In 2021, Congress enacted the Corporate Transparency Act. This law creates a beneficial ownership information reporting requirement to combat money laundering, tax evasion, and other illicit financial activities. Failure to comply with the reporting requirements carries the potential of civil and criminal penalties. Effective January 1, 2024, certain corporations, limited liability companies, limited partnerships, and similar entities must disclose certain information for each beneficial owner, member, or partner. Typically, beneficial ownership means owning at least 25% or otherwise exercisin ..read more

Part of completing your estate plan includes appointing a personal representative of your estate. The person in this role is responsible for the management of your estate upon your death. Your personal representative handles notifications to creditors, settlement of creditor accounts and fulfilling your final wishes. Personal representatives also manage the probate process. There are qualities to look for that make a strong personal representative. Reliability A reliable personal representative is one you trust to fulfill their obligations according to your wishes. Choose someone with a proven ..read more

Many people nowadays take on contract jobs on the side of their regular employment to supplement their income. However, many need to realize the tax implications of working as a W-2 employee and also hustling to complete contract work. Familiarizing yourself with the following tax implications of contract work can help you avoid penalties and meet all your tax obligations. 1. Self-employment taxes Depending on the types of contract jobs and your employment on the side, the Internal Revenue Service may classify you as a self-employed independent contractor for tax purposes. You still are respon ..read more

Whether you have many or no assets, having an estate plan is important because it ensures the carrying out of your wishes. You can include a variety of documents in your plan, but trusts are an excellent place to start. Different types of trusts You can choose one or more trusts to address various needs for your asset distribution. Types include: A revocable trust allows changes to the terms during your lifetime. An irrevocable trust does not allow you to make changes once you sign. A living trust takes effect while you are alive, meaning the assets you name go into th ..read more

There are many ways to set up a new business. For example, you can start a sole proprietorship, corporation, limited liability company, or partnership. The structure you choose has a lot to do with the type of enterprise you open and what resources you have to work with. What are some benefits of a partnership structure for a North Dakota business? The choice between general and limited Partnerships give people the ability to choose whether to set up a general or limited version of the structure: General partnerships involve both business partners playing an equal role in the company’s ownersh ..read more

Creating an estate plan is not for the elderly and infirm. If you wait until you desperately need an estate plan, you are too late. Once you accumulate any amount of assets, estate planning should be a priority. This is especially true for parents. Parents who do not create a customized estate plan put their children’s future at risk. According to Caring.org, only 33 percent of Americans have a trust or will. Do not be a part of this statistic. Start planning for the well-being of your children today. Keep guardianship out of the courts Without an estate plan in place, the courts step in and d ..read more

You want a say about what happens to your personal property and assets after you die. By creating a will and an estate plan, you can control who receives the assets in your estate following your death. According to the American Bar Association, estate planning involves how to transfer your property at death, in addition to many other personal matters. Although you should include physical assets in your estate plan, you should also take into account the distribution of your digital assets. Understand what you own Even if you purchase a digital good, this does not necessarily mean you own it. Fo ..read more

No matter your age, health or wealth, you should consider the benefits of having a comprehensive estate plan in place. An estate plan is a collection of documents that can include a will, trust, healthcare directive, and various powers of attorney. When taken collectively, these documents provide individuals with a means to organize both physical and digital assets as well as creating peace of mind for the future. Too often, people feel their financial worth might preclude them from crafting an estate plan. In truth, numerous events should automatically trigger the creation of an estate p ..read more

AM1100 THE FLAG Year-end evaluations and preparing for 2022. Tyler Leverington – Corporate Attorney at Ohnstad Twichell Law Firm Chad Flanagan – Partner-in-Charge of Business Valuation at Eide Bailly Dan Staller – Market President at Starion Bank Tom McDougall – President & CEO of High Point Networks Original Air Date: Tuesday, November, 16th 2021 Show: What’s On Your Mind Click HERE to listen _____________________________________________________________________________________________________________________________________ The Better Business Roundtable is a monthly l ..read more

Many people believe that estate planning is only for older people, but waiting to create an estate plan brings many risks with it. What challenges can arise if you pass away without an estate plan in place? The court will divide your estate according to the law, not your wishes. If you die without an estate plan in place, the law outlines which loved ones will receive your assets and how much they will receive. This leaves your wishes out of the calculation, and can mean that your loved ones do not receive family heirlooms, savings or other assets you particularly wanted them to receive. Some ..read more