Posts by Zaradich Law
Final Estimated Tax Payment for 2022 Due January 17, 2023
Federal and California income taxes are pay-as-you-go, meaning taxpayers need to pay most of their tax during the year as income is earned or received. For those taxpayers who are employed by someone else, taxes are normally paid throughout the year by withholding tax from paychecks. However, for taxpayers who earn or receive income that…
Read MoreUnless You are the Sole Shareholder of a Corporation, You Need a Shareholders’ Agreement
A shareholders’ agreement is a contract among the shareholders of a corporation (with typically the corporation also as a party) setting forth the rules by with the shareholders are to act in relation to one another and the corporation. The agreement can document key issues such as how shares can be sold, what happens if…
Read MoreEstate Planning After Divorce
“I’m getting divorced. What happens to my estate plan?” Someone asked me that question just recently, so I wanted to take this opportunity to highlight a few items to consider: 1. Revocation of Existing Joint Trust You may need to revoke your existing joint Trust with your soon-to-be or now ex-spouse. Some family law attorneys…
Read MoreNonprofit Organizations Have Been Significantly Impacted By COVID-19
The outbreak of COVID-19 in the U.S., the state and local governments’ responses to it, and the resulting impact on the general public, have significantly affected nonprofit organizations. Charitable organizations that provide food and other basic necessities and services, including those that support medical and mental health needs of the public, are facing increased demand.…
Read MoreDisadvantaged Business Enterprise Certification Can Grow Your Business
Certification as a business owned by a socially and/or economically disadvantaged individual or group of individuals can provide a company with a competitive edge when bidding on contracts with government agencies, Fortune 500 corporations, and many other businesses that have certain set-asides. Common certification programs include: woman-owned businesses (WBE), minority-owned businesses (MBE); veteran-owned businesses (VBE…
Read MoreGuidance on Political Activities for 501(c)(3) Tax-Exempt Organizations
With an election year upon us (and the recent disruption to activities and potential legislation due to COVID-19), it is prudent for nonprofit 501(c)(3) organizations to review the Internal Revenue Service (IRS) rules relating to political activities, such as lobbying to influence legislation and endorsing specific candidates. An organization may desire to spend funds to…
Read MoreReminder about Duration of UCC Financing Statements
The California Secretary of State’s office is the central filing office for certain financing statements and other lien documents provided for in the Uniform Commercial Code. Filing with the Secretary of State serves to perfect a security interest in named collateral and establish priority in case of debtor default or bankruptcy. Generally, the active duration…
Read MoreNew Filing Requirements for Tax-Exempt Organizations in California
IRS Annual Returns The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms with the Internal Revenue Service. The new law affects tax-exempt organizations in tax years beginning on or after July 1, 2019. Several tax forms are included in the mandate, including: Form 990, Return…
Read MoreCorporations Code Update re Ex Officio Directors
On September 10, 2018, Governor Brown signed a bill (AB 2557) regarding ex officio directors, which will become effective January 1, 2019. Ex officio directors, i.e. persons serving as directors by virtue of occupying specified positions within or without the corporation, are commonly included on nonprofit boards. For example, they may include positions such as…
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