Contributions to charities are tax deductible if the substantiation requirements in the Internal Revenue Code are satisfied. The recent case of Durden v. Commissioner, TC Memo 2012-140, illustrates what happens when a taxpayer does not strictly comply with the substantiation requirements. There are two substantiation requirements for cash contributions. First, a taxpayer must keep a.
Commercial General Liability (“CGL”) insurance policies are usually about two inches thick and are written in a way that might make the IRS Code seem like a dime store paperback. Thus, after such policies have sat on a shelf for a few years without being looked at, business people may have an urge to put.
FOS congratulates Bruce O’Neill, Matt O’Neill and Ken Barczak for being named Super Lawyers for the 7th year in a row. All were formally recognized in the December, 2012 Super Lawyer edition of Milwaukee Magazine as top attorneys in Wisconsin for 2012. An FOS senior partner, Bruce specializes in commercial litigation and family law. He.
The year 2012 has been an interesting time at our law firm. We continue to expand both the type of law we practice and the areas in which we practice. In 2012, our attorneys were involved in legal matters in over a dozen states throughout the U.S. Given the nature of modern business, we expect.
With the estate tax exemption amount uncertain after the end this year, it is more important than ever to think about planning techniques to minimize potential estate tax liability. One technique is creating what is known as a family limited partnership (“FLP”). FLPs are used to transfer wealth from one generation, typically an older generation,.