Dear Colleague--
I have had a busy month since I returned from India. There is something about the new year that motivates clients to think about new deals or expanding their business, and I have also been retained in some new business litigation.
NEW POWER OF ATTORNEY RULES IN MARYLAND
The Maryland General Assembly passed a statute last year that became effective on October 1, 2010. This statute changed the rules on powers of attorney in Maryland, both limited powers of attorney and general powers of attorney. While the previously drafted powers of attorney are still probably valid, I am urging clients to review existing powers of attorney (whether for themselves, older family members or others) to make sure that there are no gaps or uncertainties. Please let me know if you want me to perform this service for you or your family members.
NEW IRS RULES ON REPORTING PAYMENTS
You may have noticed in the State of the Union address last night that the President referred to an amendment to the Health Care legislation passed last year that imposes a new burden on small business. This is the new Form 1099 requirement that requires all businesses to send a Form 1099 to all vendors whom they paid more than $600 last year. Everyone agrees that this should be repealed, and it will probably will happen. In the meantime, it is still required and I am advising all of my clients to comply with this until and unless it is repealed. The Form 1099 is simple and your accountant can do it for you easily. Please call me if you have any questions about this.
www.marklrosenberglaw.com
I hope that the new year is going well for you so far. We all have much to be thankful for as the Great Recession (hopefully) begins to moderate somewhat. Count your blessings and let me know if I can help you in any way.
