Taxes

Goldman Sachs has agreed to pay $215 million to settle claims for gender discrimination against nearly 3,000 former employees. While the tax treatment of proceeds at settlement is sometimes unclear, and unfair, the parties in this case will have an unusually straightforward result. In short, Goldman can deduct its settlement payment and legal fees. The
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As cities continue wrestling with myriad problems, most noticeably empty office buildings due to increased working from home, urbanists Edward Glaeser and Carlo Ratti in the New York Times NYT propose a new role for cities—the “Playground City.” While they have some useful ideas, their analysis ignores economic, structural and equity problems facing cities which
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The new Chairman of the House Ways and Means Committee Jason Smith (R-MO) recently held a hearing on charitable hospitals. The hearing continued a long bipartisan/bicameral interest of Congress in considering the substantial tax and spending benefits charitable hospitals receive from federal/state/local government — which unfortunately far outweigh the amount of charity care that these
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Former Real Housewives of Atlanta star Kim Zolciak-Biermann has denied reports of financial difficulties for some time—but it appears that the bills are finally catching up to her. The IRS has filed federal liens against Zolciak-Biermann and her husband, former NFL outside linebacker Kroy Biermann, in excess of $1.1 million. Real Estate Last fall, the
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The U.S. Department of Justice has filed a complaint seeking to bar nine Florida tax return preparers and their associated business from assisting in preparing federal income tax returns for others. Background According to the complaint, Richard Louis—sometimes known as the “Taxman,” Teddy Davis, James Merrill, Daniel Ouku, Demetrius Knowles, Harold Bornelus, Joseph Garrett, Marlyne
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With Armageddon slated to arrive on or about the first of next month, it seems like a good time to get started with those debt limit negotiations. President Biden, of course, says he won’t bargain over raising the ceiling; only a “clean” increase will do. But the president has also invited House Speaker Kevin McCarthy,
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A Louisiana man was sentenced to 10 years in prison for money laundering related to a fraudulent scheme involving Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans. The Scheme According to court documents, Michael Ansezell Tolliver submitted nine fraudulent PPP and EIDL Program loan applications for several purported companies that Tolliver
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