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Virtual Currency and Virtual Transactions – Real Tax Issues in Real Dollars
Recently the IRS released a draft form of Form 1040 for the upcoming tax year. The biggest change is a more detailed question about virtual currency transactions. The new draft form asks, “At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose…
OK at Work: Planning to Protect Your Assets
This week on OK at Work, Sarah Sawyer and Russell Berger discuss the need for business owners to protect their assets. While most business owners want to continue to grow their businesses, a little bit of planning work can help minimize the risk. This planning should include both corporate structure planning as well as personal…
7 Stupid Mistakes People Make During Their Divorce
Most people start their divorce process expecting it to negatively affect every area of their life. However, many people make avoidable mistakes that can make an already difficult process even harder for themselves and everyone else involved. After nearly three decades of representing clients in divorce and child custody cases, I try to warn my…
Should I File a Joint Tax Return with My Separated Spouse?
When it comes time to file tax returns, those of our clients who are separated but not yet divorced often ask our opinion. As with many issues, there are some benefits to filing a joint return. However, there may also be unexpected consequences. When spouses file jointly, they are each responsible for all of the…
Your Rolex is Not Worth What it Used to be
Your Rolex is Not Worth What it Used to be According to a recent study, your Rolex is not worth what it used to be. Original retail price for a Rolex Daytona, Audemars Piguet Royal Oak, and a Patek Philippe Nautilus ranged from $12,400 to $35,000. By peak 2022, prices had more than tripled. As…
Harvesting Tax Credits Is Legitimate Business for Tax Purposes
If the sole purpose of a partnership is to harvest tax credits, is that a legitimate business for tax purposes? According to the Tax Court and the D.C. Circuit Court of Appeals, yes. In Refined Coal, LLC. V. Commissioner, No. 20-1015, (D.C. Cir. August 5, 2022), the answer is a resounding yes. But first, some…
The Best Back-To-School Tips for Divorced Parents
It’s that time of year again. The leaves are changing, the temperature is dropping, and children everywhere are gearing up to head back to school. For divorced parents, this can be a difficult time. You may feel like you are juggling a million things at once. But don’t worry – we have compiled the best…
Marriage on the Rocks: How to (Not) Ruin Your Case
Rachel Mech and Emily Shank* explore lessons from the Johnny Depp and Amber Heard Trial and other ways to ruin your case. *Emily Shank, who is featured in this video, is no longer affiliated with Offit Kurman.
Monkeypox: Three Tips for the Workplace
It is hard to imagine another public health crisis after the rollercoaster that has been COVID-19. Nonetheless, in recent weeks, reports of Monkeypox have dominated the airwaves – with President Biden declaring the virus a public health emergency on August 4, 2022. The Centers for Disease Control and Prevention (CDC) note that symptoms include: rashes,…
DC Non-Compete Elimination
The District will soon join its neighbors in Maryland and Virginia as one of the few jurisdictions that regulate non-compete clauses. The District, however, will impose the broadest non-compete prohibition in the country, barring, with narrow exceptions, all simultaneous and post-termination employment restrictions for employees in the District. Maryland only prohibits the use of non-competes…
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