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The Weekly Scenario from Steve Shane – 9.3.13

Question:  Has there been any guidance for tax reporting purposes for same-sex couples (after the June 26th Supreme Court decision invalidating a key provision of the Defense of Marriage Act)? Answer:  Yes, the IRS has recently come out with guidance – now, same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated…

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Legal Q&A: September 2, 2013

  QUESTION I regularly notice certain employees carrying prayer mats or wearing religious clothing to work, should I inquire if they need a religious accommodation? ANSWER No. It is the obligation of the applicant or employee who seeks a religious accommodation to request it of his/her employer. Once an employee requests a workplace accommodation on…

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Friday Factoid – 8.30.13

Pfizer’s patent for Lipitor expired on June 28, 2011. During the term of this patent, Lipitor earned over $125 billion in sales and provided up to a quarter of Pfizer Inc.’s annual revenue for years. Although it became the best selling drug in history, Lipitor almost did not make it through R&D because the drug…

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The Consumer Financial Protection Bureau’s Document Retention Requirements

Over the past month, we have touched a good deal on the Consumer Financial Protection Bureau (CFPB) and its recent crusade to keep small businesses compliant. In our blog, “Your Small Business is not too small for the CFPB,” we outlined how the Bureau will extend its regulatory reach throughout each state, paying particular attention…

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What is a Buy-Sell Agreement?

If you and a business partner are considering a joint venture, it is important to outline the parameters of that relationship, preferably in writing. This is what is known as a Buy-Sell Agreement. It is a written agreement among the owners of a company in which each owner agrees that upon the occurrence of a…

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The Weekly Scenario from Steve Shane – 8.26.13

Question:  Can a child legally emancipate from his parents before the age of 18? Answer: The answer is yes.  The typical case is when a child joins the military or marries, but a child under 18 can choose to ‘divorce’ his parents thus becoming fully responsible for his own decisions (health care, living, schooling, etc). If…

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Legal Q&A: August 26, 2013

  QUESTION My company usually hires fall interns who work without compensation. Does the law still allow this? ANSWER The Fair Labor Standards Act (FLSA) states that the term “employ” means that when an individual is “suffered or permitted” to work, that individual must be compensated under the law for services performed. Internships in the…

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Labor and Employment Law FAQs: Is it legal to access Employee Emails?

Do you monitor employee emails? Is it even legal to do so? When, if ever, is it permissible to access employee emails? These are just a few of the questions employers frequently ask in regards to workplace communications. Many employers never think twice about accessing employee emails to verify the emails are strictly of a…

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Friday Factoid – 8.23.13

FRIDAY FACTOIDS® is celebrating its first anniversary this week. FRIDAY FACTOIDS® is now registered with the United States Patent and Trademark Office and our messages are enjoyed by more than 1,000 subscribers. Thanks for your continued support. Source: USPTO Reg. No. 4,351,844 (Trademark Electronic Search System)

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Mergers and Acquisitions: The Anatomy of a Transaction from the Sell Side

In a merger or acquisition, there are two key players, the buyer (acquiring party) and the seller (party being acquired), although there are several additional parties involved, including the financial planner, accountant, mergers and acquisitions (M&A) consultant, and attorney. Each plays an important role in the process. However, in this article we will only be…

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