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Court holds that employment severance payments are not subject to FICA taxes

Loeb & Loeb LLP
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USA
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January 24 2013

In 2001, Quality Stores, Inc. filed for bankruptcy and eventually closed all of its stores and terminated its employees. The terminated employees

Opportunity to amend certain severance-related release agreements to comply with section 409A expires at year end

Loeb & Loeb LLP
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USA
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October 26 2012

Companies commonly condition the payment of severance benefits upon the terminated individual's execution of an agreement containing a release of claims against the employer

Change in filing requirements for New York same-sex couples

Loeb & Loeb LLP
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USA
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December 1 2011

The Marriage Equality Act, signed into law on July 24, 2011, provides that all marriages will be treated equally under all laws of New York state, including the tax laws

Tax Court disallows special allocation and imposes self-employment tax on law firm limited liability partnership

Loeb & Loeb LLP
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USA
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December 1 2011

A recent Tax Court case, Renkemeyer, Campbell & Weaver, LLP v. Commissioner, disallowed a special allocation of a law firm limited liability partnership’s net business income and held that income generated from the firm’s legal practice that was allocated to the attorney partners was subject to self-employment tax

California Board of Equalization determines source of income from non-qualified stock options

Loeb & Loeb LLP
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USA
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December 1 2011

In Appeal of Eddie C. Davis and Cynthia L. Davis, the taxpayer had received non-qualified stock options from her employer

Taxpayer attempt to avoid self-employment tax fails

Loeb & Loeb LLP
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USA
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April 6 2011

It's amazing the lengths to which people will go to try to avoid paying self-employment taxes

Income tax concerns in connection with severance-related release agreements

Loeb & Loeb LLP
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USA
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February 11 2011

It is a common practice for the payment of a severance benefit to be conditioned upon the severed individual's execution of an agreement containing a release of claims against the ex-employer

IRS addresses theft loss deductions for IRA and charitable trust investments in Ponzi schemes

Loeb & Loeb LLP
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USA
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December 1 2010

On September 24, 2010, the IRS released a letter (the "Letter") addressing the availability of tax deductions for Ponzi scheme losses relating to assets held in individual retirement accounts ("IRAs") or similar tax-deferred investment vehicles and assets held by charitable trusts

Court addresses concept of personal goodwill in connection with the sale of a business

Loeb & Loeb LLP
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USA
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August 12 2010

The United States District Court for the Eastern District of Washington recently decided a very interesting case

Recent case highlights the problems with employee business expenses

Loeb & Loeb LLP
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USA
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April 5 2010

If tax deductions were ranked on a scale from best to worst, business related expenses incurred by employees would rank near the bottom