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Renkemeyer Case Sheds Light on Law Firm Tax Issues
A recent tax court case involving a law firm dealt with two issues that are relevant to many law firms. In this particular case, the taxpayer had a bad set of facts and consequently ended up with a bad result. However, the court's decision may have a far-reaching effect on other taxpayers taking less aggressive positions. The first issue is the allocation of partnership income to the partners in the absence of a written partnership agreement. The second issue is whether income generated by a limited liability partnership is subject to self-employment tax. This question is of particular interest to law firms as the limited liability partnership is the entity of choice for many law firms.
Allocation of Income
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.