Yes, You Owe Federal and New Jersey Income Taxes on Gambling Winnings
Hitting the jackpot in Atlantic City while gambling makes you feel great (I don’t know that feeling since I don’t gamble…except in the stock …
You Don’t Lose Your Status as a Partner if You Assign Your Partnership Interest to Your Revocable Trust
Four dentists formed a partnership to acquire and maintain a dental office building. The then-partners amended their agreement to allow one of the partners …
The Current State of Agreements Against Non-Disclosures of Confidential Information
Non-disclosure/Confidentiality Agreements Non-disclosure agreements are known as confidentiality agreements; also known as confidentiality disclosure agreements, and non-disclosure contracts. A non-disclosure agreement (NDA) is a …
Construction Lien Law and Where to File the Lien
If an owner of a one family house has a contractual dispute with a contractor and the contractor attempts to place a lien on …
Do I Have a Duty of Loyalty to My Employer?
Employees must not act contrary to the employer’s interest, nor compete with his or her employer during their employment. Additionally, NJ courts have held …
Buy-Out of Business Partner With Life Insurance Results in Massive Income Tax Hit From IRS
A recent U.S. Supreme Court decision in Connelly v. United States disputes a common succession strategy for many closely owned businesses with more than …
Implied Covenant of Good Faith and Fair Dealing Applies to All NJ Contracts and the NJ Consumer Fraud Act
An important law governing New Jersey commercial transactions is known as the “implied covenant of good faith and fair dealing”. This law states that …
Can You Sue Your Insurance Agent for Not Recommending Enough Coverage?
Do you have enough insurance? Does your insurance agent ever discuss your coverage? Without enough insurance you risk loss of your savings and property. …
Transferring Your Family Business to a Child Can Have More Complications Than You Think
Owners of family businesses often look forward to the day they will be able to retire and pass on the business to their child …