Yesterday, we learned that the IRS can conceivably tax even those who returned their bonuses to AIG using the tax law principle of constructive receipt. Today, there comes to light an e-mail sent this past Friday to AIG employees from someone with the screenname of “Bottom of AIG’s Food Chain.” It generally portrays/betrays the angst [...]
Read the rest of this entry »
A tax law doctrine known as “constructive receipt” could put those AIG employees who returned their bonuses in jeopardy of having to pay taxes on them anyway. Goes like this: Constructive receipt prevents people from gaming the system, say by performing work in late 2008 and asking to be paid in 2009 to reduce tax [...]
Read the rest of this entry »The Associated Press recently reported that 600 executives at the banks just bailed out by the U.S. government took in $1.6 billion in salaries, bonuses and perks last year. That comes to about $2.6 million per exec, but we all know that not all execs are created equal. Then came this news from the Government [...]
Read the rest of this entry »