LaSusa & Deb, PLLC

Saturday, July 19, 2014

Shout Out from DJ Lamont MC

So proud that our partners Raney and Mishty got a shout out from DJ Lamont MC.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.

Monday, April 28, 2014

All Texas Business Should File Their Franchise Tax Reports by May 15, 2014

FREQUENTLY ASKED QUESTIONS:
Who must file? All taxable entities formed or organized in Texas or doing business in Texas must file a franchise tax form with the state. The due date for Texas Franchise reports for the 2013 tax year is May 15, 2014.

Who owes taxes? Most entities will file a no tax due form. An entity may file a no tax due form if it meets on of the following criteria:has zero Texas receipts,qualifies as a passive entity under TTC 171.0003,is a real estate investment trust (REIT) that meets the qualifications specified in TTC171.0002(c)(4), orhas total revenue, annualized per 12-month period on which the tax is based, below the no-tax-due threshold amount. All other entitles must calculate their taxes due.

What is the no- tax- due threshold? The amount of the no-tax-due threshold, per 12-month period on which the margin is based, is outlined below. If your business is below the threshold then no tax is due,however, you must still file the no tax due form.

The current tax thresholds are as follows:
$1,080,000 for franchise tax reports originally due on or after January 1, 2014 and before January 1, 2015. (Note: The no-tax-due threshold of $1,000,000 has been adjusted for the increase in the Consumer Price Index (CPI) as required by TTC Section 171.006. )
$1,030,000 for franchise tax reports originally due on or after January 1, 2012 and before January 1, 2014
$1,000,000 for franchise tax reports orginally due on or after January 1, 2010 and before January 1, 2012.
$300,000 for franchise tax reports originally due on or after January 1, 2008 and before January 1, 2010.
The no-tax-due threshold is scheduled to be $600,000 (not including any CPI adjustments) for reports due on or after January 1, 2014.

Special notes: A copy of your franchise tax report does not have to be included with your Federal tax returns. Quarterly estimated tax reporting is not required for state franchise taxes in Texas. Additionally, a retail or wholesale entity may qualify for a lower franchise tax rate.
For more information contact the Texas State Comptroller. We recommend consulting your financial advisor, CPA, or tax attorney prior to filing.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.

Sunday, June 23, 2013

Baal Dan Charity Dinner

Thank you so much for attending the beautiful dinner so graciously hosted by La Susa & Deb PLLC.

On behalf of Baal Dan Charities and LaSusa & Deb, PLLC, we would like to sincerely thank you for your generosity in helping to support some very special children in Calcutta, India.

Thanks to all of you and your hard work, we were able to raised $1,040.00!! This is over 60,670 Indian Ruppees.

This donation will be able to provide food, clothes and support for 16 little girls at "Bachpan" Orphanage which means Childhood in Hindi. All these girls were rescued from the streets or given up by their parents. Baal Dan supports 100% of their needs on an annual basis which amounts to around $18,000 per year.

To see a little bit more about the girls you can take a look at this video: http://youtu.be/eKsAO3mrJ54

You can see other videos of our work on our You Tube Channel.

Many thanks for your support and you can sign up for our newsletter at baaldan.com.

LaSusa & Deb at Asia Week 2013

Partners Raney LaSusa and Mishty Deb attended Asia Week in New York this March.

Asia Week is an annual event in New York City dedicated to the celebration and promotion of Asian Art. This year, dealers, collectors, auction houses, museums, and specialists from around the world collaborated in New York to display, promote, and discuss Asian Art. Participating New York galleries displayed countless exquisite works from China, Japan, India, Korea, Tibet, and many other countries.

In addition to the exhibitions, attendees and participants were offered access to lectures, workshops, and special sales. Several auctions were also held by Sotheby's, Christie's, Bonhams and other auction houses.

This event is a must for Asian Art collectors and enthusiasts. It is also a great opportunity for anyone curious about Asian art to learn more about these rich cultures. Experts and novices alike can benefit from a trip to Asia Week.

The 2014 event is scheduled for March 14-22. For more information about this year's offerings and updates for next year, check out http://www.asiaweekny.com/

Art and Law Newsletter: New York's Metropolitan Museum of Art under fire for allegedly misleading admissions policy

The Met, located in New York's famous Central Park, is facing legal action for the second time in only 4 months over its admission fee policy. The museum and the city have an agreement which allows the museum to occupy city-owned land rent free, provided the public may enter free of charge several days during the week. Visitors are greeted with signs reading "Admissions Recommended," which some argue are intentionally misleading and which suggest that an entry fee is required. Cases were filed in November of last year and again this spring, alleging that this signage violates the Met's agreement with the city. In a statement by the museum's Director and CEO, the Met denies the ambiguity of the signs and states that this "recommended admissions" policy was actually agreed to by the City of New York. It remains to be seen whether the signs will have to be removed or reworded.

The Blog does not create an attorney client relationship. LaSusa & Deb, PLLC is a law firm and the contents of this blog may contain legal information, but such information does not create a relationship between the reader and LaSusa & Deb, PLLC or any of its attorneys. Information herein is not guaranteed to be complete, correct or up-to-date nor does it reflect the opinions of LaSusa & Deb, PLLC. Please read full disclosure at the bottom of the page.

Art and Law Newsletter: Kansas City Art Institute pursuing promised donation

In 2005 Larry and Kristina Dodge pledged $5 million to the Kansas City Art Institute for the construction of a new building which would bear their name. The Dodge Painting Building now stands on the KCAI campus, despite the fact that the Dodges only paid $1 million of the promised amount. The school hired an attorney and initiated litigation in order to compel the donors to pay the outstanding amount, which resulted in a $3.3 million judgment against the family. Mr. Dodge, a former banker once worth an estimated $1 billion, has lost his fortune and declared bankruptcy, partially, he claims, due to the lawsuit. Mrs. Dodge now fears she will have to file for bankruptcy as well if the school continues to pursue the matter.

The Art Institute maintains that the Dodges are under a contractual obligation pay the amount pledged. In fact the Institute argues that as a nonprofit organization it is under strict accounting guidelines, under which it has already reported the pledged donation. Failure to collect the full amount may result in an accounting deficit, which could negatively impact future donations.

Art and Law Newsletter: American collector finally returns 10th century idol stolen in 1974

Norton Simon, an American art collector, was in possession of a stolen Indian bronze for nearly four decades. The priceless bronze, an idol of Lord Nataraja, was taken from the Sri Sivagurunathasamy temple of Sivaputam, located in the Thanjavur district. According to officials, the idol was entrusted to a local sculptor for repairs in 1954. A copy was made and given to the temple, while the original was smuggled to Bombay, and eventually sold to Simon. The idol was later confiscated by Scotland Yard when Simon sent it to a restorer in London for repair. British authorities contacted the Indian government, who reached an out of court settlement with Simon. Under the terms of this agreement, Simon agreed to return the idol, but only if he was allowed to retain the bronze for nearly 10 years, and if the Indian government agreed not to inquire about any other works in his possession. The work is now in the Kapaleeshwar temple in Chennai.