Tax Law

The only good things to ever happen to the city of Cleveland occurred in the movie Major League. From “Wild Thing” Ricky Vaughn to Willie “Mays” Hayes, the Indians were never such a joy to watch as they were during that fateful summer, when they climbed back into contention against the cretinous Yankees and their slugger Clu Haywood (“Haywood leads the league in most offensive categories, including nose hair.”). With a roster that resembled nothing so much as the Island of Misfit Toys, the Indians were an absolute delight to watch.

In real life, Cleveland is an angry, festering boil of despair. The Indians suck, the Cavaliers suck, and the Cuyahoga River catches fire likes it’s made of charcoal briquettes. If there is a God, and he is a vengeful one, that God hates Cleveland. There is no other explanation for the singularly awful string of events that have befallen Cleveland sports during my lifetime. The Drive, the Decision, the Fumble, the Shot. God hasn’t sodomized a town like this since Sodom.

Yesterday, news leaked that the Cleveland Cavaliers were considering rehiring coach Mike Brown. While hilarious, this has nothing to do with the law. Instead, we are here to talk about Jimmy Haslam. Haslam bought the Cleveland Browns just this past October. This week, it was announced that the FBI and the IRS had raided the headquarters of Haslam’s company, Pilot Flying J. Yesterday, the feds announced why they had done this.

Let’s talk misery. Let’s talk despair. Let’s talk Cleveland.

Let’s talk sports…

double red triangle arrows Continue reading “Cleveland Rocks… Potential IRS Fraud From The Owner Of Their Football Team”

* “Yes, it is true.” Justice Scalia admitted in a speech this week that he was guided to the right by his colleague, Justice Thomas, who’s apparently “a very stubborn man.” [Wall Street Journal (sub. req.)]

* It’s about time to say so long to your ticking tax time bomb: in President Obama’s proposed budget for 2014, he eliminates taxes on forgiven loan debt under all IBR plans. [Bucks / New York Times]

* “I am the luckiest man in the world.” Larry Macon, an Akin Gump partner from Texas, had nearly finished the Boston Marathon when the bombs exploded, but lived to tell his tale. [Am Law Daily]

* Because sometimes you need to steal $374K worth of copy toner. This ex-Fried Frank staffer pleaded guilty to grand larceny, and is looking at up to 15 years in jail. [Thomson Reuters News & Insight]

* Judge Victor Marrero isn’t a fan of SEC policy, but when it comes to this civil insider trading case, SAC Capital may get to walk away without admitting or denying anything. [DealBook / New York Times]

* This Yale Law graduate is suing Brooks Brothers over a three-button suit, and wants $2K for the 90 minutes he spent arguing over it in the store. Who is the $1333/hour man? [New York Daily News]

* Thoughts go out to all those in Boston. [CNN]

* I hope you’ve all got your taxes finished. Here’s a fun fact: most tax cheats live in the South and the West. The two areas of the country filled with people who think taxes are evil cheat more? Go figure. [NBC News]

* Remember, it’s not polite to say “thank you.” [Las Vegas Law Blog]

* And now the rare, “self-benchslap.” [Associated Press]

* A detailed look at how the Federalist Society became so powerful in American law schools. Unfortunately, it neglects the “they tend to order better pizzas for their events” gambit. [Chronicle of Higher Education]

* Remember the new, depressing, public domain Happy Birthday song? The sponsor of that contest, WFMU, is at it again with a new contest to create modern, entertaining covers of public domain ditties. Despite my ragging on the birthday song, this is a pretty cool idea. [Free Music Archive]

* Are you a young lawyer complaining about your lot in life? You’re at this site, so statistically you are. Well, quit your bitchin’! [Associate's Mind]

* The Texas Supreme Court does not value emotional attachments to dogs. This is surprising because I can think of at least 10 country songs on this very point. [Law and More]

* Mocking law school couples with a GIF from Veep? Get out of my head, UChiLawGo! [UChiLawGo]

* Boob-induced failure. [Legal Juice]

Unlike the latest Harmony Korine movie, filled with neon bikinis, former Disney princesses. and James Franco in bad dreads, my Spring Break consists of hanging with my kids while my wife works 24/7 on a grant application. We don’t make annual pilgrimages to Turks and Caicos; we make bi-weekly trips to Wegmans. But you know what? I signed on for this, and no amount of island sand can replace the sound of my younger boy reading a bedtime story to his little sister for the first time last night.

I read with interest the compensation package for the anonymous in-houser that Lat posted yesterday. In the comments, I pointed out that the package wasn’t outrageous or impossible, just that it was (way) outside of the norm. And that is okay. I chose this life and I am happy to say that it has been a soft landing for me. I have a good job, in a real estate market that is hard to beat — anywhere.

Lat is correct that Susan, Mark and I need to be circumspect about compensation; it would not do for our employers to see a pay scale pasted on these pages. So what can I say about my comp?

double red triangle arrows Continue reading “House Rules: Spring Breakers”

In today’s increasingly interconnected world, economic opportunities present themselves at every turn. For example, you could leave the practice of law to start an import/export business. There’s money to be made, and satisfaction to be had, in taking great goods from one country and bringing them over to a new market. Free trade is a beautiful thing (unless you’re unskilled labor).

But how do you figure out what products to import or export? Today’s lawyer turned importer entered the business after buying the product for herself while on vacation. She checked it out with a friend and was blown away by the quality.

What kind of product are we talking about? Well, she started her legal career working for the U.S. Department of Justice, and now she’s a pot dealer….

double red triangle arrows Continue reading “Career Alternatives for Attorneys: Pot Dealing”

April’s right around the corner. Earlier today I finalized my taxes for last year. It’s never a pleasant task, but at least I had a better go of it than Stephen Baldwin.

Baldwin, the youngest of the Baldwin brothers, ran headlong into a mess of money troubles over the years and responded by ducking out on his taxes. To be precise, $350,000 worth of New York state taxes.

Now, according to his lawyer, the actor has reached an agreement with prosecutors that may not “restore” him, but is certainly better than the alternative…

double red triangle arrows Continue reading “Stephen Baldwin Plea Agreement — Thank God We Won’t Lose His Acting Genius”

* Recently ousted Massachusetts Senator Scott Brown has a new law firm. Apparently not everyone’s a winner at Nixon Peabody these days. [Political Intelligence / Boston Globe]

* So, and maybe I’m reading too much into this story, I think this guy likes cocaine. [The Pulp / Broward Palm Beach Times]

* If you’re at NYU, the Law Review has been holding out on you with a private stockpile of outlines. Prometheus brings them to the masses. I don’t know why this person chose a terrible movie for a pseudonym. [PrometheusNYU] UPDATE: We crashed that link…here’s the new one.

* If you’re doing your taxes in Minnesota, you’d better be using H&R Block, because the authorities have warned taxpayers not to use TurboTax. [Tax Prof Blog]

* Burglar foiled by “supernatural figure.” [Legal Juice]

* Judge Dolores Sloviter, the former Chief Judge of the Third Circuit, announced that she’s taking senior status. That should lighten the load on her law clerks… [Legal Intelligencer]

* Earlier today, Staci was on HuffPo Live talking about the plight of recent law school graduates. Video after the jump….

double red triangle arrows Continue reading “Non-Sequiturs: 03.11.13″

* Dewey was quick about getting its Chapter 11 plan confirmed, but all of these unfinished business claims are taking a little longer to resolve than previously hoped. But hey, at least Paul Hastings settled. [Am Law Daily]

* Because sometimes profit sharing isn’t enough: Theodore Freedman, a former Kirkland & Ellis partner, pleaded guilty to tax fraud after underreporting his partnership income by more than $2M. [New York Law Journal]

* Here are some tips if you’re trying to get off a law school’s wait list. Apparently it’s wise to wait patiently instead of being a complete gunner from the get go. [Law Admissions Lowdown / U.S. News & World Report]

* Imagine a land filled with millions of little Honey Boo Boos. That’s what the great state of Arkansas is going to look like if the legislature passes the most restrictive abortion law in the country. [WSJ Law Blog (sub. req.)]

* Not only do the Mavericks suck, but Mark Cuban’s luck in court does, too. His bid to toss an insider trading case was denied. He’d probably jump over the bench and have a fit if he could. [DealBook / New York Times]

* Dawn Clark Netsch, beloved Illinois pol and one of the nation’s first female law profs, RIP. [Chicago Tribune]

Puff, puff, pass up your deductions.

An emerging industry that can provide hundreds of thousands of jobs is being held back by these crazy tax rates. We’re like any other small businesses, that just happens to be illegal in some states.

Betty Aldworth, deputy director of the National Cannabis Industry Association, commenting on a provision of the tax code that’s preventing those in the medical marijuana industry from taking standard business deductions, and forcing them to pay tax rates of up to 75 percent.

* Antonin Scalia thinks the State of the Union is a “childish spectacle.” I mean, if it was so important, the Founders would have put it in the Constitution, right? [New York Daily News]

* Does your son or daughter want to be Barack Obama when they grow up? Here are complete instructions to building your own play drone! [Volokh Conspiracy]

* Snickers bars are not tax deductible? Damn you H&R Block!!! [Tax Prof Blog]

* Yesterday I mused about needing a ranking for the rankings. PrawfsBlawg points out that there is such a ranking. My dreams of glory are dashed yet again. [PrawfsBlawg]

* It turns out recruiters are just as unimpressed with your legal research skills as your non-law friends. [Monster]

* Allegedly, Nestle’s does not play well with others. [Courthouse News Service]

* Is it just me or is giving the Republican response like being named the Madden cover athlete? Now let’s all watch Marco Rubio realize he needs water in super slow motion. [Deadspin]

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