Posts filtered by tags: Irs[x]


Professional Conduct: An Opposite Party Lawyer Threatens to Report Me to IRS

My question relates to legal practice in the state of: Virginia I had to fire a contractor due to substandard performance before the completion of the project. The contractor is sueing me for not paying him in full. During the meeting right after the first court appearance, the opposite party lawyer threatened to report me to IRS for giving a partial payment to his client in cash. 1. Should I report the opposite party lawyer to a Board? 2. Could I be in a trouble for paying partially in c...
Tags: Law, Virginia, Irs, Legal Practice

Notes From The ABA Tax Conference: IRS Hiring, Modernization, Taxing The Gig Economy, And Tax Inequality

The May tax conference had something for everyone -- from pro bono to M&A.
Tags: Law, Irs, Tax Law, Aba, American Bar Association / ABA, Steven Chung

Contracts and Agreements: Can an Indemnification Clause Be Enforced when the Company Misclassified a Contractor

My question involves independent contractors in the state of: NJ My contract says that: Quote: I will defend, indemnify and hold Company X harmless from and against any claim made upon Company X by any governmental agency or any of the persons employed or retained by me to preform services for Company X (a) to pay withholding taxes, provide any benefits or similar items; (b) resulting from me or any of such persons assigned by me to provide services being alleged or deter...
Tags: Law, Irs, Independent Contractors, State

IRS Grants Tax Exempt Status To Satanic Temple

Is it appropriate for a government agency to decide which belief system is worthy of tax exemption?
Tags: Law, Government, Religion, Satanic Temple, Irs, Tax Law, Steven Chung

Deductions for all! 22 tax write-offs without itemizing

Thanks to much larger standard deduction amounts under the Tax Cuts and Jobs Act (TCJA), fewer filers are itemizing deductions. But that doesn't mean they aren't still writing off some tax-deductible expenses. During this first filing season after the many changes wrought by the latest tax reform law, taxpayers are still claiming what used to be called above-the-line deductions. Technically, they are and always have been adjustments to income. They got the above-the-line moniker because they pr...
Tags: Business, Taxes, Education, Congress, Retirement, Tax, Military, Social Security, Ira, Sam, Agi, Irs, Armed Forces, Keogh, Tax Deductions, Don

Big batch of federal plea deals (with relatively low sentencing ranges) in college admissions scandal

This press release from the US Attorney's Office for the District of Massachusetts, headlined "14 Defendants in College Admissions Scandal to Plead Guilty," reports on the latest developments in the highest profile college fraud case I can recall. Here are the basics: Thirteen parents charged in the college admissions scandal will plead guilty to using bribery and other forms of fraud to facilitate their children’s admission to selective colleges and universities. One coach also agreed to plead...
Tags: Law, US, United States, William, Irs, Felicity Huffman, Rick, Huffman, Newport Beach Calif, Douglas A Berman, Office for the District of Massachusetts

Four Things Every Smart Startup Should Do as It Scales

Your startup began as “four smart people with laptops and a vision.” Fast-forward a few years and it’s a bona fide business with investors, employees, and a snappy logo. Stay on this path, and signs are good that you’ll continue to grow.It’s easy and convenient to keep doing what you’ve been doing as you scale. But as your startup matures, you’ll need to increase its level of professionalism. There are two vital reasons to do this: First, you’ll neatly sidestep business-busting distractions like...
Tags: Startups, Leadership, Legal, Law, Entrepreneurship, Trends, Strategy, Recruiting, HR, Vc, Culture, Venture Capital, National, Hiring, Irs, Stock Options

Can the Ways and Means Committee Get Hold of Anyone's Tax Returns W/O a Court Order

As most, if not all of you know, the chairman of the Ways and Means Committee has requested President Trump's tax returns. I am not here to have a debate on the situation, but.... If the chairman of the Ways and Means Committee wants the President's tax returns dating back to when he was a private citizen, is it just a matter of the chairman making the request, and the IRS handing them over? Or does there have to be a court order first? And what about a private citizen? If the chairman of the ...
Tags: Law, Irs, Tax Law, Trump, Ways and Means Committee

Saluting Vietnam vets, plus tax help for those still serving

March 29 is Vietnam Veterans Day. This day commemorates the sacrifices of the 9 million Americans who served in the Vietnam War. All veterans are eligible for a variety of benefits, from discounts that can facilitated by the Department of Veteran Affairs' veterans ID card program to critical VA healthcare, thanks to their service. There also are special considerations for U.S. military personnel who are still serving, particularly in the tax area. With the April tax deadline quickly approaching...
Tags: Taxes, Department Of Defense, Military, United States, Egypt, Social Security, Medicare, Vietnam, Irs, Armed Forces, Foreign Service, Sinai Peninsula, National Guard, Internal Revenue Service, U S Armed Forces, EITC

On “1099 Employees” and “Full-Time Freelancers” and Other Oxymorons

There are certain expressions in the employment law world that don’t make much sense.   Call them: Employment Law Oxymorons. At least for me, hearing an employer ask what they should do about their “1099 Employees” is one of them. Let’s back up one step: Employees are paid wages and as such, they get issued a W-2 tax form at the end of the year. Independent contractors are paid fees and as such, they should be issued a 1099 tax form. See the difference? So when someone says a “1099 employee”, ...
Tags: Law, Irs, Employee, Independent Contractor, Human Resources (HR) Compliance, Wage & Hour, Manager & HR Pro’s Resource Center, 1099, W-2, Featured Content, Factors, Oxymoron, 1099 Employee, Employee Misclassificaiton, Full Time Freelance

TaxAct vs. H&R Block vs. TaxSlayer: Which is the Best, Low-Cost Tax Services?

How are you filing your taxes this year? We’ve compared three of the big names in budget-friendly tax software to help you decide on one. Find out which comes out on top, here’s TaxAct vs. H&R Block vs. TaxSlayer. Table of Contents A Little Bit About Each Product Key Features Pricing Sign-Up Process Security Mobile Support & Accessibility Customer Service & Support Bottom Line: Which One Wins? Editor’s Note: Pricing is up to date as of March 3, 2019 I t’s almost tax time and you know wh...
Tags: Amazon, Taxes, Marketing, Customer Service, Military, Irs, Puerto Rico, Turbotax, H R Block, HSA, TaxAct, H R Block H R Block, Starting, TaxSlayer, IRS Publications, TaxAct Express

Sexual harassment victims can still deduct legal fees

Part of today's International Women's Day celebrations are for the continuing employment advances by women. Our 21st century progress is due in large part to the pivotal roles of female employees in traditionally male jobs, like this woman machining parts for transport planes at the Consolidated Aircraft Corporation plant in Fort Worth, Texas, in 1942. (Photo via Wikimedia Commons) Back in 2017 when Congress was formulating the comprehensive tax law changes that would become the Tax Cuts ...
Tags: Politics, Texas, Taxes, Law, Sexual Assault, Congress, Time, Harvey Weinstein, Sexual Harassment, Irs, International Women's Day, Tax Reform, Fort Worth Texas, Senate Finance Committee, Internal Revenue Service, NDA

Business Ownership: LLC Question - Alter Ego Liability

My question involves business law in the state of: PA Alter Ego Liability "Alter ego" liability is a legal exception to LLC limited liability protection that arises when the LLC is managed in a way that fails to distinguish between the investors and the LLC itself. A court may invoke this exception in favor of a creditor and allow him to sue investors on an LLC debt if, for example, the LLC co-mingles LLC funds and the investors' personal funds, or if investors commonly withdraw money from the...
Tags: Law, Irs, Business Law, LLC

Opinion analysis: The doctrine that dare not speak its name

A laid-off railroad worker goes head to head with the world’s fourth-largest publicly traded corporation over a $3,765 payment that — the worker says — is owed to him because the corporation’s negligence caused him to fall through a snow-covered drainage grate and suffer a severe knee injury. The Trump administration backs the corporation, while a trial lawyers’ group with close ties to the Democratic Party comes in to support the worker. The Supreme Court sides with the corporation, but only ov...
Tags: Featured, Supreme Court, Law, Congress, United States, Social Security, Wisconsin, Berkshire Hathaway, Warren Buffett, Ruth Bader Ginsburg, Chevron, Justice Department, Irs, National Labor Relations Board, Bnsf, Trump

Morning Docket: 02.22.19

* Labor Secretary Alexander Acosta is in hot water for brokering the 2008 plea deal for Jeffrey Epstein. District Judge Kenneth Marra said the actions of then prosecutor Acosta violated federal law. [Slate] * When saying you're sorry just isn't enough: Roger Stone gets slapped with a gag order by Judge Amy Berman Jackson after Instagram debacle. [] * One of Michael Avenatti's sources has been identified as IRS analyst John C. Fry... and he's in trouble for disclosing Suspicious Activity...
Tags: Hbo, Law, Labor, Jackson, Michael Jackson, Irs, Hill, Roger Stone, Jeffrey Epstein, Acosta, Amy Berman Jackson, Morning Docket, Alexander Acosta, Alex Acosta, Kenneth Marra, Michael Avenatti

Staple or Paperclip Your Return.the Ultimate Tax Question

Such an inane question, but I can find no authoritative answer on this simple question, not even from the IRS. Any one tax forum with tax professionals will render totally different answers. So, is there an authoritative answer? Do I staple or paperclip my return, or none? If stapled or paperclipped....exactly where on the page should the staple or clip be attached? Crazy, nutty...but I've never found an final answer for this.
Tags: Law, Irs, Tax Law

Business Ownership: Using By-Laws to Claim Ownership of Non-Profit Corporation Assets

My question involves business law in the state of: Iowa Can a defendant claim ownership of corporate assets of an Iowa nonprofit corporation that was organized (As stated in the Iowa Nonprofit Articles of Incorporation) under the Iowa Nonprofit Corporation Act, Chapter 504A of the Code of Iowa (1999) and within the meaning of Section 501(c)(3) of the IRS code of 1986 by making the claim within the revised by-laws at a later date? The claim in the by-laws is stating that should the corporatio...
Tags: Law, Iowa, Irs, Business Law, Claim Ownership of Non Profit Corporation Assets, Iowa Nonprofit Articles of Incorporation, Iowa Nonprofit Corporation

DOL vs. DRS: Battle of the Employee / Independent Contractor Misclassification Tests

Employers who want to (or need to) use independent contractors often scratch their heads at a disconnect – how do you determine who is an independent contractor?  I recall at one speaking engagement years ago, an employer who came up to me and asked: “So are you saying that there are TWO tests to determining if someone is an independent contractor?” Yes, that’s exactly what I was saying. The Connecticut Department of Labor and the Connecticut Department of Revenue Services (the state equivalent ...
Tags: Law, Irs, Shipman Goodwin, Department of Labor, DRS, Connecticut Department of Labor, Human Resources (HR) Compliance, Laws and Regulations, Wage & Hour, Manager & HR Pro’s Resource Center, Misclassification, Abc Test, Featured Content, Control Test, Factor Test, Indpedent Contractor

Federal Taxes: Tax Basis for Capital Investment in a One-Member LLC

I'm considering setting up an LLC or S corporation for my new business; it will be a one-owner business. I understand that a one-member LLC is treated as a sole proprietorship by the IRS, and thus, there is no tax basis treatment applied to a one-member LLC with profits unless I take the IRS Form 2253 election for S corp treatment. I'm stuck on the tax-basis treatment of profits and resulting tax treatment. It seems if I invest $10,000, my tax basis is $10,000. If I earn $20,000 first year, only...
Tags: Law, Irs, Tax Law, LLC, Tax Basis for Capital Investment

Federal Taxes: Non-Custodial Parent is Claiming Children on His Taxes

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law

Non Custodial Parent Claiming Children

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law

Federal Taxes: Offer in Compromise

Hello All, The long and short is I owe $32,000 in Fed taxes. I am in a current installment agreement. The problem is, the interest and penalties in comparison to my monthly payment, I am only really paying around $73.00 toward principle. At this rate, it is going to take a lifetime to pay off. LITERALLY! Now here is where it gets tricky. I used the OIC tool on the IRS site and I "could" qualify for an OIC. Sounds great, right? NO!!! In reading the qualifications, it lists all monthly expenses...
Tags: Law, Irs, Tax Law, Fed, OIC

Choosing to Not Issue Shares to Founders with Consent

My question involves business law in the state of: Delaware. We have a C corp in the state of Delaware. It is just me and my friend doing our tech startup as a hobby. According to our Founder's Agreement the shares delegated to the Founders partially vest as of last year. Can we not issue shares if we both agree? If we issue shares as per the Founder's Agreement, there will be a huge franchise tax for Delaware (around 25% of 5,000,000 shares would partially vest). This would be a burden to our...
Tags: Law, Delaware, Irs, Business Law

Federal Taxes: Filing Returns for Past Unpaid Taxes

I received a $190,000 of a $300,000 settlement from a car accident in 2003. I was told this was not taxable. I've had multiple surgeries and it still effects me today. I took 50k and invested in stock through Scottrade and 3k into a Roth IRA. I was going through a really bad time and let a lot of stuff go. I drained the accounts in 2005 I think. I never filed taxes on any of it. The IRS has never contacted me regarding this. The state of Missouri did file a tax lien on me 8-10 years ago for 11k....
Tags: Law, Missouri, Irs, Tax Law, Scottrade

Federal Taxes: Streamlined Domestic Offshore Program and Statute of Limitations

Hi, I filed under the SDOP because I had (unwittingly) failed to declare some bank accounts in my home country. I am already disgusted at having had to pay a penalty of over $9k on a tax liability of just over $450 (IRS just notified acceptance). However, I thought - and the attorney I used had led me to believe - that the penalty would at least be partly offset by substantial refunds I was due upon amending my tax returns for 2013-2015. There was a bunch of exemptions I had never bothered takin...
Tags: Law, Irs, Tax Law

IRS Claims I've Tried to Falsely Claim My Children As Dependents

Ive been dealing with this issue since 2006 and it's been stopping me from filling. My ex claimed my oldest daughter and so did I I also have another daughter with my current girlfriend. I've tried to send the IRS documents they've asked for. But it wasn't acceptable idk what to do I've raised both my children they're whole lives they have lived with me but the mother was getting welfare so all the documents say she had her but infact that's a lie. Someone please help me tell me what to do. Irs ...
Tags: Law, Irs, Tax Law

2019 Maximum HSA Contribution Limits – How Much Can You Save for Your Medical Expenses?

Health Savings Accounts, or HSAs, are growing in popularity among people who need affordable health insurance and among employers looking to save on health insurance costs. HSAs have many benefits beyond cost savings. Let’s dive in and take a look at what exactly is a health savings account, the HSA contribution limits for each calendar year, how HSAs are one of the most flexible financial accounts you can open, and why it’s a good idea to max out your annual HSA contributions. What is a Health...
Tags: Marketing, Insurance, Ira, Irs, HSA, ROTH IRA, Health Savings Account, HDHP, HSA Bank, High Deductible Health Plan High Deductible Health, Tax Advantages of Health Savings, Health Savings Account However, HSA IRS

Morning Docket: 12.19.18

* Eighty-three judicial ethics complaints against Brett Kavanaugh have been tossed out by the Judicial Council of the Tenth Circuit due to an "intervening event": his SCOTUS confirmation. The Council, set up to fail by Chief Justice John Roberts, "[l]ack[s] statutory authority to do anything more." [National Law Journal] * The Senate passed the First Step Act in an 87 to 12 bipartisan vote, and now the sweeping criminal justice reform legislation will move on to the House for approval before be...
Tags: Google, Law, Washington Post, Senate, White House, Brooklyn, House, Donald Trump, Council, Irs, Law Schools, Biglaw, ABA Journal, John Roberts, D.C. Circuit, Dentons

Michael Cohen sentenced to three years in federal prison ... and joins ranks rooting hard for passage of the FIRST STEP Act

As predicted by some, Prez Trump's former lawyer Michael Cohen received a below-guideline and below-the-prosecutor-recommended sentence today from US District Judge William Pauley in New York City.  This Fox News report, headlined "Michael Cohen, former Trump attorney, gets 3 years in prison for tax fraud, campaign finance violations, lying," provides these details: Michael Cohen, the president’s former fixer who once famously claimed he was willing to "take a bullet" for Donald Trump before la...
Tags: New York, Law, Congress, Russia, New York City, US, United States, Manhattan, Fox News, Donald Trump, Irs, Trump, Cohen, William Pauley, Michael Cohen, Daniels

Any recommendations or predictions for Michael Cohen's upcoming sentencing?

Prez Trump's former lawyer, Michael Cohen, is scheduled to be sentenced by US District Judge William Pauley in New York City on December 12 after his guilty plea to charges including campaign finance fraud and lying to Congress.  As detailed in prior posts linked below, Cohen is asking for "time served," while federal prosecutors seek a "substantial term of imprisonment" of around 3.5 years.  This lengthy CNN commentary by Elie Honig, headlined "Why sentencing judge may not show Cohen 'mercy'," ...
Tags: Law, Congress, White House, New York City, US, Cnn, Irs, Trump, Cohen, William Pauley, Michael Cohen, Mueller, Pauley, Douglas A Berman, Prez Trump, SDNY

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