Destruction of Financial Evidence in Damages Case
Bruno v. Bozzuto’s, Inc., 2015 U.S. Dist. LEXIS 156339 (Nov. 19, 2015) What goes around comes around. In a contract action, finance professionals made one bad decision after another, until the case collapsed under a Daubert challenge. ‘Most infamous plot twist’ A...
The ACFE Puts a Spotlight on White Collar Crime
According to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE), the average organization loses 5% of its annual revenues to fraud. Bear in mind, that's the top line of your income statement,...
IRS Issues New Regulations on Allocating Debt to Partners and LLC Members
The IRS released new temporary and final Section 752 regulations at the beginning of October 2016. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their...
Spotlight on Gains from Qualified Small Business Stock
If you're considering investing in a start-up or starting your own business in Maine, there's an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially...
Relief from Student Loan Debt: What Are the Tax Implications?
These days many college students are leaving school with an overwhelming amount of debt. However, there are some cases where student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. With both of...
Tax Court Explains Valuation Method Behind Solvency Ruling
Kardash v. Comm’r, 2015 Tax Ct. Memo LEXIS 198 (Oct. 6, 2015) (Kardash II) The Tax Court amended its prior ruling on transferee liability by determining that the taxpayer company was solvent a year longer than the court originally had found. In so doing, the court...
Start of the New Federal Overtime Rule Faces Opposition
A bill that would delay the start of new federal overtime pay rules from December 1, 2016 to June 1, 2017 was passed and sent by the U.S. House of Representatives to the Senate. However, President Obama has indicated he will veto the bill if it hits his desk. The...
Did You Miss the 60-Day Deadline for Your IRA Rollover?
You could be subject to penalties and taxes and if you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan. However, if you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is...
Business Debt Renders Expert’s Lack of BV Credentials Inconsequential
Sternat v. Sternat, 2015 Wisc. App. LEXIS 776 (Oct. 28, 2015) A recent divorce case featured a noteworthy challenge to the prevailing testimony of the wife’s expert. The husband claimed the opinion of the wife’s expert was unreliable because the expert had fewer...
No Legal Barrier to Expert’s Adjusted Lost Profits Analysis
Akamai Techs., Inc. v. Limelight Networks, Inc., 2015 U.S. App. LEXIS 19848 (Nov. 16, 2015) In a protracted patent case, the defendant challenged the jury’s lost profits award to the plaintiff, claiming it relied on unsound expert testimony. The price disparity...