Law Office of Lynn T. Clarke, LLC

03/21/2025

Update: This requirement is back on again i apologize for the late notice and lack of details, but I have been out of the country Please see below for additional information.

12/07/2024

UPDATE: A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.
The injunction, which according to the court should apply nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).
Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA’s Jan. 1, 2025, BOI reporting deadline pending a further order of the court.

11/12/2024

Important reminder to clients with LLCs or for-profit corporations, and informational notice to non-clients: File Beneficial Owner Information by January 1, 2025, at www.finCEN.gov (use the official .gov site to avoid fees). Filing is free of charge. Please share this post to your friends who have LLCs or for-profit organizations as there is a significant penalty for not filing.

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...

12/08/2021

Because I use a limited liability company (LLC) for my business, I receive an Annual Registration Instruction Form. For $150 (!!!) they will re-register my business for me. I can do it myself in less than 3 minutes for $50. Although it is not a scam and they really do re-register you, it is very expensive and it will take you longer to complete their form and mail it in with your check than it will to do it yourself. Go to www.ecorp.sos.ga.gov. All you need is a credit card.

03/21/2021

Took my shingle down the end of last year and moved home to begin the process of a soft retirement, meaning that I am working from home and working less. I actually think my clients like seeing me at my home. 😀

01/28/2021

The Internal Revenue Service announced the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, up from $11.58 million in 2020. That means an individual could leave $11.7 million to heirs and pay no federal estate or gift tax, while a married couple could shield $23.4 million.

The annual gift tax exemption remains at $15,000 per donor per donee, which means you and your spouse can gift $30,000 this year to anyone without a gift tax consequence. Even me. 😀

01/28/2021

Some information on filing dates, etc.

COVID Tax Tip 2020-09, January 28, 2021

11/30/2020

Once again this year, I have received a 2021 - Annual Registration Instruction Form that on it's face seems legitimate. The cost is $150; however, if you look at the bottom of the page, you will note this sentence "The state of Georgia Annual Registration can be filed directly through the state for the statutory $50 fee."

Please do not be lured in by this direct mailing. You can go to https://ecorp.sos.ga.gov/ and click on "Annual Registration with No Changes" without having to log in, if everything is the same. If you have changes, then you will have to create an account, but then you can use your log in for next year and the years after that.

For my current clients: I will be retiring at the end of this year, but will keep my same telephone number and will continue to assist you from my home. I am looking forward to this next phase of my life, but will not leave you hanging.

05/26/2020

For 2020, the annual gift tax exclusion continues to be $15,000, which means you can give up to $15,000 to anyone ($30,000 with a spouse) each year without incurring gift tax liability. I recommend completing a gift tax return for those gifts.

In addition, there is currently a $11,580,000 per person and $23,160,000 per married couple unified credit exclusion, which means that you can pass up to these amounts estate and gift tax free. It makes estate tax planning easier for most people.

In Georgia, we do have a relatively new power of attorney statute, so I am recommending that people contact their attorney to have their plans updated, if for no other reason that that. Until the statute was passed, financial institutions were becoming increasingly wary when a powers of attorney was presented to them with the increase in elder financial abuse that they were seeing and thus the increase in liability to them. The statute addressed many of those issues.