Galligan, Thompson & Flocas LLP

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(650) 349-1040Call Visit WebsiteVisit Website Map & DirectionsDirections630 N San Mateo DrSan Mateo, CA 94401 Write a ReviewWrite Review

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Email: Email Business
BBB Rating: A+
BBB Rating and Accreditation information may be delayed up to a week.
Extra Phones: Phone: (650) 548-1065
Other Link: http://www.gtfcpa.com
Categories: Accountants-Certified Public, Attorneys, General Practice Attorneys, Tax Attorneys

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Phone: (650) 349-1040

Address: 630 N San Mateo Dr, San Mateo, CA 94401

Website: http://www.gtfcpa.com

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Galligan, Thompson & Flocas LLP

Divorce
Consider having the divorce agreement supply you with funds if you have not worked outside of the home during the marriage.
Child Support
It is not taxable to the recipient and is not deductible by the payer. If it is specially designated as child support in a divorce agreement or lessened by the occurrence of a contingency relative to the child, meaning a child reaches a specified age, it is considered as a payment.
Child Custody and Visitation
Make an agreement with your spouse to plan for the legal issues that will be dealt with in the future, such as division of property, alimony or support payments and child custody. The amount of time and money that will be spent trying to reach a legal solution will be lessened dramatically if this can be done, either with the help of lawyers or court.
Adoption
Spousal Support
Be prepared to report any non-financial contributions to the marriage that you have made - such as any non-financial contributions to his/her financial success or spousal support while he/she went to school.
Legal Separation
If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home. Send us a message for more!

Fraud
5. Go digital. The most effective way to prevent most check fraud is to stop using paper checks altogether. Consider replacing them with ACH payments or another form of electronic payments.
Theft
Identity Theft
In one tax identity theft scheme, a thief uses another individualâ€™s personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. The real taxpayer discovers the fraud when he or she files a return and is told by the IRS that the return is being rejected because one with the same Social Security number has already been filed for the tax year.
Hit and Run
You should have uninsured motorist coverage, which will protect you against financial damages caused by an uninsured motorist or a hit and run, should one occur.

Business and Corporate Law

Mergers and Acquisitions
Business Disputes
Become an S corporation, which doesn't change the nature of the business under state business law but rather eliminates federal tax at the corporate level.
Business Transactions
Business transactions and transitions are complicated affairs, and whether you're buying, selling, or considering a potential merger, Galligan, Thompson & Flocas LLP can provide professional know-how to help you successfully structure and negotiate the deal. Galligan, Thompson & Flocas LLP employs careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.
Limited Liability Companies
Yes. Limited liability companies (LLCs), limited partnerships, limited liability partnerships (LLPs) and corporations are the most common forms. General partnerships and sole proprietorships don't restrict owners' liability, whereas limited partnerships limit liability of some partners (such as limited partners) and not others (like general partners).
Intellectual Property

Workers Compensation
The employer must pay for certain legal benefits and insurance coverage such as Social Security, unemployment insurance and worker's compensation. The money for the Social Security program comes from payments made by employers, employees and self-employed persons to an insurance fund that will provide income after retirement. At the age of 65, full retirement benefits usually become available. There are other aspects of Social Security that deal with survivor, dependent, and disability benefits, Medicaid, Supplemental Security Income and Medicare.

Land Use and Zoning
Property Damage
You will need to have liability coverage, property damage, and bodily injury. This way you will be protected if you are at fault and cause damage to a person or their property. It is recommended to have $300,000 per accident to pay medical costs and other costs that may be affiliated. You should also have at least $50,000 in property damage.

Social Security Disability
Long-term disability (LTD) commences after the conclusion of the short-term benefits. LTD benefits then continue for the entire length of the disability or until the date of normal retirement. This is also a percentage of the employee's salary, typically between 60 and 80 percent. Social Security disability normally offsets these benefits - if an employee qualifies for the Social Security disability benefits, they will be subtracted from what the employer has paid.

Trusts and Estates

Estate Planning
Single adults without dependents. Unless you would like to use insurance for the purposes of estate planning, you will only need insurance to cover expenses for burial and debts.
Wills
Trusts
The first step is to know the MAGI (modified adjusted gross income) thresholds to avoid the 3.8% surtax on net investment income. They are as follows: Married Filing Jointly ($250,000); Individuals ($200,000); Married Filing Separately ($125,000); Trusts and Estates (approximately $12,000). Trusts and estates are hit particularly hard with the surtax kicking in at a much lower income level.
Power of Attorney
Make a durable power of attorney. This will permit the partner to sign papers and checks and take care of other financial issues on his/her behalf should one become incapacitated.
Probate

Bankruptcy
Foreclosure
The major benefit of a reverse mortgage is that it allows homeowners to take advantage of some of the equity that they have built up in their homes without the burden of having to pay it back in monthly payments. This could be used to supplement income, defray the cost of medical aid, pay for college education, stop a foreclosure, or make it possible to retire.
Tax Law
Whether or not you owed taxes or received a refund last year, check your tax withholding to avoid not having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year. This is even more important due to the recent changes to the tax law for 2018 and beyond. On the other end, if you had a large refund you lost out on having the money in your pocket throughout the year. Changing jobs, getting married or divorced, buying a home or having children can all result in changes in your tax calculations.

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