We have all seen the ads for asbestos exposure and “bad” prescription drugs…
“have you or someone you know taken the drug Acutane… if so, you may be entitled to cash compensation… call 1800-bad-drug…”
So what are the tax consequences of receiving compensation for your damages?
Well, it depends… Some damages and settlement proceeds are tax exempt under [...]
New York Times columnist Paul Krugman famously dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong. Any Momma who would ride the rails [...]
With the rising deficit and a substantial economic strain on our Government, it is not terribly surprising that our Government’s financial woes tickle down, resulting in a larger financial burden on Americans.
August 19th marked the “Cost of Government Day” for 2010. This is the day the average American has earned enough gross income to pay [...]
No one wants to be taken by surprise with a super high tax bill for 2011. With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives.
We are [...]
“In this world, nothing can be said to be certain except death and taxes.” ~Benjamin Franklin~ With the estate tax existing as staple in revenue production since 1916, the controversial repeal of such marks a historical period of uncertainty when it comes to death and taxes.
Many speculated that Congress would enact interim Legislation preventing a [...]
As a tax attorney, I have the pleasure of routine interaction with the IRS. However, I must confess my dealings with the IRS are not as efficient and streamlined as I would like. Therefore, it came as no surprise to find that the IRS’s customer satisfaction is far from stellar. Surprisingly I did not expect [...]
With the US Court of Appeals recent decision to affirm Wesley Snipes’ criminal tax conviction, it looks like Wesley Snipes may have to rely on the royalties from his cheesy “Total Gym” Infomercials to pay off his substantial legal fees and restitution incurred from his long battle with the IRS. I wonder if the Federal [...]
With College Football Season right around the corner, I can’t help but wonder how much collateral damage has been caused by USC’s flagrant NCAA rule violations and what measures (if any) are Universities taking to avoid joining USC in their fall from glory.
The NCAA seems to be making an example out of USC’s violations [...]
Many people seem to avoid estate planning either because we do not want to think about death (particularly our own) or we do not want to think about all the paperwork, emotion, and flat-out hassle involved. It’s kind of like digging out and organizing all your tax information for the year to bring to your [...]
With a substantial portion of provisions in the Internal Revenue Code (Code) set to expire the end of this year, I am strongly encouraging my clients to take advantage of the current tax planning opportunities available this year. In the midst of the over sensationalized estate tax repeal and first-time homebuyer credit, the Code provides [...]