Team Members

May 26, 2022

Egerton, McAfee, Armistead, and Davis P.C. Attorneys directly answering frequently asked questions!

Tax FAQ

Can a taxpayer be eligible for more than one filing status?

Yes, a non-married individual can file as either head of household or single. A married individual can file either as a married or married filing separately.

More information:

https://apps.irs.gov/app/understandingTaxes/hows/mod05/media/fs_mod05.pdf

Is money received from the sale of inherited property considered taxable income? 

It depends. The amount of taxable income would only be the amount of the increase in value since the decedent’s date of death. Thus, if no increase in value, then no taxable income.

More information:

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances/gifts-inheritances

As Tax Day approaches, what is the purpose of a Form 1040? 

The purpose of a Form 1040 is for an individual to report their annual income.

More information:

https://www.irs.gov/forms-pubs/about-form-1040

What is the difference between a Form W-2 and a Form 1099-MISC?

W-2’s are sent to employees while 1099-MISC’s are sent to those who received more than $600 in rent, prizes, and other miscellaneous income.

More information:

https://www.irs.gov/forms-pubs/about-form-w-2

https://www.irs.gov/forms-pubs/about-form-1099-misc

How do I file back taxes?

Quickly and carefully. Make sure your #tax returns are accurate and concise and report all outstanding income. Tax returns should be filed directly with the appropriate #irs service unless a Revenue Officer/Revenue Agent has been assigned to your case.

More information:

https://www.irs.gov/businesses/small-businesses-self-employed/filing-past-due-tax-returns

https://www.investopedia.com/back-taxes-5119851

https://www.policygenius.com/taxes/how-to-file-back-taxes/

 

Trademark FAQ

What is the difference between TM and ®?

TM is used when the owner of a trademark is claiming trademark rights but does not have a federal registration. ® Circle R can only be used to designate a trademark that is federally registered.

More information:

https://www.inta.org/fact-sheets/trademark-symbols/

What is the difference between a trademark and a service mark?

A trademark is for a good while a service mark is for services.

More information:

https://www.uspto.gov/trademarks/basics/what-trademark

How long does patent protection last?

Generally, the life of a patent is 20 years from the date of filing the application. However, under certain circumstances, the actual “life” of a patent can be more or less than 20 years.

More information:

https://www.uspto.gov/web/offices/pac/mpep/s2701.html

https://www.stopfakes.gov/article?id=How-Long-Does-Patent-Trademark-or-Copyright-Protection-Last

What are some types of unpatentable subject matters in the U.S.?

General scientific principles/discoveries, algorithms/mathematical methods, abstract ideas, laws of nature, etc.

More information:

https://www.uspto.gov/web/offices/pac/mpep/s2106.html

What rights are provided by a patent?

The right to exclude other from making, using, or selling patented inventions.

More information:

https://www.uspto.gov/web/offices/pac/mpep/s301.html

https://www.law.cornell.edu/wex/patent

Is my company name automatically protected?

Registering your company name protects it from someone registering the same name in the state where the company name is registered. You do not automatically receive any trademark protection simply from registering your company name with the state.

More information:

https://www.uspto.gov/trademarks/basics/why-register-your-trademark

https://www.sba.gov/business-guide/launch-your-business/register-your-business

https://www.forbes.com/advisor/business/how-to-trademark-your-businesss-name/

Can I file a trademark application if my product or service is not being sold?

Yes. While a trademark registration requires the good or service to be in use in commerce, the trademark office allows an intent-to-use application to be filed before the good or service is in use in commerce. After the trademark application is approved (a Notice of Allowance is issued) then the applicant has up to three years to show use.

More information:

https://www.uspto.gov/trademarks/basics/trademark-process

https://www.inta.org/fact-sheets/fair-use-of-trademarks-intended-for-a-non-legal-audience/

https://www.uspto.gov/trademarks/additional-guidance-and-resources/possible-grounds-refusal-mark