Business Lawyer Info

The Treasury Department and the Internal Revenue Service issued guidance that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles. Under the Tax Cuts and Jobs Act (TCJA), the additional first year depreciation … Read more

The Texas Supreme Court rendered a decision on the issue of a contractual waiver of punitive damages in a case alleging fraud. This case was based on a transaction involving the purchase of a new airplane that actually contained repaired engines. The plaintiffs in the underlying case were successful in the trial court on a fraud … Read more

Most public companies have developed long-term compensation programs that measure performance metrics over time (often over three years), and that typically reward senior executives for meeting clearly identified benchmarks. These plans seek to align the interests of employees with those of owners (i.e., shareholders in the public markets).    Alignment, along with the retentive value of … Read more

Taxpayers should choose their tax return preparer wisely.   This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. Here are ten tips for taxpayers to remember when selecting a preparer:

Keep Track of Miscellaneous Deductions These deductions may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize. Here are … Read more

The December 2017 Tax reform legislation affects almost every taxpayer. Taxpayers can continue to rely on the IRS, tax professionals and tax software programs when it’s time to file their returns. As people prepare to file their 2018 tax returns this year, they can visit IRS.gov for answers to their questions about tax reform. Here … Read more

In a new Revenue Procedure (Rev Proc 2019-25, 2019-22 IRB), the IRS has provided the 2020 inflation-adjusted contribution, deductible, and out-of-pocket expense limits for health savings accounts (HSAs).  HSA basics. Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers and other persons (e.g., family members) also may contribute to an … Read more