By Nathan Vinson, attorney
English, Lucas, Priest and Owsley, LLP
An interesting question popped up in social media during the 2016 Summer Olympics: will U.S. athletes taking home a medal be taxed on the value of it – particularly those who win the gold?
News accounts have confirmed that yes, U.S. medal-winning athletes will be taxed, but not on the value of the medal itself. It’s the cash prize that comes with each medal that is taxed.
Swimmer Michael Phelps, who has broken all kinds of records this year, may owe the government $55,000 in taxes for the cash prizes that go along with his five gold medals and one silver medal, reports USA Today. Each gold medal is accompanied by a check for $25,000, while each silver earns $15,000 and each bronze $10,000. If Phelps is taxed at the highest income tax rate of 39.6 percent, he would owe around $55,000, the newspaper reports. I checked the math, and yes, that’s about right.
Ouch. Read More
The obvious defendant in a motor vehicle accident case is the person whose negligent driving caused the wreck. However, for a variety of reasons, it is possible that other defendants may be named in some lawsuits. In a fatal drunk driving accident, the plaintiff may want to sue those besides the driver who the plaintiff believes is partially responsible for the state of intoxication the driver was in.
It is usually to the plaintiff's advantage to name as many potential defendants as possible in order to increase the chances of a settlement or judgment, especially if some defendants may be be uninsured, underinsured, or immune from suit. Read More
By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP
Most of us want to do the right thing when it comes to taxes.
MOST of us. Or, perhaps we just don’t look good in orange.
If we legitimately owe taxes on our income or an inheritance, we understand we have to pay. This is part of being an adult. (The boring, terrible part.)
But it’s not as simple as writing a check to pay an invoice. Taxpayers, especially in Kentucky, are left to decipher the state’s tax laws and decide if it applies to their situation. More often than not, Kentucky tax laws are not black and white. Read More
Property owners and business operators owe certain duties to those who come onto their premises for a business or social purpose. A breach of this duty can potentially result in a finding of liability against the landowner and an award of damages in favor of an injured party. This is most commonly referred to as a "slip and fall" case, in which someone is injured because of property that isn't maintained, such as a cracked sidewalk or other similar issue.
For this reason, it is increasingly common for would-be defendants to ask for a waiver of liability from those with whom they do business. It is up to the courts to determine whether such waivers are valid under the facts of an individual case. Read More
Lawsuits arising from negligent operation of a motor vehicle typically involve two drivers, each driving his or her own vehicle. Passengers in one or both vehicles may also be parties to the suit if they were injured in the collision. Sometimes, the case involves a pedestrian accident.
Regardless of whether the person seeking to recover compensation following an automobile accident is a motorist, a passenger, or a pedestrian, the plaintiff has the burden of proving that the defendant was negligent. This means that he or she failed to act in a prudent manner, causing harm to the plaintiff. Read More
By Nathan Vinson, attorney
English, Lucas, Priest and Owsley, LLP
This time of year is nice, isn’t it? It’s warm and pleasant out, and maybe a little bit more laid back at work. Tax time is behind you (yes!) and it’s not time to think about next year’s taxes.
OR IS IT?
Well, we hate to break it to you, but yeah, it is time to think about it NOW. It’s July. More than half of the year is gone. If you haven’t set up a good filing system for your receipts and other tax-related information, you need to – and soon. If you’ve got a giant pile of paperwork and receipts, hey, you’re not alone – but don’t let this linger. Read More
