Lee J. Petros, Attorney at Law

11/06/2021

The Orange Field of Valor begins tomorrow! Flag tributes are available for purchase all week. Please visit the link in our bio for more information.

Handy Park
2143 E. Oakmont
Orange, CA 92867

November 6th: 3 pm (opening ceremonies) to 8 pm
November 7-12th: 10 am to 8 pm
November 13th: 10 am to 2 pm

07/23/2020

06/30/2020

Look to the Sky

History will come alive on Saturday, July 4, as the WWII era “Willa Dean,” a C-47 Skytrain and two Marchetti SF-260s fly over the City of Orange in celebration of the birthday of our great nation, and to honor those who protect it. The aircraft will take-off from John Wayne Airport, and the flyover is expected above Orange around 2 pm.

A detailed map of the flight path with times will be published as soon as it becomes available.

This amazing aerial presentation is made possible by a collaboration between the Cities of Orange, Buena Park, and La Habra, and the support of our 2020 Orange Tree Community Partners, Chapman University, Ricci Realty, SC Fuels, Thompson Building Materials, and Wilson Automotive. We would like to thank the Lyon Air Museum and Air Combat USA for their contribution to this event.

04/03/2020

Paycheck Protection Program (PPP) Update

To all Small Business Owners:
I was on a conference this morning regarding the PPP program. I wanted to provide everyone with the following information and steps to obtain relief from the PPP program:

Step 1:
Calculate your payroll for a 12-month period and have your payroll documents ready;
- Have 3 different time period ready (1/1/2019-12/31/2019; 2/15/2019-2/15/2020; and 3/1/2019-3/1/2020;
- Any employees over $100,000.00 per year, reduce their number to $100,000.00;
- Partner/Owner are also limited to $100,000.00 per year
- 1099 payees should not be part of your payroll calculation. (1099 individuals will submit their own application

Step 2:
Assemble the following records:
- Your payroll records using the three time periods above. Currently, there is a question as to which look back period they will be using, so assemble all 3 look back period reference above.
- For owners, have your K-1 or Schedule C ready for the last two years. You might also want to have your P&L’s available as well for the same periods.
- Owners should also have front and back copies of their Driver’s Licenses ready

Step 3:
Contact your financial institution to determine the timeline of the application process.

Step 4:
Forgiveness:
- Use the funds for approved expenses as shown in the application;
- A good practice will be to set up another account to the PPP funds
- Document the payments for the PPP funds over an 8-week period;

I will pass along more information as I receive it.

04/01/2020

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

04/01/2020

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

11/28/2019

Wishing Everyone a Happy Thanksgiving!

09/14/2019

If you need expert advice for your estate planning needs, call Petros Law Offices Today! We will help you protect your family!
(714) 542-3110

04/15/2015

2015 - Successful Defense of Fraud Case

Lee Petros successfully defended a seller of property who was being sued for failing to disclose permitting issues. After a four day trial, the court ruled that the buyers failed to establish that the defendant had any knowledge of the permitting issues and that no false disclosures were made. The potential exposure if they lost would have exceeded $1,700,000.00.

10/22/2014

If life insurance proceeds are payable to an insured’s estate, is their value includable in the insured’s estate?

A. Yes. The entire value of the proceeds must be included in the insured’s gross estate even if the insured possessed no incident of ownership in the policy, and paid none of the premiums. But proceeds payable to an executor in his or her individual capacity rather than as executor for the insured’s estate were not treated as payable to the insured’s estate by the Tax Court

11/28/2013

Wishing you a Happy Thanksgiving!!