DPS Legal Counsel
Helping health professionals and entrepreneurs navigate the business of healthcare and the business of business
DPS Legal Counsel protects the business, regulatory, contract, transactional, intellectual property, compliance, and tax interests of health practices and small businesses from initial formation through founder retirement and practice/business succession
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Recent Blog Posts
Looking ahead from tax day – What do you do when you get audited by the IRS?
First, let's pause to consider a really unusual event that happened today in IRS Tax World. Today, April 17, 2018, was supposed to be The Day--Tax Day 2018. Lines were out the door at local post offices around the country. And e-filers clicked and clacked all day,...
How Will the New Tax Act Affect the Excise Tax for Tennessee Businesses?
The Council on State Taxation has a great acronym---COST. And COST has recently published a report entitled "The Impact of Federal Tax Reform on State Corporate Income Taxes." Here's a link to the Cost Report. Tennessee is often thought of as a tax-friendly state for...
How Not to Put Money into a Corporation (If You Ever Want to See it Again)
A couple of weeks ago, the U.S. Tax Court decided a case (Burke v. Commissioner) that should be on the required reading list for every would-be entrepreneur who decides to go into a business with a friend on a handshake and with no written agreement (or perhaps a few...
Doctors, Here’s a New Year’s Resolution for You – Be Better at the Business Side of Medical Practice
I've made my New Year's Resolutions, and so far (8 or so hours into the New Year), I'm doing pretty well. One of my resolutions is to be more proactive about business matters in my own law practice. That means for me, making more specific "to do" lists, prioritizing...
Tennessee Small Business Owners, Beware! You May Be Personally Liable for Franchise and Excise Taxes Upon Dissolution of Your Small Business
First, picture the dream. You are a successful Tennessee entrepreneur. A small business that you own through a corporation that you are the sole shareholder in has grown over the years, has made money, and is now the focus of a prospective buyer. There are dollar...
Random Thoughts about the Tax Cuts and Jobs Act of 2017
So we've seen our government in action working through the sausage-making process of passing a major new tax act over the past couple of weeks. The House voted in favor, the Senate voted in favor (of a slightly different bill), and then the House voted in favor of the...
What happens when a husband withdraws money from a joint bank account (and then dies)? The Tennessee Supreme Court tells us
On December 6, the Tennessee Supreme Court decided a case of first impression in Tennessee: what happens to the money that a married person withdraws from a joint bank account when that person dies? Does it go to the surviving spouse--as it would have done if the...
Tennessee Probate – What Happens to Jointly Held Property if One Spouse Dies Before the Divorce is Final?
The Tennessee Court of Appeals recently decided a case that is instructive on the probate or administration of an estate in Tennessee when the deceased is involved in a divorce case that is not finalized before the date of death. Here's the problem that may come up...
Beware! Employee vs. Independent Contractor – A Big Deal for Employers
The U.S. Tax Court released an opinion today in the case of Mescalero Apache Tribe v. Commissioner of Internal Revenue. This case is worth noting for all small and medium-sized businesses that pays workers in its operations. A key tax decision made by any business...
Probate & Estate and Trust Planning Alert – Problems with an Irrevocable Trust? Consider Decanting
If you are following Tennessee probate and estate planning matters and news, you may have seen some recent articles talking about decanting irrevocable trusts. In effect, decanting permits a trustee in certain situations to distribute assets from an irrevocable trust...