Two common lawsuits in remodeling are for breach of contract and negligence in the performance of services. Negligence suits arise from damages sustained due to the contractor's failure to perform according to known standards in their field. There must also be a close relationship between negligent acts and the damage they cause. The financial consequences of such suits, including the cost of defending them, can be severe.
New federal tax laws were designed to stimulate the economy. One of the most difficult -- and often overlooked -- aspects of tax planning involves reconciling the objectives of deferring or reducing federal taxes with the liability for state and local taxes.