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Articles

What Is The Origin Of The Federal Income Tax?

In the early years of the United States of America, there were very few taxes. Up until 1802, the nation was mainly supported by taxes on goods (such as tobacco, carriages, sugar and spirits). During the War of 1812, a sales tax was introduced to offset the high cost of war. The origin of the income tax on individuals is generally recognized to be the passage of the 16th Amendment by Congress on July 2, 1909, and ratified on February 3, 1913. However, its history actually goes back even further. During the Civil War, Congress passed the Revenue Act of ...

March 7, 2018|General|

Commercial Litigation for Services Rendered

When a contractor or subcontractor wins a bid to improve a commercial property, they make plans to fulfill that contract to the best of their ability. However, during the work, a problem may arise in the financial well-being of the company that awarded the contract. When this happens, payment for services rendered may not be made on time to the contractor who cannot make payment to his subcontractors. The contractor can then file a mechanic’s lien on the property. What is a Mechanic’s Lien? A mechanic's lien, otherwise known as a construction lien, is a guarantee of payment to contractors ...

March 3, 2018|Commercial Litigation|

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|

What Is A Pass-Through Entity?

Most businesses in the United States are organized as pass-through businesses, such as sole proprietorships, partnerships, limited liability companies and S corporations. According to the Brookings Institution, about 95 percent of businesses fall into that category. These entities are called pass-throughs, because their profits are passed directly through the business to the owners and are taxed on the owners' individual income tax returns. Income earned by a business organized as a pass-through entity must be distributed as taxable income to its owner, members or partners. The pass-through entity itself doesn't pay income taxes, but it also can't defer tax on ...

January 31, 2018|General|

Happy Holidays!

The attorneys and staff at Rushing & Guice, P.L.L.C. wish you peace and prosperity throughout the coming year. During this season, we take time to reflect upon the good things we have, like our relationship with you. We thank you for your continued support and we look forward to working with you in the years to come. We hope that 2017 has been just as memorable for you, your colleagues and your loved ones and we trust that the holidays and the coming year will bring you happiness and success. May your holidays and New Year be filled with joy!

December 15, 2017|General|

WHAT IS A HEALTHCARE SURROGATE?

§ 41-41-211 of the Mississippi Code states that a surrogate may make a health-care decision for a patient who is an adult or emancipated minor if the patient has been determined by the primary physician to lack capacity and no agent or guardian has been appointed or the agent or guardian is not reasonably available. An adult or emancipated minor may designate any individual to act as surrogate by personally informing their supervising health-care provider. In the absence of a designation, or if the designee is not reasonably available, any member of the following classes of the patient's family who ...

November 29, 2017|General|

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