Tired of preparing all the documentation needed to support business travel expenses in and outside of Maine? Employees are required to collect receipts as they travel, noting the time, place and business purpose of each expenditure if your business reimburses employees for actual travel expenses. Then, monthly expense reports must be reviewed and approved by management.  Continue Reading »

The IRS recently released a warning for taxpayers to be on guard against bogus emails telling recipients that they owe money for taxes related to the Affordable Care Act (ACA). The IRS has received numerous reports from around the country about scammers sending a fraudulent version of CP2000 notices for tax year 2015. These scam  Continue Reading »

Sternat v. Sternat, 2015 Wisc. App. LEXIS 776 (Oct. 28, 2015) A recent divorce case featured a noteworthy challenge to the prevailing testimony of the wife’s expert. The husband claimed the opinion of the wife’s expert was unreliable because the expert had fewer credentials as a business valuator than did the husband’s expert. The court  Continue Reading »

A question presented in a Wisconsin case could have a far-reaching impact on divorce valuation; should salable (transferrable) personal goodwill remain in the marital estate in a divorce? The Supreme Court of Wisconsin upheld both its lower and appellate courts in this particular case. The case allowed salable personal goodwill to remain in the marital  Continue Reading »

Whether your Maine company has one vehicle on the road or dozens of vehicles, smart management can save you money. Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the costs of operating your fleet and keep it safer. Start With Taxes Spending time with a financial professional is one of the best  Continue Reading »

A business trip is often meant to gain new customers and clients, or solidify relationships with current ones. Or perhaps it’s a time for sales calls and “meets and greets” with suppliers. In any event, the goal of business travel is generally to make money, not to squander it away on needless expenses. While it might be  Continue Reading »

You might have to close up shop for a while if your business is hit by a natural disaster; hurricane, windstorm, blizzard, or if it falls victim to arson or terrorism. As a result, you could suffer a major loss of income. A key component to continuing as a thriving enterprise after a disaster is to  Continue Reading »

Deflecto, LLC v. Dundas Jafine Inc., 2015 U.S. Dist. LEXIS 149447 (Nov. 4, 2015) A Daubert attack in which the challenger threw every possible objection at the plaintiff expert’s damages testimony fizzled. The opponent claimed the expert revealed a lack of understanding of critical aspects of patent law, and it suggested his use of a  Continue Reading »

While CFOs at most large U.S. companies have been working overtime themselves to prepare for the new overtime rule changes, many Maine small and midsize businesses haven’t been as quick to react. The deadline for the Department of Labor’s (DOL’s) new final overtime rule is scheduled to be December 1, 2016. Current Overtime Rule The Fair  Continue Reading »

Many business owners and executives feel like they’re admitting defeat when filing Chapter 11 bankruptcy, but it shouldn’t be that way. Chapter 11 immediately freezes all financial claims against the company and stops lawsuits and collection activities. The automatic stay provision of Section 362 in the bankruptcy code is the most important provision in achieving this goal.  Continue Reading »