Michael Lloyd Comments on Tax Issues of Nominees in Legal Times

“Shot in the Foot”
Legal Times
02.09.09In light of the tax issues that have arisen for several nominees of the new administration, the Legal Times asked local experts, including Michael Lloyd, to provide insight on common tax mistakes made by high-income professionals. According to Lloyd, “The one thing that people always struggle with is noncash compensation…There are special rules for calculating the value of that compensation, but in order for an accountant to know that the issue exists, the taxpayer has to tell him.” Lloyd goes on to say, “It’s almost cliché to say the tax code is too complicated. But there clearly are numerous traps for the unwary, and high-profile people should probably hire professionals to do their returns so that they can catch everything. Or they at least have an excuse [for any mistakes].”

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