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Bertek, UDL, and Digitek May Contain Twice the Approved Active Ingredient

Digitek, a drug used to treat heart failure and abnormal heart rhythms, has been recalled because some tablets contain twice the approved level of active ingredient. These tablets can cause serious injuries--including low blood pressure, cardiac instability, and death. Please contact us if you or a loved one has suffered...    go to full article »»

Posted on 09/15/2008 by:  Wayne E. Hassay, Partner

Gadolinium Injection Used To Improve MRI Image Can Cause An Incurable Skin Disease In People With Kidney Problems

Gadolinium is used to obtain a brighter and better image on MRI (magnetic resonance imaging) and MRA (magnetic imaging angiography) scans. In people with kidney problems it can cause an incurable disease known as NSF/NFD. NSF/NFD typically starts with swelling and tightening of the skin, frequently with red or dark...    go to full article »»

Posted on 01/12/2008 by:  Wayne E. Hassay, Partner

Business Partner Pitfalls: Fiduciary Duty in a Close Corporation

Amy has the experience and connections. Betty has the money. Together they open a little shop. The grand opening of A&B is a dream come true. They have properly incorporated, hired a CPA, drafted a business plan, carefully selected employees, obtained insurance, and got a great deal with suppliers. When...    go to full article »»

Posted on 12/12/2007 by:  M&S Staff Attorney

Consumer Protection Laws; Reality vs. Myth

Ohio offers consumer protection in several different types of transactions. For instance, there is a Lemon Law for new car purchases which allows a buyer to bring a claim against the vehicle’s manufacturer if the buyer has experienced problems within the first year or first 18,000 miles of delivery. The...    go to full article »»

Posted on 11/29/2007 by:  Andrea E. Martin

Stock Exchange: Traps for the Unwary Sole Proprietor

Converting a sole proprietorship into a corporation seems like a simple matter of filing Articles of Incorporation, issuing stock certificates and adopting By-laws. No need to pay the lawyers or CPAs more money, right? You risk some serious tax consequences by failing to plan your transaction appropriately. A conversion from...    go to full article »»

Posted on 11/06/2007 by:  M&S Staff Attorney

No Kidding -- More Kiddie Tax

The Small Business and Work Opportunity Tax Act of 2007 was signed into law on May 25, 2007. Included int eh Act are various small business tax incentives and a few revenue raisers such as new and enhanced penalties and broadening of the kiddie tax. Previously, a child subject to...    go to full article »»

Posted on 06/12/2007 by:  M&S Staff Attorney

A Tip on Tip Reporting: Filing Deadline for Food and Beverage Industry

The Internal Revenue Service released a publication further explaining the Attributed Tip Income Program (ATIP), a voluntary alternative tip reporting program for the food and beverage industry. For calendar year 2007 only, employers are allowed until June 30,2007 (rather than Feb. 28, 2007 when they timely filed Form 8027 information...    go to full article »»

Posted on 05/31/2007 by:  M&S Staff Attorney

Business Practice Tip: re: Your Business Tax Records

The Tax Court upheld IRS practice of using bank deposit reconstruction to determine self-employed internet entrepreneur’s unreported income. Bank deposits are prima facie evidence of income. The taxpayer failed to keep adequate records of his business receipts and other income. All bank deposits were considered regular taxable income without regard...    go to full article »»

Posted on 01/12/2006 by:  M&S Staff Attorney

How To Stop Identity Theft In 30 Minutes

Your credit card bill just arrived in the mail and you notice a $500 charge for a lawnmower from a home improvement store in Illinois. Wait a minute...you don't have a lawn and you certainly don't live in Illinois! It's identity theft. Quick! What do you do next? Step 1...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Double Tax Break for Energy-Efficient Homeowners

On Aug. 8, 2005, the President signed the Energy Tax Act which could provide homeowners with a $500 credit for non-business energy property (a one time credit) and the 30% of cost credit for residential energy efficient property (up to $2000). Not surprising, given their subject matter, both are fairly...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Roth IRA Timing Rules

For 2005, a taxpayer can make a Roth IRA contribution equal to the lesser of (1) $4,000 (up to $4,500 if he is age 50 or older), or 100% of the compensation that痴 includible in his gross income for that year. The maximum Roth IRA contribution is reduced by amounts...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Mandatory Arbitration Provisions: Are They Right For You?

In recent years, many businesses have started to include mandatory arbitration provisions in contracts with suppliers, customers, and consumers. While mandatory arbitration provisions may be advantageous in certain transactions, their benefits must be analyzed on a case by case basis. Arbitration is a private dispute resolution process in which a...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

FACTA Regulations Now In Effect

The Fair and Accurate Credit Transaction Act�s (FACTA) disposal provisions went into effect on June 1st. The purpose of the rules is to prevent workplace identity theft by requiring employers to properly dispose of records that contain �consumer information.� FACTA amends the Fair Credit Reporting Act (FCRA) and requires �any...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

CAT Tax With Claws

If you have not heard the state of Ohio has adopted a commercial activity tax (CAT) which became effective July 1, 2005. The CAT tax is an annual privilege tax to do business in Ohio and is measured by gross receipts on business activity. The tax applies to all types...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Consensual Relationships and the Discrimination That Follows

When a married supervisor conducts longstanding, concurrent affairs with three female subordinates at work and grants them professional favors over more deserving candidates, does it constitute unlawful sexual harassment? In Miller v. Department of Corrections, the California Supreme Court has held that it does, despite a longstanding reluctance by courts...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Bankruptcy Abuse Prevention and Consumer Protection Act Of 2005

On April 20, 2005, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “Act”). The Act is one of the most comprehensive pieces of bankruptcy legislation to be enacted in decades. With the exception of some provisions, the effective date for the new...    go to full article »»

Posted on 09/16/2005 by:  M&S Staff Attorney

Fair Credit Reporting Act

If your business provides information on your deadbeat clients to any one of a number of credit reporting agencies, such as Equifax, Experian, or TransUnion, you are regarded as a “furnisher” under the Fair Credit Reporting Act (“FCRA”). The FCRA regulates the collection and disbursement of personal credit information and...    go to full article »»

Posted on 09/23/2004 by:  Kathleen A. DeYoung

Some Not Covered as Employees Under Ohio Workers’ Compensation Law Unless Specifically Requested.

Members of partnerships, owners of sole proprietorships, and officers of family farm corporations, are not covered as employees under Ohio Workers’ Compensation law unless specifically requested. Ohio’s workers’ compensation system is a mandatory participation system. Companies with one or more employees must pay into the system. Every “employee” who suffers...    go to full article »»

Posted on 09/23/2004 by:  M&S Staff Attorney

Businesses Need Estate Planning Too!

Small business owners should consider what will happen to the business in the event of the death of a shareholder. Typically, corporations will use a Key Man Insurance policy to fund either a Buy-Sell Agreement or Cross-Purchase Agreement among the shareholders. The following are benefits and concerns for each type...    go to full article »»

Posted on 09/23/2004 by:  M&S Staff Attorney

Employee Handbooks: Employer's Best Defense or Employee's Smoking Gun?

The biggest concern for most employers is the proverbial bottom line. Employers should, however, be aware of their potential for becoming embroiled in litigation that may end up costing them thousands of dollars. In addition, the Equal Employment Opportunity Commission (EEOC) is always looming on the horizon, ready to enforce...    go to full article »»

Posted on 06/09/2004 by:  M&S Staff Attorney

Contract Provisions: More Than a Handshake

As a business owner you must always remember that executing a written contract with key provisions is the most essential element in a successful business transaction. The best way to prevent a dispute in any transaction is to have the parties intentions reduced to writing. Once a dispute has arisen,...    go to full article »»

Posted on 06/03/2004 by:  M&S Staff Attorney

Does Your Business Need Trademark Protection?

With most businesses, trademarks and copyrights have become an integral part of company assets and goodwill. No longer is a mark or logo just a symbol of a company. Names and logos are now assets attaining goodwill and providing name and/or product recognition and revenue. Most companies are familiar with...    go to full article »»

Posted on 06/01/2004 by:  M&S Staff Attorney