Cryptocurrency Tax FAQ:  Your Bitcoin Income vs. the IRS

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

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…

Example Form: Trust Beneficiary Receipt and Release Template

Example Form: Trust Beneficiary Receipt and Release Template

 In this video, you get answers to these questions: What is a receipt and release form? Who is a trustee? What if a receipt and release was not signed? Table of Contents IntroductionDownloadTemplateDrafting NotesConclusionVideo Transcript Introduction This template is provided free of charge for the benefit of the public. As with any legal form…

Getting an EIN: Personal Service Corporation vs. S Corp

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

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

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

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

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…

United States Anti-Kickback Statute

United States Anti-Kickback Statute

The United States Anti-Kickback Statute was enacted into law to prevent companies (and individuals) from paying to induce or reward patient referrals for any goods or services covered or reimbursed by federal healthcare programs. In particular, the concern was goods and services—including pharmaceuticals, medical supplies, medical care, and health care services—covered by Medicare and Medicaid. Table…

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

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?

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 Quantum Meruit in Minnesota

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

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?

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

Introduction 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…

How to Guide: Finding the Best Estate Planning Attorney in Minnesota

How to Guide: Finding the Best Estate Planning Attorney in Minnesota

Who is the best estate planning attorney in Minnesota? How do you find the best attorney for your will, trust, or other estate planning needs? These aren’t easy questions. Unfortunately, finding the best estate planning attorney in Minnesota is not as easy as you might expect. Many attorneys dabble in doing a will, trust, or probate…

16 Most Common Reasons (Besides Taxes) To Do Estate Planning

16 Most Common Reasons (Besides Taxes) To Do Estate Planning

Surveys show most people have never put together an estate plan. For example, Caring.com found 60% of people have no will. They have no trust. They have no plan to protect their family and assets. If you have no plan, what happens? The government has a default plan for you. However, that one-size-fits-all plan may…

Nonprofit Organization Members Have These 4 Legal Rights

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?

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…

Medicaid Compliant Annuity

Medicaid Compliant Annuity

A Medicaid Compliant Annuity is a financial product that helps elder law attorneys protect their clients’ assets from being lost to nursing home costs. Essentially, the Medicaid Compliant Annuity converts funds that are not exempt from Medicaid into a stream of income that is exempt from Medicaid. When done properly, this expedites eligibility for Medicaid…

How to Protect Assets from Nursing Home Costs

How to Protect Assets from Nursing Home Costs

Nursing home costs can quickly destroy a lifetime of savings. Attorney Jeff Molever pioneered a trail in Minnesota when he developed the “Family Pot Trust.” The Family Pot Trust is one of a number of tools and techniques to protect assets from long-term care costs. Table of Contents New Solutions for New ProblemsIncreasing Long-Term Care CostsWhy…

Tax Fraud Awareness: How to Protect Your Identity and Assets

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

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…