The Bipartisan Budget Act of 2015, also known as the BBA, is the centralized partnership audit regime that is intended to apply to partnership entities unless the partnership elects out of the regime. This was found necessary in dealing with the unique nature of partnerships, where the partners file returns individually, and yet the partnership […]
Procedures Involved in Jeopardy and Termination Assessments
While it is true that jeopardy and termination assessments dispense with certain requirements that are usually followed in regular deficiency assessment procedures (for instance, the issuance of a notice of statutory deficiency), it does not mean that no protocols are in place. Should the IRS opt to exercise its authority in initiating jeopardy and termination […]
Are Personal Injury Settlements Taxable?
Most personal injury settlements are indeed non-taxable. However, in certain instances, the IRS can tax the settlement that you receive. If you’re planning to pursue (or currently pursuing) a personal injury case, it’s helpful to know the instances in which you might be required to pay taxes. If you’re unsure about your claim’s status, a […]
Does Child Support Exist for Adult Children?
Your child be may be approaching their 18th birthday and you may be wondering if your child qualifies for additional and ongoing child support. Generally, when you live in the state of California child support ends when your child turns 18, but there are exceptions. Child support can be extended under the following circumstances: Child […]
Establishing Pain and Suffering in a Personal Injury Case
Pain and suffering can’t be calculated using objective values that lead to an exact figure, unlike other forms of damages whose monetary value can be accurately established. For instance, medical expenses can be reduced to an exact dollar value, whereas the calculation of pain and suffering is a more subjective process. Nevertheless, proving pain and […]