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If a taxpayer suffers a loss by reason of errors made by a tax advisor, and the tax advisor makes a payment to compensate the taxpayer for the loss. May the payment be excluded from the taxpayer’s income subject to tax? The courts and the IRS have, in some circumstances, found such payments to be non-taxable returns of capital. In McKenny v. United States, a recent decision of the U.S. Court of Appeals for the Eleventh Circuit (126 AFTR 2d 2020-5943), however, the court concluded that the taxpayers could not exclude the payment at issue from income.
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Is Your Firm Prepared for the ‘Silver Tsunami’?
By J. Mark Santiago
A Silver Tsunami of aging partners is threatening the legal profession. There’s a way to higher ground.
What In-House Counsel Need from Outside Counsel As Pandemic Landscape Shifts
By Jennifer Simpson Carr
The global COVID-19 pandemic forced lawyers — individuals whose relationships formerly depended upon firm handshakes and looking their clients directly in the eye — to build client trust through a tiny camera lens. Here's a Q&A with GCs to discuss what matters most to their companies when hiring outside counsel.
Five Critical Elements of Business Development Success
By Aaron Y. Strauss
While acquiring the skills necessary to develop business is certainly a life-long journey, here are five critical elements to consider from the outset.
Building Successful Partnerships Requires Collaboration
By DeWitt A. Sullivan
Partnerships are relationships, ideally relationships built on trust and a common goal. Successful partnerships require all parties working together — working together to service a client fully, generate revenue and to build a business. This requires openness and coordination.
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