Tax Mistakes to Avoid, With Rob Wood, Tax Attorney, San Francisco, California

There are many tax mistakes to avoid, many of which are common sense, says Rob Wood, a tax attorney with Wood, LLP in San Francisco, California. 

Failing to declare income is a big mistake, says Wood, as it's important to report all 1099's.  If you receive a 1099 and don't put it on your tax return, it will trigger an audit of some sort, Wood says.  If you receive income and don't get a 1099, it's not a mismatch to over-report and he notes that if you ask for it, it might have already been reported and you just never received a copy.  If that's the case, you run the risk of doubling the income.

Wood says sloppy records could lead to all sorts of trouble, so it's important to maintain accurate records.  Also, with the tough rules being enforced by FATCA, the Foreign Account Tax Compliance Act, there's more reporting than ever right now, so it's important not to forget about foreign income.

It's not always a better idea for married couples to file jointly, even though 95% of married couples do, says Wood.  He says you need to see if it's worth it and how much money you'd be saving.  It's especially a good idea to file separately if one spouse has financial problems outside of their joint income.

These are all good things to consider before things go south because by then, it's too late, Wood says.

For more information on the article Wood has written in Forbes magazine, click here.  Robert Wood is a tax attorney with Wood, LLP in San Francisco, California and spoke with The Tax Law Channel, an affiliate of The Legal Broadcast Network.  The Legal Broadcast Network is a featured network of the Sequence Media Group.

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Medicare Data Dump Angers Phyisicans, With Anjali Dooley, Attorney, St. Louis, Missouri

The Centers for Medicare and Medicaid Services just did a big data dump from 2012 to give the public more transparency into the government and what taxpayer dollars are doing in regards to Medicare, angering many physicians throughout the country. 

For one thing, the physicians are upset because there could be errors in the data and The American Medical Association had sent out a statement that physicians will have no way to review or correct the information, says Anjali Dooley, an attorney in St. Louis, Missouri. 

Anjali Dooley Source: http://www.anjalilawoffice.com/

Anjali Dooley

Source: http://www.anjalilawoffice.com/

CMS had also released this data to prevent fraud and abuse, which is a growing problem in this country.  However, physicians are concerned that the fraud and abuse might be overemphasized and paint them in a bad light, notes Dooley.  There are large practices that see more Medicare patients, such as ophthalmologists, urologists and orthopedic surgeons and this data doesn't take this into consideration or that multiple providers employed by one large practice might all be using the same Medicare provider number.

Anjali Dooley is an attorney in St. Louis, Missouri.  For more information on her, click here.  She spoke with The Legal Broadcast Network, providing online, on-demand, legal video content.  The Legal Broadcast Network is a featured network of Sequence Media Group.


Patient is Awarded $14 Million in Birth Control Case Against Yasmin, Featuring Bradley Cosgrove, Plaintiff Attorney, Chicago

A Chicago woman wins $14 million in a case against Yasmin, a birth control drug, after suffering from a debilitating stroke.  In this case, the difficult was not linking the pharmaceutical company to the stroke, which occurred 13 days after Mariola Zapalski received her first package of Yasmin and from a timing standpoint, it was crystal clear, says Bradley Cosgrove, the attorney for Zapalski, with the Clifford Law Office in Chicago, Illinois.  The only thing that had changed in her life was the recent prescription of Yasmin 13 days prior to her life changing stroke.

Zapalski had various underlying risk factors for stroke, which caused her to be a candidate that had an increased risk of stroke in comparison to a different person, such that Yasmin was an inappropriate drug for this patient, says Cosgrove.  She was over the age of 35, had a body mass index that categorized her as obese, had a history of smoking and a high cholesterol level, all of which, when combined together, synergistically increased her risk of stroke such that a progesterone-only hormone pill could have been presented to her and this result would not have occurred.

The patient's damages were very significant and as a result of that, Cosgrove hired and retained 6 distinguished experts to demonstrate to the jury every aspect of the case from a medical standpoint.

Bradley Cosgrove Clifford Law Office Chicago, Illinois Source: http://cliffordlaw.com/attorneys/bradley-m-cosgrove-chicago-medical-malpractice-attorney/

Bradley Cosgrove

Clifford Law Office

Chicago, Illinois

Source: http://cliffordlaw.com/attorneys/bradley-m-cosgrove-chicago-medical-malpractice-attorney/

The patient's long-term prognosis is that she will had a normal life expectancy but she she permanent left-sided paralysis, is wheelchair-bound, requiring 24 hour care and has brain damage from the stroke, leaving her as a different person today than she was before being prescribed Yasmin.

Bradley Cosgrove, a malpractice attorney, represented Zapalski in this case and is with the Clifford Law Office in Chicago, Illinois.  He spoke with the Legal Broadcast Network, providing online, on-demand, legal news video content.  The Legal Broadcast Network is a featured network of Sequence Media Group.

How Long Can the IRS Audit, With Rob Wood, Tax Attorney, San Francisco, California

The IRS has three years to file an audit and generally speaking, one doesn't know if the audit is random or the result of a red flag.  When involved in a case, Rob Wood, a tax attorney in San Francisco, California with Wood, LLP, always asks from the auditor what it was that caused the audit.

There are things that people can do, such as 1099 matching and math errors to avoid audits but a lot of it is unknown, says Wood.  Wood notes that the normal 3 year statute is only a "normal rule," and there are all sorts of exceptions.  He recommends anytime you get a tax notice, to take it to a professional for advice.

For more information on the article Wood has written in Forbes magazine on this, click here.  Robert Wood is a tax attorney with Wood, LLP in San Francisco, California and spoke with The Tax Law Channel, an affiliate of The Legal Broadcast Network.  The Legal Broadcast Network is a featured network of the Sequence Media Group.