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Is Accountant Malpractice Compensation Taxable? Image

Is Accountant Malpractice Compensation Taxable?

David E. Kahen & Elliot Pisem

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?

Features

COVID-19 Forcing Firms to Keep Work In-House Image

COVID-19 Forcing Firms to Keep Work In-House

Phillip Bantz

Legal departments have been reducing outside counsel spending amid the COVID-19 pandemic and keeping more work in-house, where the demand for specialists and legal operations managers continues to grow, according to a new report.

Features

How to Transform Mailroom Operations for Security, IG and Productivity Image

How to Transform Mailroom Operations for Security, IG and Productivity

Steve Irons

A Permanent Change to How Your Firm Operates Law firms need a best practice Digital Mailroom operation, not the current scan-to-email workaround, which was a triage solution at the onset of the COVID-19 crisis. Attorneys and staff working from home must have reliable, secure delivery of daily mail which is arriving at the main office.

Features

Implications of NJ BAIT for Law Firms Image

Implications of NJ BAIT for Law Firms

Edward J. Sadowski

NJ Senate Bill 3246 established the "business alternative income tax" (BAIT), an elective business tax regime for pass-through entities. Law firms are left wondering if electing to pay the BAIT is the right choice. This article summarizes how the NJ BAIT works, as well as its pros and cons.

Features

Why Lawyers Stink At Business Development and What Law Firms Are Doing About It Image

Why Lawyers Stink At Business Development and What Law Firms Are Doing About It

Valerie Pennacchio

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Features

With Expenses Expected to Rise in 2021, Will Demand Match? Image

With Expenses Expected to Rise in 2021, Will Demand Match?

Dan Packel

Budget season is in full swing at firms whose fiscal year matches the calendar year, and leaders are exercising a newfound scrutiny over every component of next year's spending as they prepare for an uncertain 2021.

Features

Retirement Planning Under a Biden Administration Image

Retirement Planning Under a Biden Administration

Lawrence L. Bell

The election of Joe Biden as President may clear the way for many changes in the retirement planning landscape.

Features

COVID-19 Dispels Long-Held Law Firm Operations Myths Image

COVID-19 Dispels Long-Held Law Firm Operations Myths

J. Mark Santiago

During the COVID-19 pandemic, law firms have learned that a large number of "essential" services and Standard Operating Procedure rules and assumptions about how an office works are 1950's myths that need to be identified, examined and re-engineered or discarded.

Features

Law Firm Financial Management In An Era of Unprecedented Economic Uncertainty Image

Law Firm Financial Management In An Era of Unprecedented Economic Uncertainty

Ari Kaplan

The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty.

Features

Back to Basics In Times of Uncertainty Image

Back to Basics In Times of Uncertainty

Patricia Ellard 

One of the keys to success in competitive intelligence is communication. Effective communication builds rapport with your clients, which, in turn, builds trust and instills confidence that you will be able to get what they need to achieve their goals. In the last few months, this element of trust and rapport has never been more important.

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MOST POPULAR STORIES

  • The 'Sophisticated Insured' Defense
    A majority of courts consider the <i>contra proferentem</i> doctrine to be a pillar of insurance law. The doctrine requires ambiguous terms in an insurance policy to be construed against the insurer and in favor of coverage for the insured. A prominent rationale behind the doctrine is that insurance policies are usually standard-form contracts drafted entirely by insurers.
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  • Abandoned and Unused Cables: A Hidden Liability Under the 2002 National Electric Code
    In an effort to minimize the release of toxic gasses from cables in the event of fire, the 2002 version of the National Electric Code ("NEC"), promulgated by the National Fire Protection Association, sets forth new guidelines requiring that abandoned cables must be removed from buildings unless they are located in metal raceways or tagged "For Future Use." While the NEC is not, in itself, binding law, most jurisdictions in the United States adopt the NEC by reference in their state or local building and fire codes. Thus, noncompliance with the recent NEC guidelines will likely mean that a building is in violation of a building or fire code. If so, the building owner may also be in breach of agreements with tenants and lenders and may be jeopardizing its fire insurance coverage. Even in jurisdictions where the 2002 NEC has not been adopted, it may be argued that the guidelines represent the standard of reasonable care and could result in tort liability for the landlord if toxic gasses from abandoned cables are emitted in a fire. With these potential liabilities in mind, this article discusses: 1) how to address the abandoned wires and cables currently located within the risers, ceilings and other areas of properties, and 2) additional considerations in the placement and removal of telecommunications cables going forward.
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