A law firm partner's advances on partnership profits are subject to administrative levies imposed by the Internal Revenue Service, the 2nd Circuit ruled Thursday, finding that advances, or partner "draws," at personal injury firm Moskowitz, Passman & Edelman constitute "salary or wages" under �6331(e) of the Internal Revenue Code. The firm will now have to pay the government nearly $1.5 million. The court said it was unpersuaded by Moskowitz Passman's "bold attempt to evade the levies."
April 30, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A law firm partner’s advances on partnership profits are subject to administrative levies imposed by the Internal Revenue Service, the 2nd U.S. Circuit Court of Appeals ruled Thursday.
The circuit found that the advances, or partner “draws,” at personal injury firm Moskowitz, Passman & Edelman constituted “salary or wages” under §6331(e) of the Internal Revenue Code. The firm will now have to pay the government nearly $1.5 million.
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