GCK On Law
Torts – Conversion of Money
Conversion is an unauthorized act, which deprives a person of his property permanently, or for an indefinite time.[1] Accordingly, to prove conversion, the plaintiff must prove the following elements by preponderance of the evidence: (1) the defendant's unauthorized...
U.S. Supreme Court Holding Affects Estate Tax Valuations of Small Businesses Using Life Insurance to Redeem Shares Under a Buy-Sell Agreement
In Connolly v. U.S., 602 U.S. ____, 144 S.Ct. 1406 (decided June 6, 2024), the U.S. Supreme Court considered whether and how a key person insurance policy owned by a corporation and used to redeem an owner’s shares affected a decedent’s estate tax liability. In the...
IRS warns of “mills” taking advantage of taxpayers with Offer in Compromise program
The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false...
Directions for responding to Employee Retention Credit disallowance letter
Businesses that claimed the Employee Retention Credit may have received IRS Letter 105-C, a disallowance letter, if the IRS identified their claim as ineligible. A new page on IRS.gov, Understanding Letter 105-C, Disallowance of the Employee Retention Credit, can help...
Exemptions from the New Corporate Transparency Act Obligations
Under the new Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”), covered entities must file “Beneficial Owner Information Reports” with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) within 30 or 90 days after formation...