When you do a favor that involves the tax law, you can lose time and money. Daniel J. Roderick learned a couple of lessons about doing favors when he took this trip through the tax gauntlet.
After his position was eliminated, Roderick and a friend, Kathleen A. Mulvey, entered into individual consulting arrangements with GMAC. Mulvey failed to get the required taxpayer ID information to GMAC, so Roderick included her fees in his invoices. He instructed GMAC to wire transfer ... Log in to view full article.