November 2008

The Pennsylvania insurance commissioner, has finalized a $40 million settlement with Deloitte & Touche LLP.  The New York-based accounting firm yesterday paid the settlement in connection with its auditing service for Philadelphia-based Reliance Insurance Co., a carrier that’s now in liquidation.

The PA insurance commissioner had accused Deloitte & Touche LLP of accounting and actuarial malpractice

 According to the

The general rule is that damages for a decedent’s pain and suffering (the survival action) are an asset of the decedent’s estate and subject to federal estate tax and PA inheritance tax.  The wrongful death award that goes to next of kin for loss of society, consortium and support are not estate assets and are not

Tax cheaters will try anything.

"There is no kind of dishonesty into which otherwise good people more easily and frequently fall than that of defrauding the government."

                                                                                                              Benjamin Franklin

Here are a few charitable deduction scams that the IRS and Justice Department officials have been focusing on:

Kickbacks. A charity solicits

"Heaven has no rage like love to hatred turned, Nor hell a fury like a woman scorned."

                                                                                            from William Congreve’s The Mourning Bride (1697)

Fritzi Benesch, 86 year old multimillionaire and former owner of the clothing company, Fritzi California, is suing her lawyer for malpractice.  The case, brought in 2000 went to trial the

We are happy to welcome a guest post from political commentator Don Feldman:

It could have been worse.

 

*         In the year of the “perfect storm” for Republicans, the charismatic Democratic candidate got 52% of the vote.  If not for the timing of the economic meltdown, McCain might have won.

*         As