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Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 215
  • 0 Comments
Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

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New Tax Rules Affect How You Attract Top Attorneys with Creative Perks

  • 23 January 2018
  • Author: Alexander Carr
  • Number of views: 482
  • 0 Comments
New Tax Rules Affect How You Attract Top Attorneys with Creative Perks
A recent law firm salary study reveals associate salaries and base pay are increasing in 2018

, along with perks like signing bonuses, relocation reimbursement and other benefits. Even perks like pet insurance and emergency child care—which you may be completely unfamiliar with—are on the list of non-traditional benefits that win big with top legal talent.

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Law Firm Partnership Audits Are About to Change

  • 28 September 2017
  • Author: Alexander Carr
  • Number of views: 1922
  • 0 Comments
Law Firm Partnership Audits Are About to Change

An entirely new centralized partnership audit regime has finally replaced 1982’s TEFRA partnership procedures when it comes to partnership audits. The new rules, which are part of the Bipartisan Budget Act of 2015 (BBA), apply to partnership tax years beginning January 1, 2018. Partnerships can elect to apply them to returns dated as early as November 2, 2015.

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How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

  • 24 July 2017
  • Author: Alexander Carr
  • Number of views: 2142
  • 0 Comments
How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

At face value, it seems the IRS has a very low barrier to personally penalize a member of business management when payroll taxes withheld from employee paychecks (called trust fund money) aren’t submitted to the IRS. Time after time, the IRS seems to win these cases. What it really comes down to is whether the stakeholder knowingly and recklessly disregarded the risk of non-payment. It’s why a Seinfeld icon and soup mogul was recently on the hook for back taxes (read that story here) and why tax practitioners rarely seem optimistic when the IRS claims a trust fund penalty is due. However, a recent case shows there is light at the end of the tunnel and that light is called “reasonable belief.”

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Why “Pleading the Fifth” Doesn’t Work in Tax Cases

  • 11 July 2017
  • Author: Alexander Carr
  • Number of views: 2591
  • 0 Comments
Why “Pleading the Fifth” Doesn’t Work in Tax Cases
From corporate leadership to government officials, it seems invoking the Fifth Amendment and declining to provide information during legal proceedings has

become popular. But if you assume the tactic can be used as a defense for not filing taxes, think again.

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Hulk Hogan's Litigation Financing Lessons

Hulk Hogan's Litigation Financing Lessons

In April, we introduced the growing trend of third-party litigation financing to help offset the cost of litigation. Since then a specific case has catapulted the idea into the mainstream. The Wall Street Journal recently reported that Peter Thiel, founding investor in PayPal and Facebook, has provided about $10 million to support pro-wrestler Hulk Hogan in an invasion-of-privacy lawsuit against Gawker Media

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Is Litigation Financing a Viable Option?

  • 30 March 2016
  • Author: Cari Holbrook
  • Number of views: 2394
  • 0 Comments
Is Litigation Financing a Viable Option?

You may have a great track record in the courtroom, but are you willing to bet on it? An increasing number of U.S. litigators are, following a trend called third party litigation financing (TPLF) or alternative litigation financing (ALF). This type of litigation financing often uses hedge funds and other investment principles to fund the litigation process for plaintiffs’ attorneys.

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Qualified Settlement Fund: Nirvana for Plaintiffs and Their Attorneys!

  • 10 December 2014
  • Author: Cari Holbrook
  • Number of views: 0
  • 0 Comments
Qualified Settlement Fund: Nirvana for Plaintiffs and Their Attorneys!
A Qualified Settlement Fund ("QSF") is a powerful tax vehicle used to control the taxability of legal settlements. Properly done, an attorney can use a QSF to defer receipt and subsequent taxation of legal settlements or awards. 
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The IAPA International LogoRather than experienced bookkeepers, promising CPAs-in-training or studious interns in the process of completing their accounting degrees, you get professional CPAs. We Solve Problems. We provide creative solutions to our clients’ unique problems including tax and estate planning, forensic accounting, expert witness and litigation support.

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For corporate professionals handling multi-million dollar budgets and VIP accounts, the day-to-day accounting can be daunting.  “We sought out Steven because of his expertise with start-up capital issues. His team has propelled us forward... --Jason and Colleen Benavides, Bahama Buck's Leon Springs, Owners   >>Read more

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