Court Digs Through Appreciation Issues in Complex Divorce Case
Kminek-Nierenberg v. Kenneth Nierenberg, 2016 N.J. Super. Unpub. LEXIS 2015 (Sept. 8, 2016) A complex New Jersey divorce litigation with multiple defendants and several family businesses illustrates the challenges appraisers and the trial court faced in determining...
‘Persuasive’ Defense Expert Testimony Defeats ESOP Overpayment Claims
Fish v. Greatbanc Trust Co., 2016 U.S. Dist. LEXIS 137351 (Sept. 1, 2016) In an important ESOP decision, the court dismissed claims that the defendants had committed breaches of fiduciary duty and engaged in a prohibited transaction. The case turned on the soundness...
Spring Cleaning: When Can You Purge Your Old Financial Records?
The deadline for Maine individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension) was April 18. After all that digging and filling, you may be feeling the urge to purge. It's important to make sure you won't be...
Daubert: It’s About Reliability of Testimony, Not Power of Persuasion
Post-Confirmation Comm. for Small Loans, Inc. v. Martin, 2016 U.S. Dist. LEXIS 44270 (March 31, 2016) A recent ruling in a complex bankruptcy case teaches that Daubert can accommodate differing views on determining solvency for multiple debtor entities. Consolidated...
Relying on Audit Techniques Guides
Before meeting with taxpayers and their professional representatives, IRS examiners usually do their homework. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. ATGs are...
Tax Court Interprets Exceptions to the PAL Rules for Rental Properties
Due to depreciation write-offs and other allowable deductions, Maine real estate owners who rent their properties often incur tax losses. However, the ability to deduct those losses might be postponed indefinitely by the passive activity loss (PAL) rules. In general,...
Employer’s Parking Arrangement Doesn’t Qualify for Tax-Free Treatment
If a Maine employer purchases parking spots from a vendor and then charges employees for using them — via paycheck deductions — do the employees qualify for tax-free fringe benefit treatment? The employees in one case asked the IRS for an answer to this question. The...
Are Contingent Attorneys’ Fees Tax Deductible?
You may be wondering whether the expense of a contingent-fee arrangement with your attorney is deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn't favorable to taxpayers in most situations. The federal income tax...
Consultants Can Help Your Business Achieve Success
You may have expertise in marketing, production and sales, like other business executives. Yet the short and long-term profitability of your Maine small business relies on strategic planning that looks at marketing, production and sales from several different angles....
Chancery Achieves Fair Value by Blending Three ‘Imperfect Techniques’
In re DFC Global Corp., 2016 Del. Ch. LEXIS 103 (July 8, 2016) A recent fair value decision from the Delaware Court of Chancery turned on the idea of uncertainty. Impending regulatory changes in key markets made it hard to predict the company’s future performance....