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The timing of a divorce decree can make a big difference in the parties' federal income tax liability because their filing options are determined by their marital status at the end of the tax year. Under federal tax law, taxpayers who were married for 364.5 days but had their divorce decree entered on the afternoon of Dec. 31 are deemed to be single for that tax year. Parties whose divorce decree is entered on the first business day of the new year are married for purposes of filing the previous year's tax returns. Similarly, parties who are divorced or otherwise single during the year who remarry on Dec. 31 are married for purposes of filing their tax returns for that year. Parties who are still married and not judicially separated are married for purposes of filing their tax returns no matter how long they have been separated. IRC ” 6012-6013. It is important to give consideration to the client's filing options because filing status can produce considerable variation in the tax bill on the same income.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
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In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.