The election of joint and several liability is irrevocable once made it cannot be revoked by, say, an amended tax return.
In 1995 the Private Securities Litigation Reform Act substituted proportionate liability for joint and several liability as the standard for damages.
Starting with the informal summit this week, it is time for the next step down the long and winding road to joint and several liability of eurozone debt.
Given the hazard of joint and several liability and the fact that filing jointly is an irrevocable election, I really think the default assumption should be separate filing.
FORBES: Nebraska Supreme Court Rules - State Court Cannot Order Joint Federal Return
Indeed, the Australian government said last year that it would replace the principle of joint and several liability for auditors with that of proportionate liability, and also allow auditors to incorporate.
Joint and several liability means that each spouse is liable for up to the full amount of the liability, though the IRS cannot collect more than the full amount of the liability.
The joint and several liability cannot be undone, except through an innocent spouse proceeding, which we know from this and many other cases is anything but a piece of cake for the taxpayer.
FORBES: Tax Court Not Quick To Find Abuse In Innocent Spouse Case
According to the Gibson update, not only does the Amnesty program release cooperating applicants from potential criminal liability, it prevents civil plaintiffs from recovering treble damages and protects civil defendants from joint and several liability.
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Joint and several liability is the problem.
FORBES: Nebraska Supreme Court Rules - State Court Cannot Order Joint Federal Return
It creates joint and several liability.
FORBES: Tax Court Not Quick To Find Abuse In Innocent Spouse Case
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