On December 13, 2010, Virginia took center stage in the ongoing national debate over the national health care law enacted earlier this year. Judge Henry E. Hudson of the Richmond Federal District Court accepted arguments advanced by Virginia Attorney General, Kenneth Cuccinelli II, and struck down the individual mandate portion of the health care reform…
In the wake of the Great Recession and staggering job losses, many employees have been confronted by the reality that traditional corporate employment can no longer be considered a relatively low risk and stable avenue to financial security. As a result, many people are considering a dream that they have had at one time or…
Employers’ Obligations under the Workers’ Comp Act Many employers in Virginia, particularly smaller ones, may not realize that they must carry workers’ compensation insurance in order to comply with the Virginia Workers’ Compensation Act. The Act requires, with few exceptions, that any business (person or company) that has three or more employees “regularly in service”…
With the down economy, many companies have eliminated jobs and turned to independent contractors to trim costs. However, it is not up to the business or the worker to decide who is a contractor and who is an employee. The IRS is the ultimate arbiter, and failure to follow its rules can be financially painful…
Part 1: To Determine Value, Get Professional Help Too often, business owners rely on the financial statements prepared by their CPA’s to determine business value. In fact, sales prices often far exceed the values suggested on financial statements. Compilations and audited statements serve a valuable purpose in establishing hard asset value. They are not intended,…
Many of us can recall the old TV commercial featuring a mechanic performing major engine repairs to a car, who chastised that the costly damage could have been prevented by the regular purchase of a low priced oil filter. “You can pay me now,” he warned, “or pay me later.” Lawyering and auto repair may…
Most businesses know to be wary of credit applications or agreements which may include provisions for high rates of interest or other pro-creditor terms — indeed, well-run businesses know to use such forms themselves. What surprises many businesses is the fact that high rates of interest can be assessed in some cases, even if no…