LawyersUSA

Personal injury settlement is taxable

A taxpayer must include in her gross income a personal injury settlement that she obtained from her bank, the U.S. Tax Court has ruled in upholding a $13,000 deficiency assessment.

Bill shelves minimum IRA withdrawals in 2009

Congress has passed a bill that will suspend the rule requiring retirees over the age of 70 1/2 to withdraw a certain amount from their retirement accounts in 2009.

But the Treasury Department announced that no such similar suspension will be made for 2008, meaning anyone who has yet to meet the minimum distribution requirement must do so by Dec. 31.

Report: Obama should scale back estate tax plan

A new report by a tax research and advocacy group urges President-elect Barack Obama to revise his plan for reforming the estate tax, saying the plan would be too generous to the wealthy.

Click here to read the report.

See also: Obama win bad for business?

Medicaid claimant can get credit for nursing home costs

A claimant who was required to “spend down” to become eligible for Medicaid coverage was entitled to a credit for her out-of-pocket payments to a nursing facility, the Indiana Court of Appeals has ruled in reversing an administrative decision.

IRS can summon attorney to testify about client

The IRS has the authority to summon an attorney/accountant to testify in the investigation of a client’s tax shelter, the 7th Circuit has ruled in reversing an order quashing the summons.

Retirement plan advice: Stay the course

Solo and small-firm lawyers are worried whether they’ll have enough retirement income to live on comfortably. But don't panic, experts advise.

“I tell the attorneys, ‘You can’t watch the Dow every day,’” says veteran financial adviser Ed Slott of Rockville Centre, N.Y.