Did you know that...
- 2020 Retirement Plan Dollar Limits: The IRS announced the 2020 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many, but not all, limits are changed for 2020 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Carefully review the 2020 contribution limits for your specific retirement plan.
- 2019 Business Lawyer of the Year - USA: Sari Ann Strasburg received the 2019 Business Lawyer of the Year - USA from Corporate LiveWire. The Global Award judges note that "Ms. Strasburg's law firm won Corporate LiveWire's Excellence in Business Law award 2018, but it is her personal success and achievements as a lawyer that the judges honour this year. The judges believe that Ms. Strasburg's achievements throughout her career prove her exceptional capabilities in providing effective legal services for the business sector. They also show her dedication to her continued development in the practice of business law and involvement with relevant bar associations." Further, "Ms. Strasburg has dedicated more than 35 years to business law and we believe that she has shown an exceptional level of success during this time, having now established her own firm for over 16 years and gaining large influence in her jurisdiction." Global Award Article (PDF)
- NH Market-Based Sourcing: Starting in 2021, the NH Business Profits Tax on business income will be calculated using Market-Based Sourcing. This gives companies time to put a mechanism into place to track the location of its customers. Simply claiming income on the NH BPT return is not an adequate explanation for failing to properly allocate income to the customer's location. If a return is not filed, there is no statute of limitations protection on the imposition of the tax against the business at a future date, even years later.
- Tariffs: What is a Tariff? A Tariff is a tax by another name. When one country imposes a tax on foreign products entering that country, that is an import tariff. That tax has to be paid upfront and the additional cost will ultimately be paid by the consumer.
Example: Assume a widget costs $100 on Day 1. On Day 20, Country A puts a 10% tax on widgets entering Country A. The cost of the same widget is now $110. Country A collects $10 as Income from Tariffs. So who pays that $10? The Foreign Manufacturer may be willing to pay all or a portion of the $10 out of its profits--for a time. Eventually, the Consumer will cover the additional cost. How? On Day 50 the Consumer's new price is $110 for the same widget. The Foreign Manufacturer pays the $10 Tariff to Country A so the widget can get to the Consumer. When Consumer pays $110 for the widget, the Foreign Manufacturer gets that $10 back. The Consumer covers the additional cost of the Tariff.
- 2019 Standard Mileage Rates: The 2019 standard mileage rate for business miles driven is 58 cents per mile. The standard mileage rate for medical expenses is 20 cents per mile. The standard mileage rate for members of the Armed Forces on active duty who move related to a permanent change of station is 20 cents. The standard mileage rate for charitable purposes is 14 cents per mile.
- Sales and Use Tax Decision: Immediately after the decision in the Wayfair case, many states asserted their right to collect sales and use tax. On June 21, 2018, the US Supreme Court held that states can assert nexus for sales and use tax purposes without requiring the seller have a physical presence in the state. The decision in South Dakota v. Wayfair, Inc., et al means that states can collect tax from out-of-state retailers including those selling online. Expect to see more states enacting economic nexus laws.
- 2018 Standard Mileage Rates: The 2018 standard mileage rate for business miles driven is 54.5 cents per mile. The standard mileage rate for medical expenses is 18 cents per mile. The standard mileage rate for charitable purposes is 14 cents per mile. Note: The Tax Cuts and Jobs Act suspended the moving expense deduction for tax years beginning after December 31, 2017 through January 1, 2026. The suspension does not apply to members of the Armed Forces on active duty who move related to a permanent change of station; the standard mileage rate is 18 cents for these moves.
- Preeminent Lawyers: Sari Ann Strasburg received a Lifetime Achievement Award from America's Top 100 Attorneys in 2017. Sari is listed in the Martindale-Hubbell Bar Register of Preeminent Women Lawyers.
- Awards: Sari Ann Strasburg has been awarded the 2018 Global Excellence Award for Leaders in Commercial Law in New Hampshire by Acquisition International. She is the Winner of two awards given by US Business News: the 2018 Legal Elite Award for Best Solo Business Law Firm in New Hampshire and the 2018 Legal Elite Award for Excellence in Corporate Law. Sari is the Winner of the 2018 Corporate LiveWire Award for Excellence in Business Law. She received the 2017 and 2016 Global Legal Award for Best Complex Business Lawyer in New Hampshire. She has received international recognition for her strategic work on complex legal issues. Sari received the 2016 Women in Law Award for Female Lawyer of the Year in New Hampshire. Announced by Corporate Vision magazine in November, the awards are given to those who have achieved professional excellence within their specialist area, influencing other women to pursue legal careers, and working with and mentoring other female lawyers.
- Rating: Sari Ann Strasburg has received Martindale-Hubbell's AV Preeminent Rating, its highest professional distinction. According to Martindale-Hubbell, "AV Preeminent is a significant rating accomplishment - a testament to the fact that a lawyer's peers rank him or her at the highest level of professional excellence."
- DirectWomen Board Institute: DirectWomen selected Sari Ann Strasburg for the Board Institute Class of 2009. She and 20 top women lawyers from across the country were chosen for the program, designed to identify and promote qualified women lawyers to serve on corporate boards of public companies. An initiative of the American Bar Association, the Tide Center and Catalyst, Inc., the Institute provides a credential of board readiness for service on major U.S. corporate boards while also promoting the independence and diversity required for good corporate governance.
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