The Advisor

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1306, 2018

Have You Updated Your Privacy Policies? How the European Union’s GDP Regulation is Impacting U.S. Businesses

By | June 13th, 2018|Categories: Business, Corporate and Venture, News, The Advisor|Comments Off on Have You Updated Your Privacy Policies? How the European Union’s GDP Regulation is Impacting U.S. Businesses

Over the past several weeks, you have probably been receiving e-mail from various online service providers announcing updates to their privacy policies. While these e-mails often claim that they are being done because the organization values your privacy, there is actually a deeper root.  On May 25, 2018, the European Union’s General Data Protection Regulation (GDPR) became effective.  With the implementation of the GDPR, the EU has now enacted the most stringent and far-reaching restrictions and privacy shields on the collection of personal data from EU residents. Previously, the United States set the standard for privacy regulation and as long [...]

1005, 2018

Employee or Independent Contractor? A New Test

By | May 10th, 2018|Categories: Employment, News, The Advisor|Comments Off on Employee or Independent Contractor? A New Test

In Dynamex Operations West, Inc. v. the Superior Court of Los Angeles County, the California Supreme Court adopted a new standard to determine whether a worker is properly classified as an employee or an independent contractor. The simplified standard, known as the ABC test, looks at three required factors to determine a valid independent contractor who would not be subject to one of California’s wage orders and other employer obligations: (A) First, that the worker is free from the control and direction of the hirer in connection with the performance of the work, both under the contract for the work and in practice; (B) Second, that the worker performs work that is outside the usual course of the hiring [...]

105, 2018

Business Planning After the Flood-Legal and Financial Implications

By | May 1st, 2018|Categories: Business, Corporate and Venture, News, The Advisor|Comments Off on Business Planning After the Flood-Legal and Financial Implications

Three months after the devastating Thomas Fire and Montecito mudslides, we continue to see questions regarding disaster recovery, especially from business owners.  Last month’s Advisor covered insurance issues; this month, I want to focus on other strategies for weathering the aftermath of what has been a tough six months for our community.  While insurance is important – for Montecito residents alone, almost $422 million in claims have been filed since January 9 – property values have plummeted over $1.3 billion, and Santa Barbara County estimates that this will generate a combined revenue loss of $21 million in property taxes. It [...]

1303, 2018

Protect Your Business With Good Records Management

By | March 13th, 2018|Categories: News, The Advisor|Comments Off on Protect Your Business With Good Records Management

At some point, the records management policies and practices of all businesses are tested.  Thus, it is critical that businesses have a comprehensive records management policy and that managers and staff have a complete understanding of such policies and procedures.  Not surprisingly, California law requires employers to keep certain records for specific amounts of time.  Failing to do so could subject your business to monetary liability. If your business does not have updated records management policies, accomplishing that goal should be a priority.  Your records management policies should be created with guidance from legal counsel who can discuss the industry-specific [...]

1302, 2018

Preparing for the Future: Business Interruption Insurance

By | February 13th, 2018|Categories: News, The Advisor|Comments Off on Preparing for the Future: Business Interruption Insurance

The Thomas Fire and ensuing mudslides devastated our community and caught many businesses by surprise. In addition to the tremendous damage and loss of life they wrought upon us, these disasters have demonstrated the importance of having a good business insurance policy.  Standard business interruption insurance policies typically cover profits, fixed costs, temporary relocation, reimbursement of extra expenses and civil authority ingress and egress service interruption. Understanding what your insurance policy covers and what it does not is crucial for the survival and prosperity of your business during and after a disaster. Indemnity Periods One of the biggest issues affecting [...]

1501, 2018

Tax Cuts and Job Act Business & Corporate Tax Strategies (Form Your Corporation Today!)

By | January 15th, 2018|Categories: News, The Advisor, The Advisor Video|Comments Off on Tax Cuts and Job Act Business & Corporate Tax Strategies (Form Your Corporation Today!)

Taxes… Taxes… Taxes are at the forefront of our conversation.  Are you a winner or a loser under the new paradigm?  How do you better your positioning; change your business structure, your estate planning?  Businesses and corporations are clearly winners under the Tax Cuts and Jobs Act (Tax Cuts Act). Businesses Preferred. Our country’s federal tax structure was inverted by the Tax Cuts Act - - corporations and pass-through entities (subchapter S corporations, partnerships, and sole proprietorships) were given lower tax rates than individuals, making corporations and business entities attractive as tax saving vehicles. And with pass-through entities, those tax [...]