by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, Fraud Prevention, Tax Planning, Tax Preparation
Your personal losses resulting from casualties and thefts are allowed to be deducted by the tax law, within certain limits. And a “theft” for tax purposes isn’t strictly limited to house burglaries or stolen cars. However, as you will see from...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Valuations
Hanckel v. Campbell (In re Hanckel), 2015 Bankr. LEXIS 4202 (Dec. 11, 2015) Prior to filing for Chapter 7 bankruptcy, the debtor, who owned a stake in a family business, transferred his share to his father, the co-owner. Subsequently, the Chapter 7 trustee proved the...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Divorce Litigation, Valuations
Grant v. Grant, 2016 Tenn. App. LEXIS 327 (May 12, 2016) Appraisers rely on clear directives from the courts to produce sound valuations, but they may not always get them. A recent Tennessee appellate ruling in a divorce dispute is a case in point. The issue was...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Valuations
Pattridge v. Starks, 2016 La. App. LEXIS 315 (Feb. 24, 2016) An economic damages case stemming from the breach of a non-compete agreement features a noteworthy discussion on the difficulty of quantifying losses where the injured company is of a “volatile nature.” The...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, IRS Regulation
The IRS recently announced its “nonacquiesence” with a federal appeals court decision that held a retailer that issued loyalty discounts to its customers was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn’t...
