Mears Hausmann, P.A. in conjunction with NALA - The Paralegal Association is pleased to announce that Alexandria

Wahwahsuck has successfully completed her degree in Paralegal Studies and has passed the Certified Paralegal examination and is now entitled to use of the CP professional credential.

Established in 1976, the Certified Paralegal examination program is a professional credentialing program developed by NALA and administered by a board composed of paralegals, members of the American Bar Association and members of the field of education active in paralegal training. The Certified Paralegal program involves successful completion of a comprehensive examination covering the topics of the United States Legal System; Civil Litigation; Contracts; Corporate/Commercial Law; Criminal Law and Procedure; Estate Planning and Probate; Real Estate and Property; Torts; Professional and Ethical Responsibility; and writing and

critical thinking skills. Thereafter, evidence of continuing legal education must be submitted periodically in order to maintain certified status.

The National Commission for Certifying Agencies (NCCA) granted accreditation to the NALA Certified Paralegal program for demonstrating compliance with the NCCA Standards for the Accreditation of Certification Programs on April 30, 2014. N

CCA is the accrediting body of the Institute for Credentialing Excellence. The NCCA Standards were created to ensure certification programs adhere to modern standards of practice for the certification industry. The NALA Certified Paralegal program joins an elite group of more than 120 organizations representing over 2 70certification programs that have received and maintained NCCA accreditation and is the first certification program accredited by NCCA which serves the legal community.

Please join us in congratulating Mrs. Wahwahsuck in obtaining her degree and certification. We are thrilled to have Mrs. Wahwahsuck as a member of Mears Hausmann and are excited for her to continue to apply her knowledge and expertise in serving our clients.

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  • MH Attorney Collaboration

When you start a business, you have thousands of decisions to make. One of the most important is how you will classify your business legally. And while you’ve probably heard the terms floating around -- sole proprietorship, partnership, LLC, and corporation -- it’s crucial to understand the differences so you can choose the structure that works best for you. It will impact how much you pay in taxes, the liability you face, and your ability to raise money. Here are a few thoughts we often share with our clients as they make decisions about their new business venture: 1. Sole proprietorship. A sole proprietorship is the most common form of business organization. These businesses’ owners report business income and expenses on their personal tax returns and pay tax on any profit. ADVANTAGE: It's easy to form and gives the owner complete control of the business. DISADVANTAGE: The owner is personally liable for all financial obligations. 2. Partnerships. A partnership involves two or more people who agree to share in the profits or losses of a business. ADVANTAGE: Partners do not bear the tax burden of profits or the benefit of losses -- they are simply reported on partners’ individual income tax returns. DISADVANTAGE: Each partner is personally liable for the financial obligations of the business. 3. Corporations. A corporation is a legal entity created to conduct business. The corporation becomes separate from those who founded it. The corporation can be taxed, held legally liable for its actions, and make a profit. ADVANTAGE: Corporate status allows owners to avoid personal liability. DISADVANTAGE: The cost to form the corporation and the extensive record-keeping keeps many new business owners from pursuing this option. Setting up an S Corp or C Corp can sidestep some of the liability by allowing income or losses to be reported on individual tax returns (similar to a partnership). 4. Limited liability corporation (LLC). An LLC is a hybrid form of partnership that’s growing in popularity. ADVANTAGE: Profits and losses can be passed to owners without taxation of the business itself, while owners are shielded from personal liability. DISADVANTAGE: Compared to a sole proprietorship or partnership, an LLC is a little more expensive to operate. Additionally, owners must keep personal business separate from the business of the company. Now that you know a little bit about the different structures, here are a few questions to ask yourself when choosing one: To what extent do you need to be protected from legal liability? Consider whether your business lends itself to potential liability and, if so, if you can personally afford that risk.

Based on your personal tax situation and business goals, where are your opportunities to minimize taxation? Keep in mind there are more tax options available to corporations than to proprietorships or partnerships.

What funds do you have for setting up (and running) your chosen business structure? The tax advantages of a corporation may be nice, but they may not be enough to offset the costs of conducting business that way.

Note that no two business situations are the same -- we are happy to help guide you based on your personal circumstances. Feel free to contact us if we can be of any assistance.

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  • Ethan Hausmann

On Friday, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 which significantly lowers the requirements for PPP loan forgiveness. The most significant provisions of the Act are as follows:

24 Week Forgiveness Period

You now have much more time to spend your PP loans funds. The covered period has been extended from 8 weeks to 24 weeks (or December 31, 2020). You now have 24 weeks from the origination date of your loan to spend your PPP loan funds and still receive forgiveness.

December 31, 2020 is the final cutoff date for eligible expenses. So, for loans being disbursed July 16 and later, this means that you will not have a full 24 weeks.

The extension applies to all loans, but those with existing loans can still choose to go with the original 8-week period, which allows you to apply for forgiveness sooner.

60/40 Rule

Previously, you were required to spend 75% of your PPP loan on payroll, and the remaining 25% on rent, utilities, and mortgage interest in order to get your loan forgiven. This was known as the 75/25 rule. In order to get loan forgiveness under the new Act, the required percentages have changed to 60% of the loan being used on payroll, and the remaining 40% on other eligible expenses (which remain defined as mortgage interest, rent, and utilities).

Payroll Tax Deferral

Previously, if your loan was forgiven, payroll taxes would have become due immediately. This has been changed under the new Act, which preserves the ability to defer payroll taxes until December 31, 2020.

Extended Employee Rehiring Date

The deadline that employers have to rehire employees that were laid off between February 15 and April 26, or restore employee wages that were reduced between February 15 and April 26, is extended from June 30 to December 31, 2020.

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