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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
Timely points of particular interest
*Tax Judgment--If you prevail in a job discrimination lawsuit, you are generally taxed on the court award. New case: An ex-employee was pushed into a higher tax bracket after being awarded $200,000 in back pay and damages. To offset the increased tax liability, the Third Circuit Court added almost $7,000 in compensation. This effectively covers the income tax due because wages had not been paid over a period of time.
*Office Space--How can you stir up creativity among workers? One idea is to have two employees switch desks for a week. The theory is that a change in scenery may stimulate new ideas and a different "look" at the operation. It is easy to become bogged down in the same routine when you work out of the same office all the time. If this technique is successful, try it on a regular basis.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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