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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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By Julia Mercier
Some tried and true leadership practices for firms and partners who are focused on retaining and developing top talent in the current context.
Registered Nurses In a Top Hat Plan
By Lawrence L. Bell
As the healthcare industry is emerging from the pandemic they are looking for ways to reward, retain and recruit a very important segment of its people — Registered Nurses. Employers are looking for ways to provide benefits in an economically efficient fashion that does not create an immediate and punitive tax on the participant.
Managing Outreach Is the Most Important Task for Practice Group Leaders
By Eric Dewey
No other job of a practice group leader does more to solve the many challenges of running a practice group than does a steady flow of new work from new clients.
Enabling Monetization of Non-Monetary Victories
By Russell Yankwitt and Anxhela Mile
This article proposes language to include in retainer agreements to enable the monetization of non-monetary victories and compensate attorneys for all their work on behalf of their contingency clients.
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