Report from Counsel More than most athletic endeavors, golf is known for being a setting for the mixture of business and pleasure. Many business relationships have been formed or strengthened, and many deals have been closed, somewhere between the first tee and the eighteenth green. That aspect of the game played a part in a recent court decision … Read more
For most married couples, filing federal income taxes jointly rather than separately results in a lower tax bill. However, this “all for one, one for all” approach can have a downside if questions arise about the accuracy of the return. The general rule is that both taxpayers will be responsible, individually as well as collectively, … Read more
The IRS has established rules for determining the minimum amount that must be withdrawn each year from an inherited traditional IRA. When an individual inherits an IRA, the rules differ somewhat depending on whether the individual was the decedent’s spouse. In any case, there is a substantial incentive for following the rules, because the failure … Read more
Prosecutions for filing a false Form 706, the federal estate tax return, have been rare. Recently, a federal prosecutor announced a guilty plea by an individual charged with estate tax fraud. The guilty plea may well be a harbinger of a new “get tough” policy by the IRS in an area that up until now … Read more
Lost Database Is Not Insured “If you can’t reach out and touch it, it is not insured.” That was the gist of a court’s ruling in a lawsuit brought by a company that lost a large amount of electronically stored data when an employee inadvertently pressed the “delete” key on a keyboard. The company looked … Read more
The Department of Labor recently issued sweeping new regulations on the eligibility of workers, especially “white-collar” employees, for overtime pay. Federal law requires that overtime be paid for nonexempt employees at a rate of one and one-half of regular pay for all hours worked over 40 hours in a week. To be “exempt” is to … Read more
Nineteenth-century writer Oscar Wilde had not yet produced the works for which he is best known when he came to the United States in 1882 for a lecture tour to promote a touring opera. He clearly was a celebrity in the making, however, and that is what brought him to the attention of Napolean Sarony. … Read more
Richard was an independent insurance agent who sold policies for a major insurer on an exclusive basis. After a period in which there was some dissatisfaction and acrimony on both sides of the relationship, the company terminated its agreement with Richard. In subsequent litigation brought by Richard, the parties disagreed as to the reason for … Read more
The benefits of working from your home for an employer make telecommuting appealing to many people. In most cases, however, the plus side may be confined to subjective, hard-to-measure factors. What is it worth to you to avoid rush-hour traffic jams or to wear whatever you want while working?If you are counting on an income … Read more
By some accounts, 70% of adult Americans do not have a will. If you at least have gone to the trouble of getting a will, consider yourself ahead of the curve and pat yourself on the back. Then come back to earth and understand that your work is not completely done. A will is not … Read more