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More Lessons on Jury Awards Taxed as Ordinary Income

  • 9 May 2019
  • Author: Cari Holbrook
  • Number of views: 32
  • 0 Comments
More Lessons on Jury Awards Taxed as Ordinary Income

A recent court ruling held that a jury award of tort damages (including interest) that a cattle and dairy farmer received in a stray voltage lawsuit were ordinary income which should have been included in the farmer’s taxable income; thereby increasing his taxes. An important lesson in this case includes the tax price of winning a court case.


Forensic Accounting Lessons from the College Admissions Scandal

  • 23 April 2019
  • Author: Cari Holbrook
  • Number of views: 137
  • 0 Comments
Forensic Accounting Lessons from the College Admissions Scandal

If the recent college admissions scandal has you scratching your head wondering, “how did they get away with it for so long, and how was it uncovered,” wonder no more. There’s no doubt that forensic accountants played a role, and what they did to uncover the payoffs might save your own business one day.


Not All Postmarks Are Valid to the IRS

  • 16 April 2019
  • Author: Cari Holbrook
  • Number of views: 127
  • 0 Comments
Not All Postmarks Are Valid to the IRS

While printing postage from the internet is convenient, it may not be a good idea to do so for payments or petitions mailed to the IRS. That’s what one taxpayer recently learned when her correspondence was regarded as being late despite the timely date her private postage label clearly displayed.


Accounting Lessons from the NBA’s Zaza Pachulia

  • 9 April 2019
  • Author: Cari Holbrook
  • Number of views: 204
  • 0 Comments
Accounting Lessons from the NBA’s Zaza Pachulia

NBA star Zaza Pachulia and his wife recently learned the hard way that it’s critical to use a reputable accountant. Pachulia’s identity was used by his accountant, Randy Usow, to defraud the IRS of more than $800,000. The case is eye-opening in several ways:


Expert Witnesses Are Not Immune to Malpractice Claims

  • 3 April 2019
  • Author: Cari Holbrook
  • Number of views: 141
  • 0 Comments
Expert Witnesses Are Not Immune to Malpractice Claims

A Michigan Court of Appeals recently ruled that expert witnesses can’t simply claim witness immunity for testimony that can be considered incompetent. Instead, licensed professionals acting as expert witnesses owe the same professional diligence to the party for which they testify as they would to any client. Failing in doing so could result in malpractice.


Retiring in 2019

  • 26 March 2019
  • Author: Cari Holbrook
  • Number of views: 160
  • 0 Comments
Retiring in 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business.

When A Loan Triggers A Tax Debt

  • 19 March 2019
  • Author: Cari Holbrook
  • Number of views: 180
  • 0 Comments
When A Loan Triggers A Tax Debt

Funds received as proceeds of a loan aren’t taxable as long as you’re expected to pay it back. However, the moment some or all of the debt is forgiven (and doesn’t need to be paid back), the IRS will jump in and want its cut. 


Unlucky Tax Strategies That Don't Work

  • 12 March 2019
  • Author: Cari Holbrook
  • Number of views: 202
  • 0 Comments
Unlucky Tax Strategies That Don't Work
Have you ever heard about a tax strategy you thought was so crazy, it just might work? Here’s what we can tell you: If it’s illegal, the IRS has seen it before, and it’s only a matter of time before they catch on.

Travel, Parking, and Relocation Tax Changes

  • 26 February 2019
  • Author: Alexander Carr
  • Number of views: 223
  • 0 Comments
Travel, Parking, and Relocation Tax Changes

Feeling lost while navigating the new Tax Cuts and Jobs Act (TCJA) changes for business travel, parking and relocation? You’re not alone. Here are some of the top changes and what the IRS has to say (if anything) about them. 

New Temporary Tax Credit for Paid Family and Medical Leave

  • 19 February 2019
  • Author: Alexander Carr
  • Number of views: 144
  • 0 Comments
New Temporary Tax Credit for Paid Family and Medical Leave

Are you an employer who provides paid family and medical leave to your employees? If you are, you may qualify for a new business tax credit through 2019.

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