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Law Firm Partnership Audits Are About to Change

  • 28 September 2017
  • Author: Alexander Carr
  • Number of views: 2565
  • 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.

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

  • 24 July 2017
  • Author: Alexander Carr
  • Number of views: 3161
  • 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.”

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

  • 11 July 2017
  • Author: Alexander Carr
  • Number of views: 3698
  • 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.

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

Per Diem Travel: Myths You Shouldn't Believe

  • 12 April 2016
  • Author: Cari Holbrook
  • Number of views: 2494
  • 0 Comments
Per Diem Travel:  Myths You Shouldn't Believe

As we head into business conference season, now is a great time to review the rules concerning business travel expenses. Using a per diem rate to reimburse business travel is often misunderstood. Typically, the record keeping is simpler under this method as the federal government has established fixed reimbursement amounts per day for business travel that cover lodging, meals and incidentals.

Is Litigation Financing a Viable Option?

  • 30 March 2016
  • Author: Cari Holbrook
  • Number of views: 2983
  • 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.

Is Private Equity an Answer to Cash Woes?

  • 15 March 2016
  • Author: Cari Holbrook
  • Number of views: 2608
  • 0 Comments
Is Private Equity an Answer to Cash Woes?
Private equity is a term that’s thrown around the business world, especially among startup companies. It can be a great way for businesses to get a much-needed infusion of cash.  And you don’t need to be a young, hip startup to consider it as a viable option.

Top 2016 Tax Deduction Changes for Business Owners

  • 9 February 2016
  • Author: Cari Holbrook
  • Number of views: 2244
  • 0 Comments
Top 2016 Tax Deduction Changes for Business Owners

As usual, Congress’ procrastination resulted in some last-minute legislation. Here’s a summary of the top tax changes that will affect business owners in 2016:

Foreign Assets? Working Abroad? The IRS Still Wants Your Money

  • 26 January 2016
  • Author: Cari Holbrook
  • Number of views: 2273
  • 0 Comments
Foreign Assets?  Working Abroad?  The IRS Still Wants Your Money

More than 3,000 Americans each year give up their U.S. passports in order to work abroad. Why? It’s not because they don’t love America. It’s because tax complications make it too hard to work abroad while staying loyal to Uncle Sam. In fact, the U.S. is known to have the most onerous tax laws for citizens working abroad of any developed country in the world.

Personal Property Rendition for Business: What You Should Know

  • 12 January 2016
  • Author: Cari Holbrook
  • Number of views: 2524
  • 0 Comments
Personal Property Rendition for Business:  What You Should Know

In Texas, as well as many other states throughout the U.S., business owners are required by law to report personal property that is used for business to their county tax appraisal district. The requirement is called a Business Personal Property rendition and it includes tangible personal property used to produce income or for other business purposes.

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