Settling a Business Dispute

Studies show that over 95% of all lawsuits are resolved without a trial. Thus, the overwhelming probability is that a new case will settle. For that reason, much of a business litigator’s job is getting a case into a position that will enhance the possibility of a favorable settlement. Generally, the earlier the case can […]

401(k) limit increases to $20,500

IR-2021-216, November 4, 2021 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and […]

Detailed reporting directions for certain passthrough entities and taxpayers

IR-2021-215, November 3, 2021 WASHINGTON — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests,” in the form of frequently asked questions (FAQs). The FAQs contain sample worksheets that certain passthrough entities […]

Special tax provision to qualifying charities on their 2021 federal income tax return

IR-2021-214, November 3, 2021 WASHINGTON — The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their […]

13 Strategies for Avoiding Challenges to your Estate Plan

Your thoughtfully constructed estate plan could be disrupted by a challenge from a relative or friend who is unhappy with his or her inheritance (or lack of one). Here are 13 effective strategies that you can use to reduce the likelihood of your estate plan being challenged. #1. DON’T PROCRASTINATE If you wait to create […]

More Ida relief from IRS

IR-2021-213, November 3, 2021 WASHINGTON — Victims of Hurricane Ida in parts of Connecticut now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the October 30 disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS is offering this […]

What Are the Pros and Cons of a Chapter 13 Filing?

Not all debtors qualify for a Chapter 7 filing, so it can be helpful to also learn about Chapter 13. Here are its advantages: ADVANTAGES • All property can be retained so long as the terms of the plan are fulfilled • An unincorporated business may continue to be operated and its debts included in […]

Refund adjustments related to unemployment compensation

IR-2021-212, November 1, 2021 WASHINGTON — The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So […]

Assets and Debts in Bankruptcy

ASSETS The Bankruptcy Code has a list of exempt property that basically serves as a model for state laws. In some states, debtors can apply these federal exemptions to their property; in other states, debtors must use the ones provided under state law. There is an important caveat. If the property has a loan against […]