A partner's draw against firm profits isn't exempt from tax liens, a federal judge has ruled. The IRS levied Moskowitz, Passman & Edelman, whose partner A. Sheldon Edelman owed $1.2 million in unpaid taxes. While the firm neither honored nor challenged the levies, Edelman paid himself and his junior partner based on what was in the firm's account. Edelman claimed the checks were not subject to the levies because they were a "draw or an advance or loan against what is ... converted to income" at year's end.
October 15, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A law firm partner’s draw against firm profits is not exempt from tax liens, a Manhattan federal judge has ruled.
The Internal Revenue Service levied the New York personal injury firm Moskowitz, Passman & Edelman, whose senior partner A. Sheldon Edelman owed $1.2 million in unpaid taxes.
Presented by BigVoodoo
The premier educational and networking event for employee benefits brokers and agents.
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
Consulting Magazine recognizes leaders in technology across three categories Leadership, Client Service and Innovation.
Shipman is seeking an associate to join our Labor & Employment practice in our Hartford, New Haven, or Stamford office. Candidates shou...
Evergreen Trading is a media investment firm headquartered in NYC. We help brands achieve their goals by leveraging their unwanted assets to...
Duane Morris seeks an associate with 3-4 years of experience to join its Employee Benefits and Executive Compensation Group in its Philadelp...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
