Trusts are one of the most powerful tools in estate planning. They allow you to protect assets, control distributions, minimize taxes, and preserve wealth for future generations. But not all trusts serve the same purpose—and misunderstanding the distinctions can lead to costly mistakes.

In this presentation, I explain how trusts work, the differences between revocable and irrevocable trusts, and how they fit into a comprehensive estate plan. You’ll also learn how trusts can help avoid probate, maintain privacy, and shield assets from creditors and estate taxes.

Whether you’re planning your own estate or advising clients, understanding the role of trusts is essential for safeguarding assets and ensuring that your legacy is passed on exactly as intended. Learn more: https://www.cummings.law/the-role-of-trusts-in-estate-planning/

Synthetic equity—through Phantom Units or Stock Appreciation Rights (SARs)—offers a powerful way to reward and retain key employees without issuing actual ownership. However, these arrangements carry complex legal, tax, and accounting implications that must be carefully structured to avoid unintended liabilities.

In this presentation, I explain the key legal considerations for drafting synthetic equity agreements, including vesting schedules, payment triggers, 409A compliance, and tax treatment under federal and state law. You’ll learn how to protect the company’s control while aligning incentives with long-term performance.

We’ll also discuss common pitfalls—such as mischaracterized equity, deferred compensation traps, and valuation errors—that can expose both employers and employees to risk. Whether you’re a business owner, executive, or advisor, understanding the legal framework for synthetic equity is critical to designing a compliant and effective plan. Learn more: https://www.cummings.law/legal-considerations-for-synthetic-equity-agreements-phantom-units-sars-2/

A short-year corporate tax return is required whenever a corporation’s taxable year is less than 12 months—often triggered by formation, dissolution, redomestication, or a change in accounting period. These filings come with unique timing, proration, and compliance requirements that can easily be overlooked.

In this presentation, I explain when and why a short-year return is required, which IRS forms to file, and how to calculate prorated income, deductions, and credits. I also cover common pitfalls—such as missing election deadlines, failing to notify the IRS, or misreporting tax periods—that can cause penalties or processing delays.

Whether your business recently incorporated, changed ownership, or dissolved, this presentation will help you understand the rules, deadlines, and filing strategies for short-year corporate tax returns so you can stay compliant and avoid costly errors. Learn more: https://www.cummings.law/understanding-the-short-year-rules-for-corporate-tax-returns/

Doing business across state lines brings a maze of tax obligations that can catch even experienced companies off guard. In this presentation, I explain how multi-state taxation works, including the rules that determine nexus, income apportionment, and filing obligations across different jurisdictions.

You’ll learn the differences between physical nexus, economic nexus, and affiliate nexus, how states divide taxable income using apportionment formulas, and how to avoid double taxation or compliance penalties. I also address how remote work and digital sales have expanded state taxing authority since Wayfair v. South Dakota.

Whether you operate a growing business, manage state filings, or advise clients, this presentation will help you understand how to comply with multi-state tax laws, protect against audits, and minimize your overall tax burden. Learn more: https://www.cummings.law/understanding-multi-state-business-taxation/

Buying assets out of bankruptcy can present exceptional opportunities—but it is also a legal minefield. The process is governed by federal law and requires strict compliance with the Bankruptcy Code, court orders, and notice and approval procedures.

In this presentation, I explain the legal requirements and key steps for purchasing assets from a bankruptcy estate, including court approval under Section 363, due diligence on liens and encumbrances, and the significance of “free and clear” sale orders. I also outline the roles of the trustee, debtor-in-possession, and creditors, and how each can affect your deal.

You’ll learn how to avoid successor liability, ensure your purchase is enforceable, and protect yourself against challenges from creditors or competing bidders. Whether you are an investor, business owner, or professional advisor, this presentation will help you understand how to navigate bankruptcy acquisitions safely, strategically, and in full compliance with the law. Learn more: https://www.cummings.law/legal-requirements-for-purchasing-assets-out-of-bankruptcy/

Recourse and nonrecourse liabilities play a critical role in how partnerships and LLCs allocate debt, determine basis, and claim deductions. Understanding the distinction is essential for accurate tax reporting and avoiding costly errors under federal partnership tax rules.

In this presentation, I explain the core differences between recourse and nonrecourse liabilities, how they affect each partner’s basis, and why misclassification can lead to IRS challenges. You’ll learn how economic risk of loss is assigned, how limited liability status impacts debt allocation, and what Treasury Regulations §1.752 requires for compliance. Whether you are a business owner, CPA, or tax attorney, mastering this concept will help ensure your entity remains compliant and your partners maximize available deductions without triggering audit exposure. Learn more: https://www.cummings.law/how-to-manage-recourse-vs-non-recourse-liabilities-in-partnerships/

Texas Senate Bill 140, effective September 1, 2025, changes the way businesses can communicate with Texas residents by text message—but misinformation is spreading fast. In this presentation, I debunk the most common misconceptions about SB 140 and explain what the law actually covers. You’ll learn why the law applies to legitimate U.S. businesses, not just robocallers; what counts as a “telephone solicitation”; how the law interacts with the Texas Deceptive Trade Practices Act (DTPA); and why consent and opt-out compliance are more important than ever.

I also address the mistaken belief that texts through platforms like WhatsApp or Instagram are exempt (they are not!), and clarify the real penalties for noncompliance—including fines up to $5,000 per message. If your business texts customers in Texas—or you receive unwanted messages—this presentation will help you understand exactly what SB 140 does, what it doesn’t, and how to stay compliant while protecting your rights. Learn more: https://www.cummings.law/textspam/index.html

Relocating an S corporation to a new state can create hidden tax and legal traps that may terminate your S election if not handled correctly. In this presentation, I explain the key risks business owners face when moving an S corporation and how to preserve your election under the Internal Revenue Code.

You’ll learn how mergers, dissolutions, or improperly executed conversions can cause your S election to lapse, why redomestication is the only legally sound method to preserve entity continuity, and how to avoid common compliance pitfalls when filing with both states and the IRS.

Moving your business should not mean losing your tax status—learn how to keep your S election alive and your company protected. Learn more: https://www.cummings.law/

Your Federal Employer Identification Number (FEIN) is not just a tax ID—it is your company’s legal identity. It connects your business to the IRS, banks, payroll providers, credit bureaus, and every institution that recognizes you as a continuing entity. Losing it is not a clerical error—it is corporate death.

In this presentation, I explain why preserving your FEIN is absolutely critical when moving your business to a new state and why only redomestication—not mergers, dissolutions, or foreign registrations—can lawfully preserve it. You’ll learn how the FEIN functions as your company’s DNA, what happens when it’s lost, and how improper restructuring can cause severe tax consequences, credit loss, and banking disruption.

Redomestication keeps your legal entity, tax identity, contracts, and credit history intact—ensuring your company survives the move without interruption. Learn how to protect the heart of your business. Learn more: https://www.cummings.law/redomestication/

A Cash Balance Plan is one of the most powerful tools available for high-income business owners, including doctors, to reduce taxes while accelerating retirement savings.

In this presentation, I explain how Cash Balance Plans work, how they differ from traditional 401(k)s, and how they can help you contribute—and deduct—hundreds of thousands of dollars annually. You’ll learn who qualifies, how contributions are calculated, and the tax and long-term planning advantages these plans offer.

For professionals, medical practice owners, and small business operators seeking large, legal tax deductions, Cash Balance Plans can be transformative. Implementing one correctly can help you defer more income, lower current taxes, and build wealth faster for retirement. Learn more: https://www.cummings.law