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Pass-Through Entities in Bankruptcy-Beware of Phantom Income
Recently I discussed the tax issues created by the inadvertent inclusion of partnership tax provisions in an operating agreement for a LLC taxed as an S-corp. Today we have a different problem – not following what the operating says regarding dissolution and the potentially serious adverse tax consequences that can create. This is a bankruptcy…
OK at Work: COVID Testing in the Workplace
This week on OK at Work, Sarah Sawyer and Russell Berger discuss the EEOC’s updated guidance on COVID testing. When COVID testing first became widely available, the EEOC took the position that testing was inherently job-related and allowed. However, the new guidance makes clear that employers must now conduct a fact-specific inquiry before requiring testing….
Read Delete: Visualizing Major Layoffs at U.S. Corporations
Visualizing Major Layoffs at U.S. Corporations Hiring freezes and layoffs are becoming more common in 2022, as U.S. businesses look to slash costs ahead of a possible recession. Understandably, this has a lot of people worried. In June 2022, Insight Global found that 78% of American workers fear they will lose their job in the next recession. Additionally, 56% said they…
Affirmative Action v.2022
The argument continues on whether affirmative action is legal in the academic admissions setting. In October, the Supreme Court will hear arguments in two cases challenging university affirmative action programs. This is the first affirmative action case heard by the Court since the conservative majority was seated. Management of some major corporations believes that the…
Self-Employed and Deducting Car Expenses? – Document or Else!
An internet search of “Schedule C filers” will yield a bevy of sites warning of the increased audit risk and audit red flags for Schedule C filers. As a reminder, Schedule C of Form 1040 is used by sole proprietors, and LLCs taxed as disregarded entities. The recent Tax Court case of Eze v. Commissioner,…
OK at Work: Miscommunication using Emojis, Gifs, and Memes
This week on OK at Work, Sarah Sawyer and Russell Berger discuss how the use of emojis, gifs, and memes in work-related communications can lead to miscommunications as well as harassment and discrimination. While using these devices to communicate is prevalent, the lack of precise language in the workplace can cause problems. Listen to learn…
Read Delete: The Beer Industry and the Illusion of Choice
First celebrated in 2008, International Beer Day is commemorated annually on the first Friday of August. According to its organizers, it is “a global celebration of beer, taking place in pubs, breweries, and backyards all over the world. It’s a day for beer lovers everywhere to raise a toast to our brewers and bartenders and rejoice…
Who Gets to Stay in the Marital Residence? Or is Possession Really 9/10’s of the Law?
There is an old adage that dates back to 17th century England – one that you are probably familiar with – that says: “Possession is 9/10’s of the law”. That means that if you are in possession of a property, it is presumed that you own the property and have a superior claim to that…
Legal Fees – Deductible as Ordinary Business Expenses or Capitalized?
This is the question currently on appeal from the Tax Court to the Third Circuit. In Myland, Inc. v. Commissioner of Internal Revenue (Case No. 22-1193, 1194 & 1195) the IRS appealed the Tax Court’s ruling that Mylan (the taxpayer) was entitled to deduct, as an ordinary business expense under IRC § 162(a), approximately $50…
Understanding Burden of Proof for South Carolina Divorce Cases
The definition of “burden of proof” is the obligation to prove one’s case. Anyone who watches Law & Order or any other legal drama has surely learned that the most serious crimes require the state to prove its case against a defendant “beyond a reasonable doubt”. This is one example of a burden of proof…
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