Blog

If you’re starting a business or beginning to toss the idea around, you may have considered registering your business with the State of Tennessee, or maybe you’ve already started operating just under your name or under a fictitious business name. In Tennessee, there are several different entities to choose from: sole proprietorship, partnership, corporation, limited liability company, etc. Each different entity will have its benefits and disadvantages. This blog will solely focus on sole proprietorships in Tennessee.

For over a century, the border running between Georgia and Tennessee has been the subject of debate between the two states.Georgia claims that its northern border, which is essentially a straight line that separates Georgia from Tennessee and North Carolina, should be placed approximately one mile further north than it currently stands.

Although many people are thinking of Valentine’s Day and what to get their significant other, others are still trying to decipher the more than 1000 pages of new tax legislation that the President just signed into law.

A federal District Court in New York recently determined that an executor of an estate was personally liable for an IRS levy when he distributed funds to a beneficiary after being notified of the levy. U.S. v. Michel, (2012 D.C.N.Y.) 110 AFTR 2d 2012-5117. Liability attached even though the executor's attorney advised him that the levy had been satisfied. The court determined that the attorney was not a necessary party in order to determine whether the IRS could prevail against the executor. The court determined that even if the executor had acted in good faith, the absence of intentional or negligent conduct was not relevant to his liability under Internal Revenue Code Section 6332 for failing to satisfy the levy.

A majority of American small businesses use the s-corporation form of doing business (i.e. dentists, opticians, and even retailers). The main reason is that an s-corporation is a pass-through entity, meaning the net earnings of the s-corporation are passed through to the shareholders of the company and reported on their individual income tax returns. This may seem simple enough for accounting principles but the tax ramifications can be substantial.

The Marshes' claims against the mortgagee were based on the theory that, because the property had been sold at a tax sale prior to the mortgagee's foreclosure, the mortgagee had no interest in the property that could have been sold; thus, the Marshes were "flim-flammed" when they paid the mortagee $26,000 for the property.