Individual income tax update
By Richard M. Colombik & Linda Godfrey
Federal Taxation,
June 2006
In Comm’r v. Banks, 543 U.S. 426; 125 S. Ct. 826 (2005), the Supreme Court held that a taxpayer’s gross income from the proceeds of litigation included the portion of the damages recovery that was paid to his attorneys according to a contingent fee agreement.
Tax and trust fund issues
By Richard M. Colombik & Linda Godfrey
Business Advice and Financial Planning,
June 2006
A look at the legal difficulties that business owners may encounter when corners are cut with the Internal Revenue Service.
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