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June 18, 2012

So You Thought Your Employee Was Terminated, Guess Again!

Published on June 18, 2012 By Joel H. Paget Normally when an employer terminates the services of an employee, both know it. However, if the employee is working for the employer under the non-immigrant status of H-1B there are additional steps to be taken if there is going to be a “bona fide termination of the employment relationship.” In order for there to be a “bona fide termination of the employment relationship” there must be: (1) notice to the employee

Q&A: I have heard the federal tax laws may be changing. Should I consider making gifts this year?

Published on June 18, 2012 Yes, 2012 is an excellent time to make gifts. We have an unusually high federal estate/gift tax exemption in 2012 that permits each taxpayer to transfer up to $5.12 million of property to children or other beneficiaries, without transfer taxes. If a taxpayer makes a gift in excess of that amount (or dies with an estate greater than that amount), the maximum gift or estate tax rate is 35% this year. In contrast, if Congress