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Gerber Law

Questions? Call Us (228) 374-2313

February 2018

Business Law and Contracts

When it comes to practicing business law, contracts between two people or entities can be the source of many litigations and therefore the wording of the contract must be carefully considered if both parties are to attain their goals. The Mississippi Bar Association defines a contract as a binding promise between two competent parties that is enforceable by law. It must also include the exchange of something of value between these two parties. What Makes Up a Contract? There are two basic parts to a contract –  the offer and the acceptance. The offer to do something for a fee ...

February 24, 2018|Business Law and Contracts|

How Long Should You Keep Tax Records?

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer ...

February 20, 2018|General|

What Is The Sherman Antitrust Act and How Does It Apply To Foreclosure Sales?

The Sherman Antitrust Act was enacted in 1890 to curb concentrations of power that interfere with trade and reduce economic competition. It was named for U.S. Senator John Sherman of Ohio, who was an expert on the regulation of commerce. Economic Competition One of the act's main provisions outlaws all combinations that restrain trade between states or with foreign nations. This prohibition applies to any agreement to fix prices, limit industrial output, share markets, or exclude competition. Price fixing, bid rigging, and market allocation are violations and often are prosecuted criminally, but there is also civil liability for such actions. ...

February 19, 2018|Real Estate Law|

Knowing When Accounting Malpractice Occurred Is Important

In the state of Mississippi, the statute of limitations for filing a suit against a professional for breach of contract or negligence is three years. That means any action must be filed within three years from the time the wrongdoing occurs or accrues. Certain mistakes an accounting professional has made due to negligence, such as a poorly performing audit that led to a payment of back taxes that were not owed, will hopefully come to light within this time frame. If there are some questions about your accountant’s performance, consulting with an accounting malpractice attorney should take place to help ...

February 17, 2018|Accounting Malpractice, Legal Malpractice|

It’s Time to Review Your Wills, Trusts & Other Estate Planning Documents

Estate Plan Review Estate planning is an important process that should be reviewed periodically. Wills, trusts, and other documents should be reviewed at least annually. This allows you to ensure that your plans are still in line with your wishes and makes any necessary changes. It is also a good time to review beneficiaries. Have you done your annual estate planning review? When reviewing estate plans, individuals should consider these questions Do the provisions still accomplish your goals? Have your documents been updated to take advantage of changes to tax laws? Do your documents contain provisions that provide asset protection ...

February 1, 2018|Estate Planning|

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