In 1999, Randy Read established an irrevocable trust for his children, naming himself as Trustee, and contributed stock options (earned by his wife) worth well over $700,000. Two years later, the trust assets had a value of just over $160,000 and a tax liability of about $122,000. Thereafter, he made distributions from the trust for … Continued
The 2010 Tax Relief Act provides a two-year respite for valuable tax breaks that would have been eliminated after 2010 by sun setting tax rules.
Rev. Rul. 2011-13, 2011-23 IRB
Rev. Rul. 2011-22, 2011-41 IRB
The Court of Federal Claims has held that the majority owner, CEO, and principal financier of a publishing corporation was responsible for its nonpayment of payroll tax, and willfully failed to pay over the funds to the government. Although he did not exercise day-to-day control over the entity, he clearly had the capacity to do … Continued
???The 4th Circuit Court of Appeals ruled that when a personal injury settlement does not include an allocation of past medical expenses, a Medicaid recipient is entitled to an adversarial proceeding to challenge the state’s automatic claim for receipt of one-third of the settlement.
The IRS has expanded its “Fresh Start” initiative, which is designed to help struggling taxpayers who owe taxes by offering more flexible terms in its Offer In Compromise (“OIC”) program. These changes may allow some taxpayers to resolve their income tax problems in as little as two years, as compared to four or five years … Continued
Congratulations to Kevin on being presented the Distinguished Service Award in recognition and appreciation of Kevin’s valuable contributions and dedicated service as a Director. Rack & Moccia, P.C. is proud to be a member of the National Academy of Elder Law Attorneys, Inc. (NAELA)
Kevin B. Rack served as Master of Ceremonies for the Bringing Breast Cancer to Light event held September 25, 2010 at the First Baptist Church of Norfolk. The event included presentations by Jennifer Reed, M.D., FACS, Michael Danso, M.D., and Lauries Jesz, RN, CBNC and included a fashion show in which the models were beautiful … Continued
Kevin Rack was elected to serve a 3-year term on the Board of Directors for the Central Business District Association of Virginia Beach. Kevin has been a leader in many community organizations and activities, and he will be contributing his knowledge and experience to support the goals of the businesses and professions which make up … Continued