directors and Officers has been well established over the course of many years of Legislative action and Court interpretation. Limited Liability Company’s, however, are the new kid on the block, having only been with us a little less than 20 years. The Sunflower Bank, N.A. v. Airport Red Coach Inn of Wichita, L.L.C.* case, is an excellent example of not looking at the actual underlying documents, and instead relying on the “apparent authority”, to determine the authority or authorization of the party executing the loan documents. The original Operating Agreement of Airport … [Read more...] about “Case Note-Limited Liability Company’s Apparent Authority to Borrow Money” by John M. Carnahan, III
Springfield, Mo. - Carnahan, Evans, Cantwell & Brown, P.C. ("CECB") is pleased to announce that John L. Waite III has joined the firm's litigation group, as an associate attorney. He concentrates his practice in the areas of creditors' rights, creditors' bankruptcy, and civil and business litigation. Prior his legal career, Mr. Waite worked for over five years in the financial sector, first as a portfolio administrator for State Street Bank and then as an assistant trader for M&I Global Securities Lending. This experience provides him with a better appreciation for our clients' needs and an insight into financial institutions and markets. In addition, Mr. Waite was a commissioned officer in the Artillery Branch of the United States Army National Guard. He served as a platoon leader in a Multiple Launch Rocket System Battery and a Fire Direction Officer for a Paladin Battery. Mr. Waite served as law clerk for the Visiting Judges Chambers, U.S. Bankruptcy Court for the District … [Read more...] about Attorney John L. Waite III Joins Carnahan, Evans, Cantwell & Brown, P.C.
The new standards are effective October 1, 2007. The IRS standards are used to determine installment and offer in compromise amounts. The standards have been redesigned to: add a new category for per person out of pocket health care expense with separate limits for those under and over age 65 (documentation only required if the amount claimed exceeds the standard) eliminate income ranges for national standards for food, clothing and other items provide a single nationwide national standard expense table, eliminating separate tables for Alaska and Hawaii expand the number of household categories for housing and utilities add an allowance for cell phone costs in housing and utilities provide equal allowances for the 1st and 2nd vehicles under transportation expenses rather than a reduced amount for the 2nd vehicle provide fewer Metropolitan Statistical Areas for vehicle operating costs separate the nationwide public transportation allowance If the amount claimed is … [Read more...] about “IRS Issues 2007 Allowable Living Expenses Standards” by Frank C. Carnahan
Carnahan, Evans, Cantwell & Brown, P.C. salute Cliff Brown on being recognized as one of the most distinguished and respected Trust and Estate attorneys in the 2007 edition of The Best Lawyers in America. This year marks the 13th consecutive year that Cliff has been acknowledged in Best Lawyers. When it comes to estate planning, trusts, probate and related tax matters, trust Cliff and the team at Carnahan, Evans, Cantwell & Brown, P.C. We are pleased to announce that Richard T. Ashe has joined the firm as an Associate Attorney. Ric, a Missouri native, joins the firm after practicing for five years at a respected Portland, Oregon firm. Ric concentrates his practice on a wide variety of business litigation matters, including the resolution of disputes occurring in all stages of the manufacture, distribution and sale of goods, shareholder disputes, non-competition agreements and trade secrets, trademarks and copyrights, construction contracts and other real estate matters, as well as … [Read more...] about Firm News