The way you organize your business can have important tax implications. One structure may keep the tax bill low for some types of businesses, but are not the best strategy for others. One thing virtually every Ohio business owner has in common is a desire to pay as little in income taxes as possible. That is why many small business owners are closely following efforts in the Legislature to reform the two-year budget. A section of the budget that WOSU-FM implies was poorly written could inadvertently raise taxes on some businesses. Currently, the budget would allow small business owners to …
Electing to Use Arbitration for your Business – What you can learn from Brady v. Goodell
Did Tom Brady cheat? Is he guilty? Is Commissioner Roger Goodell a power mad dictator? I am just as curious as most sports fans to see how this soap opera plays out. Recently a local radio station asked me to “guest” on a sports talk show to give my legal thoughts on a possible Brady v. Goodell Federal Court lawsuit. Ultimately I didn’t get my 4 minutes of local radio fame, and not because I would have been shy in front of the microphone. I was nixed after telling the station’s sports director that his viewers might not think that …
Does an “S corporation” fit your business?
The “S Corporation” has been popular with business owners since its inception back in 1958 to present day. Each year, there are over 4.5 million tax returns filed by S corporations, which is more than any other business entity. Why is the S corporation election so popular? First, the S election provides an entity, whether a corporation or limited liability company, the opportunity to gain “flow through” treatment for income tax purposes. This means that instead of taxing income at the entity level, all income flows through to be taxed at the owner’s level. Second, there are certain employment tax …
Supreme Court Decides Religious Discrimination in Employment Case
An employer cannot refuse to hire an individual because of a religious practice that the employer could reasonably accommodate without hardship. In EEOC v. Abercrombie & Fitch Stores, Inc., the Supreme Court addressed the issue of whether an employer must have actual knowledge of the need for an accommodation. Abercrombie & Fitch Stores, Inc. (“Abercrombie”), a clothing store, requires all store employees to comply with a dress code policy that includes a prohibition on wearing informal “caps.” Samantha Elauf was unaware of the dress code policy when she applied and interviewed for a sales position. At the interview she wore …