Contingent-Fee Tax Planning, Anyone?
If you’re careful, structured legal fees can allow tax-free compounding, defer taxes and help build a solid financial plan. There are estate planning advantages, too.
Practice Area: Tax Law
Tax Laws Lag Behind Current COVID Reality
Tax laws must catch up with what has happened with the world as a result of COVID-19.
Deadline Quickly Approaching for Firms and S Corps To Register for Possible Tax Relief
Law firm partners and S corporation investors who were hit hard financially by the Trump Administration’s tax reforms may be able to get some relief thanks to a relatively new provision in the New York Tax Code, but the firms must act by Oct.15 to take advantage of it this year.
COVID-19 Is Causing Headaches Over Taxes
COVID-19 shut down offices and sent employees home to work — often out of state — leaving a big question about state income taxes: Should they be paid where the employees are actually working, or where the employer is located? Alysse B. McLoughlin, a partner at McDermott Will & Emery in New York, led a … Continued
It’s Complicated: What Lawyers Need to Know About Taxes While Working Remotely
The shift towards remote work for millions of U.S. employees can have significant tax implications for businesses. There is potential long-term impact as employers rethink the need for expensive spaces and shift to partial or fully-remote workforces. Potential tax implications include payroll tax, corporate income and franchise tax, as well as taxes imposed based on … Continued
The Impact of IRS Form 1099 Rules on Lawyers and Clients
Lawyers and clients should care about IRS Forms 1099. Forms 1099 allow computer matching of Social Security numbers and dollar amounts paid and received, so IRS collection efforts are streamlined and automated.
Tax Malpractice Damages – Return to Fundamentals – Another Court Gets It Right
If one were designing the measure of damages recoverable for negligent tax advice, the most obvious element of recoverable damages would be the avoidable extra taxes caused by the negligence. After all, minimizing taxes is at the heart of a tax representation. In most states, such avoidable taxes are recoverable. The situation in New York … Continued