Cryptocurrency Tax FAQ: Your Bitcoin Income vs. the IRS

The following FAQ addresses common questions about when cryptocurrencies are taxed and whether conversions between cryptocurrencies qualify as like-kind exchanges. Table of Contents Is transferring funds between cryptocurrencies taxable?Is a cryptocurrency conversion a like-kind exchange?Does the IRS View Cryptocurrencies as Money or Investment Property?Does the IRS Provide Tax Guidance on Taxing Cryptocurrencies?What Was the IRS’s First Position […]

Steps After Filing a Federal Trademark Registration Application

After you file an application for a federal trademark registration, you need to wait for the USPTO to begin processing. The entire process usually takes 9-12 months but can take longer if complications or “office actions” arise. This article explains the steps that an application for a federal trademark follows. Table of Contents USPTO Reviews […]

Getting an EIN: Personal Service Corporation vs. S Corp

This article is for people wondering whether to select “S Corporation” or “Personal Service Corporation” when applying for an EIN on the IRS.gov website. Let’s assume you are in the process of setting up an S corporation to provide professional services (e.g. law firm or chiropractic office), and now you need an EIN number. You visit […]

Religious Clothing and Attire at Work: Legal Tips

This article answers questions about how federal employment discrimination law applies to religious dress and grooming practices, and what steps employers can take to meet their legal responsibilities in this area. Examples of religious dress and grooming practices include wearing religious clothing or articles (e.g., a Muslim hijab (headscarf), a Sikh turban, or a Christian […]

How to Avoid Religious Discrimination in Your Company

Religious discrimination affects all faiths: Christian, Islamic, Hindu, Buddhist, Jewish, and more. Employers have liability for their policies and procedures related to how each employee’s religion affects work. Below are best practices for employers and managers in the United States. Table of Contents Disparate Treatment Based on ReligionEmployer Best PracticesReligious HarassmentEmployer Best PracticesEmployee Best PracticesReasonable […]

Asset Protection Trust

An asset protection trust is a type of trust designed for the purpose of protecting your assets. This type of trust involves a number of legal techniques to protect assets from specific types of threats. When drafted properly, an asset protection trust can provide the following benefits: ensure funds are not used for substance abuse or […]

Dealing with Employee Xenophobia in Your Business

Xenophobia is simply fear of foreigners. Conflict abroad often increases xenophobia in the workplace. This fear may manifest itself in different ways among your employees: distrust, anxiety, or discrimination. On the surface, xenophobia can seriously affect your company’s culture. It can also get your company in legal trouble. For example, the Equal Opportunity Commission (EEOC) has sued […]

Is ‘Indemnify’ the Same as ‘Hold Harmless’ in Minnesota Statutes?

Table of Contents Is ‘Indemnify’ the Same as ‘Hold Harmless’ in Minnesota Statutes?Legislative Intent Based on Law DictionaryOld Approach: Employer Reimbursement Under Common LawNew Approach: No Employer Reimbursement Under Minnesota Statutes Is ‘Indemnify’ the Same as ‘Hold Harmless’ in Minnesota Statutes? Yes, “indemnify” generally means the same as “hold harmless.” When considering whether “indemnify” is […]

Can Minnesota Employers Sue Employees for Negligence & Damages?

Table of Contents Are Employees Liable to Their Employers for Negligence?Can a Minnesota Employer Sue an Employee for Damages Caused by Negligence?Are there any exceptions to suing employees for negligence?Where is the Law Providing that Employees are Not Liable to Employers for Negligence?1. Employers Must Indemnify Employees2. “Indemnify” includes “Hold Harmless” Are Employees Liable to Their […]

A Guide to Quasi Contract in Minnesota

What is a Quasi Contract? Quasi contract is another term for a contract implied in law. A contract implied in law is where “a promise is imputed to perform a legal duty, as to repay money obtained by fraud or duress.” Hercules Inc. v. United States, 516 U.S. 417, 424 (1996). What is a Quasi Contract Actually a Contract? A […]

A Guide to Quantum Meruit in Minnesota

Table of Contents What is Quantum Meruit?How is Quantum Meruit Used in Minnesota?What Amount is Owed for Quantum Meruit?How is Quantum Meruit Different from a Contract?What Claims are Related to Quantum Meruit? What is Quantum Meruit? Translated, quantum meruit means “as much as he merited” or “as much as he/she deserved.” In law, quantum meruit is a […]

A Guide to Quantum Valebant in Minnesota

Table of Contents What is Quantum Valebant?What is Quantum Valebant in Minnesota?Is Quantum Valebant the Same as a Contract Implied in Fact?When Can Quantum Valebant be Used?What Legal Terms are Related to Quantum Valebant? What is Quantum Valebant? Quantum valebant is exactly like quantum meruit, but with one important distinction: quantum meruit applies to the value services, […]

Agreement Implied in Fact vs. Implied in Law – What is the Difference?

What is the difference between an agreement implied in fact and an agreement implied in law? A contract implied in fact is where there is no express contract, but the conduct of the parties makes it clear they both understood they had a deal. A contract implied in law is where there is no contract per se, but at least one party […]

2018 Tax Changes – What You Should Know (Part 3)

2018 Tax Changes – What You Should Know (Part 2)

Nonprofit Organization Members Have These 4 Legal Rights

Members of Minnesota nonprofit organizations have a variety of legal rights established in the Minnesota Statutes. These rights are especially important when the members have a dispute with their organization’s board of directors. The following are a few examples of some of your rights as a member of a nonprofit organization in Minnesota. 1. You […]

What Are Uncovered Assets?

An uncovered asset is simply property or something else of value that has been revealed to exist. Uncovered means found or discovered. Assets are generally anything of value including money personal property real property (real estate) intellectual property For example, John may hide from his relatives the fact that he owns a boat. Sarah may […]

2018 Tax Changes for Business Owners

Congress approved the Tax Cuts and Jobs Act on December 22, 2017, which provided for some of the most significant tax reform in recent memory. It affects nearly all taxpayers in every circumstance and could affect how you plan for your future as well. Over the next few posts, we will analyze a few of […]

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Tax Fraud Awareness: How to Protect Your Identity and Assets

The IRS, taxpayers, and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. Table of Contents Understand […]

You Have a Right to Sell Your Franchise Business in Minnesota

Business owners who bought into a franchise often wonder, “Can I sell my business?” In short, yes, you can. The Minnesota Franchise Act specifically entitles you to sell your business. This cannot be overruled by your franchise agreement. You may have to pay a reasonable transfer fee. Can a Minnesota Franchise Be Sold? Yes. The sale […]

Minnesota Transfer-on-death deed (TODD)

A transfer-on-death deed (TODD) in Minnesota is a real estate deed that transfers ownership of the property to the named beneficiary upon the owner’s death. TODDs are governed by Minnesota Statutes § 507.071. A transfer-on-death deed allows for the transfer of title of real property to a named beneficiary at the death of the owner, or […]

Do I Owe Capital Gains Tax on the Sale of a Home?

Do I Owe Tax on the Proceeds of Selling a House? When you sell a house, generally you owe capital gains tax on the amount the house appreciated since you acquired it. However, if you live in the home, you may qualify for a homestead exclusion: up to $250,000 for an individual and $250,000 for a […]

Employees Owe a Duty of Loyalty to Employers

Employees in Minnesota owe their employers a duty of loyalty. This is undisputed in Minnesota law. Table of Contents Duty of Loyalty for Partners vs. EmployeesExamples of Employee’s Duty of LoyaltyAggravated Employment MisconductDuty of Loyalty LawsuitsRelated Claims Duty of Loyalty for Partners vs. Employees A surprising number of people (including attorneys) find it hard to […]

U.S. Trademark International Class List

U.S. Trademark International Classes This is a list of classes selected when applying for a trademark registration in the United States: International Classes Goods 001  Chemicals 002  Paints 003  Cosmetics and Cleaning Preparations 004  Lubricants and Fuels 005  Pharmaceuticals 006  Metal Goods 007  Machinery 008  Hand Tools 009  Electrical and Scientific Apparatus 010  Medical Apparatus […]

Minnesota Family Planning Program (MFPP) Health Care Delivery

This article is a section taken from Minnesota Family Planning Program (MFFP), a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual. Table of Contents MFPP Health Care DeliveryMedicareCovered ServicesLegal Citations MFPP Health Care Delivery All Minnesota Family Planning Program (MFPP) services are provided through a fee-for-service delivery system. […]

Minnesota Family Planning Program (MFPP) Barriers

This article is a section taken from Minnesota Family Planning Program (MFFP), a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual. MFPP Barriers A barrier is an eligibility requirement that prevents a person’s eligibility for the Minnesota Family Planning Program (MFPP), even when the person meets all other […]

Appendix D Community Living Arrangements

Community Living Arrangements The following are some examples of community living arrangements: Battered women’s shelter Campground Car Child foster care – Rules 1, 4 and 8 Community-based behavioral health hospital (CBHH) Detox-only facilities Group residential housing (GRH) (non-IMD) Halfway house, chemical dependency Halfway house, correctional Homeless Homeless shelter Hotel or motel Maternity shelter Medical hospital […]

Long-term Care Insurance Income Tax Credit

Table of Contents Long-term Care Insurance Income Tax CreditWhat is the credit?What is the rationale for this tax credit?Is the credit refundable?How is the credit calculated?How many Minnesotans claim the credit?How much is paid out in credits?How does Minnesota compare with other states? Long-term Care Insurance Income Tax Credit What is the credit? The Minnesota […]

Medical Assistance Treatment of Assets and Income

Table of Contents Medical Assistance Treatment of Assets and IncomeFor Persons Seeking Long-term Care ServicesContentsMA Program Long-term Care Coverage General Income and Asset Limits in the MA ProgramMA Program Provisions for Dividing Income and AssetsProhibitions on Asset and Income TransfersAppendix A: Exceptions to the Transfer ProhibitionsAppendix B: 2003 Waiver Request Medical Assistance Treatment of Assets […]