Detroit’s Lawyers Defend Billing

In court papers, lead law firm Jones Day and others that helped Detroit navigate its historic debt restructuring made a case—at the request of U.S. Bankruptcy Judge Steven Rhodes—for why their hourly billing rates and final tab are reasonable. Officials at Jones Day, who pointed out they had already cut $17.7 million from their tab, defended the $53.7 million in fees charged for roughly 17 months’ work.

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Real estate attorney Bill Kuehling

Bill advises developers, nonprofit corporations, and public entities on a variety of real estate transactions and infrastructure finance. He has more than 20 years of experience in real estate development, public/private partnerships, land use, and municipal law, and serves as an advisor to national developers seeking tax abatements, tax increment financing, or any other redevelopment opportunities across the St. Louis region.

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For Foreign Law Firms in Australia

The gamble of doing business in Australia came into sharp relief this past week when one U.S. law firm parted ways with Australia while another global firm took its relationship with the country to a whole new level.

New York law firm Fried, Frank, Harris, Shriver & Jacobson LLP announced that it’s shutting down its offices in Shanghai and Hong Kong in coming months. Meanwhile, global law firm Dentons unveiled plans to merge with mainland Australia’s largest law firm.

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IRS tax deductions

Congress Mulls Extending Tax Deductions

Congress Considers Extending Tax Deductions

IRS tax deductions
Bringing your deductions back

There have been significant recent efforts in Congress to renew tax extenders which expired at the end of 2013. All indications are that these provisions will likely be retroactively reinstated to January 1, 2014. The bills should be finalized by no later than November after the mid-term elections.

Key extended tax deductions would include:

· Above-the-line deduction of up to $250 for expenses of elementary and secondary school teachers

· Exclusion from income for mortgage debt forgiveness on primary residence

· Deduction for mortgage insurance premiums

· Deduction for state and local general sales taxes

· Above-the-line deduction for higher education expenses (Tuition & Fees Deduction)

· Tax-free distributions that go directly from Individual Retirement Accounts (IRA’s) to charitable organizations

· 10% credit for purchases (up to $500) of energy efficient improvements to existing homes
Business Provisions

· Research and experimentation tax credit

· 50% bonus depreciation on purchases of new equipment and fixed assets (with special rules for vehicles)

· Increased section 179 expensing limits ($500,000) (Currently only $25,000).

Not surprisingly these are among the most popular of the tax deductions that benefit both businesses and individuals.

Stay posted.

Ari Good, JD LL.M. is a Miami tax attorney advising clients in income tax, employment tax, aviation tax, entertainment tax and IRS tax law issues.  A top tax attorney in Miami, Mr. Good fights the IRS and Florida Department of Revenue in tax litigation and tax negotiation matters.

Call me now: (786) 235-8371