TELL ME ABOUT THE HARD PART
Five Steps to Help Businesses Face, Solve & Prevent Problems
NEWSLETTER
FREE EBOOK
The Small Business Owner’s Guide to Hiring an Attorney
SERVICES
Counselor. Advisor. Committed To Your Business.
At the SJS Law Firm, we are committed to the success of you and your organization.
Providing individualized service that is tailored to the unique needs of you and your business, we provide the legal support you need to move forward with confidence, secure in the knowledge that you have a legal team watching out for your best interests.
Serving small business owners, entrepreneurs and non-profits, we are here to assist you in all legal aspects of your venture.
Our Mission Is To Partner With Clients As Part Of Their Team To Help Them Achieve The Business Of Their Dreams And Plans With Timely And Strategic Legal Advice
Our firm works with clients throughout Washington DC, Prince George’s County, Maryland and the surrounding areas. We offer a range of cost-effective services designed to address all facets of your business, including entity formation, employment matters, contracts, intellectual property, compliance and legal strategy. Our job is to protect you and help you plan for the future by spotting emerging legal trends, allowing you to focus on running and growing your business.
We care about the overall trajectory of your business, not just the legal issues we are called on to solve. We will work closely with you to understand your business and your goals, and customize our services to help you achieve those goals. By delivering creative and proactive solutions and making complicated legal issues easy to understand, we ensure that you have the information and tools you need to be as effective as you can be.
Please contact our firm to discuss your business legal needs. We look forward to helping you build a strong, profitable enterprise.
Recent Blog Posts
This tax season, an IRS rule change may require many freelancers, contractors, gig workers, and small business owners who use third party payment platforms or online marketplaces like Cash App, Paypal, Venmo, Stripe to comply with new tax reporting requirements. The IRS’ rule, which requires third party payment platforms to issue 1099-K forms to certain users for tax reporting, was supposed to go into effect in 2021 but was postponed through 2023 and is now being implemented in phases. Originally, the rule required third party payment platforms to issue 1099-K forms for users who had 200 transactions totaling more than $20,000 within a year. The new rule eliminates the number of transactions and lowers the dollar amount threshold per year. For instance, the dollar amount threshold for the 2024 calendar year is $5,000. In 2025, the threshold amount will be further reduced to $2,500, and in 2026, the threshold amount will be $600. With this new rule change, small businesses who previously did not receive 1099-K forms can expect to receive them and to report them on their tax returns. To small businesses in states like Maryland and Virginia, which already have a $600 reporting threshold, this IRS rule change comes as no surprise. It is important to note that third party payment platforms are only required to issue 1099-K forms for business transactions—payment for goods or services, including tips, and rent payments—amounting to the dollar threshold on that particular platform; the rule does not apply to personal transactions. Further, businesses should know that business transactions on the Zelle payment platform are not subject to 1099-K reporting requirements since the platform doesn’t hold money in an account like other payment platforms. However, Zelle business transactions should be reported on Schedule C of Form 1040 for tax compliance. Due to the nature of third party payment platforms, it is imperative to ensure that your business’ 1099-K form is accurate. Small businesses should consider setting up multiple accounts to keep reportable transactions separate from personal transactions. Additionally, businesses should promptly contact their payment platform if the platform issues an incorrect 1099-K to ask for a corrected form. Note that this rule change does not alter businesses’ tax obligations in any way. The SJS Law Firm can help your small business navigate these new regulatory changes. For a complimentary consultation, please contact us at (202) 505-5309.
The COVID-19 pandemic significantly changed working conditions for most workers. One of the changes the pandemic brought to work culture was teleworking, which permits employees to work from their homes or in other locations. While many employers, like Amazon, have called their employees back to the office, teleworking is now a permanent fixture of the workplace. To keep up with the evolving landscape of work, employers must ensure that they have an effective telework policy in place to facilitate productivity; below are some tips on how to do so. Include the Following Provisions in Your Telework Policy: Scope of the Policy: The policy should be used for employees’ job responsibilities and should not serve as a way for employees to take care of their independent personal obligations. If the policy is intermittent, detail how long an employee may work remotely. Employee Eligibility: State what type of employees will be eligible for remote work. For example, full-time employees, part-time employees, or those who have worked for 1 year. Request and Approval: If telework is not a standing policy, put in place a procedure through which employees can request, and supervisors can approve telework requests. It is also important to lay out the criteria for approving or rejecting such requests. Work Expectations: Set forth where employees may or may not work while remote, establish work hours when employees must be available, the method of communication with other workers, and any work policies employees must abide by; this should include any measures to protect company or client data as well as other confidential information. Equipment and Supplies: If the company will provide equipment and supplies for remote work, the policy should include the conditions of such use and their return. Failure to Comply with Policy: The company should reserve the right to deny or revoke an employee’s telework privileges in response to the company’s needs, an employee’s failure to abide by or abuse the policy, and any further consequences. The policy should also state whether or not an employee’s participation in or removal from telework is subject to a review or appeal process. Conclusion While these provisions are not exhaustive of the items to include in a telework policy, they are essential in any effective policy. The SJS Law Firm, PLLC, can help your small business draft effective telework policies. For a complimentary consultation, please contact us (202) 505-5309.
As the 2024 Presidential Election draws closer, many changes will come in the months ahead depending on which candidate wins the race this November. Following President Biden’s withdrawal from the race, the DNC elected VP Kamala Harris as Donald Trump’s opponent in November. While the policies of Trump, who has previously served as the President, may be a bit more foreseeable, the U.S. has yet to experience a Harris presidency. This article explores how a Trump presidency may differ from a Harris presidency as it relates to small business. A Trump Presidency for Small Businesses Neither Trump’s campaign nor the RNC’s policy platform includes small business support programs. However, Project 2025, an initiative pushed by Republican conservatives to guide their next presidential administration, addresses small business support in government contracts. Specifically, Project 2025’s contributors push for a shift in the U.S. SBA’s operations away from its focus on historically disadvantaged businesses and toward a scheme where all businesses should qualify for support on a first-come, first-served basis. While such a scheme would prove detrimental for many small businesses, it would not be surprising since, during his previous administration, Trump attempted to defund the Minority Business Development Agency entirely. Aside from small business contracting opportunities, Trump’s platform emphasizes industry deregulation, which small businesses could benefit from. Deregulation could mean a reversal of labor regulations implemented under President Biden’s administration. For instance, some of the regulations promulgated by the Department of Labor, the Federal Trade Commission, and the National Labor Relations Board which have faced many challenges already, may be reversed or suspended under a Trump Presidency. A Harris Presidency for Small Businesses Unlike the RNC’s platform, the DNC’s draft platform, which it released in July 2024, addresses plans to support small business contracting and expansion opportunities. The platform claims that the democratic administration is “expanding access to capital, business opportunities, and training to help those small businesses; while working for a fairer tax code, to level the playing field for small entrepreneurs who have to compete against corporate giants,” including providing funds aimed at state level small business programs. Under the Biden-Harris administration, the Minority Business Development Agency is now a permanent part of the Commerce Department. While the draft platform was crafted with President Biden in mind as the 2024 DNC candidate, it is likely that Harris’ stance on these issues will not change or deviate too far from it. This is evident since as VP, Harris established the Economic Opportunity Coalition to help small businesses access financing for capital and growth. On taxes, if Harris follows in Biden’s footsteps, corporate taxes will likely increase while the administration further pursues regulatory oversight—which could bode well for small businesses especially given the wrench that the Supreme Court’s overturn of Chevron deference has thrown in the regulatory works. Conclusion Whoever wins the 2024 Presidential election, the impact will be felt by small businesses. These insights should help small businesses anticipate and better prepare for the future. We’d love to talk with you further about business planning in general! Feel free to schedule an appointment.
FREE Consultation
© 2021 The SJS Law Firm, PLLC. All Rights Reserved.
