Tax Rules Every Employment Litigator Should Know
The Legal Intelligencer
Tuesday, January 4, 2011
Employment litigation, like most litigation, is fast-moving. Given that the overwhelming majority of cases settle out of court, it is often necessary for plaintiff and defense counsel to negotiate and execute comprehensive settlement agreements in a hurry. The various possible post-settlement tax implications to the client will likely not loom large in the litigator's mind.
Deadline Approaches for New Tax Return Preparer Number Registration
The Legal Intelligencer
Tuesday, November 16, 2010
Under new final regulations issued by the IRS under Section 6109 of the Internal Revenue Code, all tax return preparers must obtain a Preparer Tax Identification Number (PTIN). The PTIN must be obtained by tax return preparers with respect to all U.S. tax returns or claims for refund filed after Dec. 31, 2010. To obtain a PTIN, a tax return preparer must be an attorney, certified public accountant, enrolled agent, or "registered tax return preparer" authorized to practice before the Internal Revenue Service. A new PTIN must be obtained even if the tax return preparer had been assigned a PTIN prior to the promulgation of these new regulations.
Should Your Life Insurance Be Owned by an Irrevocable Trust?
The Legal Intelligencer
Tuesday, October 19, 2010
In many circumstances it is advisable to have life insurance owned by an irrevocable trust, often referred to as an irrevocable life insurance trust. The primary tax benefit of having an ILIT own life insurance is to remove the death benefit from the taxable estate of the insured.
Incentives for Capital Investment Under the Small Business Jobs Act
The Legal Intelligencer
Tuesday, October 12, 2010
The Small Business Jobs Act of 2010, signed into law on Sept. 27, provides several incentives for businesses to make capital investments in 2010. These incentives include the extension of the additional "bonus" first-year depreciation deduction on the purchase of new depreciable property and the expanded ability of small and midsized businesses to fully deduct the cost of eligible new property.
To Minimize Financial Fraud Risk, Watch Out for the 'Red Flags'
The Legal Intelligencer
Tuesday, October 5, 2010
As reports of global fraud continue to rise, members of corporate boards are becoming increasingly concerned about personal liability that could result from both large- and small-scale financial fraud as well as bribery, corruption and other fraudulent activities.
The Tax Treatment of Incentive Payments to Customers
The Legal Intelligencer
Tuesday, September 14, 2010
Many businesses, including both manufacturers and distributors, offer up-front incentive payments to customers in exchange for the customers' commitment to purchase the manufacturer or distributor's products. In a recent private letter ruling (PLR), the IRS concluded that certain types of incentive payments are required to be capitalized while other types of incentive payments may be currently deducted when paid.
