After months of anticipation and speculation, the House has released its version of a comprehensive tax reform bill. The 429-page bill proposes sweeping changes for both businesses and individuals. Following is a summary of some of the key changes. Unless otherwise noted, the changes would be effective for tax years beginning after 2017. The Senate […]
Legal Mistakes Made by Small Businesses
Small businesses face many obstacles as they attempt to find favor in their respective markets. Those obstacles vary in size, scope and type. Generally speaking, at the beginning, small businesses falter in their legal foresight, leaving aside important questions pertaining to the law – questions that may not affect the present state of affairs but […]
Is the Money Awarded to Me by a Jury Taxable?
Whether or not your settlement or award is taxable can be complicated and is determined by the type of damages for which you are receiving compensation. Non-Taxable Damages Section 104(a)(2) of the Internal Revenue Code (IRC) states “the amount of any damages (other than punitive damages) received (whether by suit or agreement and whether as […]