The Internet poses a variety of challenges to traditional copyright law. Notably, the Internet facilitated new avenues for potential infringement. Congress passed the Digital Millennium Copyright Act (DMCA) in 1998 to address these new challenges.[1] Namely, the DMCA served as a response to the increase in Internet piracy and sought to promote e-commerce by strengthening the protection of copyright
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Defenses to Section 6038 IRS Penalties
Administratively, the IRS continues to devote significant resources to catching taxpayers who have failed to properly file international information returns (e.g., Forms 5471, Forms 8865, Forms 3520, etc.). Don’t believe me? Just look at the uptick in federal court cases associated with these information returns and the IRS’ attempts to assess civil penalties against taxpayers who have…
Breach of Contract in Texas
Contracts play an important role in day-to-day business operations and drive economic activity across the globe. And when one party to a contract fails to live up to its obligations, the other party or parties may be damaged. Texas law provides a cause of action for a breach of contract. Aggrieved parties may be entitled to recover not only damages,…
What Happens if I Default on an IRS Installment Agreement?
Installment Agreements Generally.
Taxpayers do not always have the financial wherewithal to pay all of their federal tax obligations on time. In these instances, the Internal Revenue Code (the “Code”)[i] grants taxpayers with a statutory right to request additional time to make full or partial payment through an installment agreement.[ii] If the IRS accepts the terms of…
Jury Finds that Manager Did Not Breach Fiduciary Duties
In the recent Texas case of Trinh v. Cent. River Healthcare Grp., a pair of siblings engaged in a legal dispute over whether one sibling had breached a fiduciary duty in the management of a PLLC. NO. 03-19-00393-CV (Tex. App. Jun. 9, 2021).
The brother and sister, Khiem and Loann, held the family business, Central River Healthcare Group, P.L.L.C. (CRHG).…
Releases and Family Settlement Agreements in Trust & Estate Litigation
A settlement agreement can be beneficial to all parties – it may help reduce litigation costs, facilitate dispute resolution, or guide the parties to a common understanding. However, settlement agreements do not come without risk. Settlement agreements should be entered into with care and with an understanding of the terms—and their implications. Austin Trust Co. v. Houren presents a good…
The Anti-Money Laundering Act of 2020
In January of 2021, the Anti-Money Laundering Act of 2020 (AMLA) went into effect, marking the most significant changes to federal anti-money laundering laws since the USA Patriot Act of 2001. The AMLA represents an attempt to modernize the federal approach to fighting terrorism financing and money laundering.
This sweeping legislation contains some 56 sections. Some of the most…
The Tax Implications of DeFi: A General Overview
DeFi, or decentralized finance, has experienced unprecedented growth over the last few years, resulting in a market cap of approximately $85 billion as of October 2021. Built on blockchain technology and cryptocurrency, DeFi has the potential to revolutionize finance by allowing users to borrow, lend, trade, and execute other financial transactions without a centralized authority or financial intermediary. Despite…
The Freedom of Information Act
Originally enacted on July 4, 1966, the Freedom of Information Act established a statutory right of public access to Executive Branch information held by the federal government. The FOIA provides that any person has a right, enforceable in court, to obtain access to federal agency records under the Act, except to the extent that any portions of those records are…
The Claim-of-Right Doctrine & Section 1341
The U.S. Congress passed the Tax Cuts and Jobs Act (TCJA) in late 2017, substantially overhauling the Internal Revenue Code of 1986. The TCJA highlighted the importance of several often-overlooked provisions in the Tax Code. Notably, the TCJA increased the importance of Section 1341, a provision designed to mitigate inequities created by the claim-of-right doctrine.
What is the Claim-of-Right…