Effective October 1, 2010, the Maryland Legislature enacted the Maryland General and Limited Power of Attorney Act (Act).  The Act creates a statutory form power of attorney and provides that no one can require an additional or different form of power of attorney for any authority granted in the statutory form power of attorney (this includes anyone -- banks, insurance companies, title companies, and anybody else dealing with a power of attorney).  Failure to accept an appropriate acknowledged statutory form power of attorney may subject you to liability for attorneys’ fees and costs incurred in an action or proceeding to confirm the validity or mandate acceptance of the statutory form power of attorney.  To avoid liability for noncompliance with the Act, be familiar with and able to recognize the new statutory form power of attorney and be sure to accept it.

For more information on the Act, see Maryland’s Statutory Power of Attorney – Learn It, Accept It, or Get Ready for Liability. ...

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Act) signed by President Obama is expected to stimulate the economy by providing tax relief to individuals and businesses.  The Act reinstates many Bush-era tax cuts that expired in 2009 and extends others that were scheduled to expire on December 31, 2010.  The Act also overhauls the current estate and gift tax regime by providing generous estate and gift tax exemptions and rates for 2011 and 2012.  Some of the more notable provisions of the Act affecting businesses are described below.

Income Tax, Capital Gains, and Preferential Dividend Rates.  The current rates are extended through 2012.

2011 Employee Payroll Tax Cut.  Effective for 2011 only, the social security tax rate is reduced from 6.2% to 4.2% and the self-employment tax rate from 12.4% to 10.4%.

100% Bonus Depreciation.  The 50% bonus depreciation now applies to qualified property acquired after December 31, 2007, and before January 1, 2013, and...

A person walks into your office or local branch, presents a power of attorney, and wants to sign a legal instrument or contract on another person’s behalf or asks you to change title to or withdraw money from another person’s account.  Sound familiar?  If so, then listen up.