Those are the great Isely Brothers pictured off to the left whose music I grew up with. Memories of which were brought back to me by an article written by a kindred pop culture soul.
And with no disrespect intended, in of all places, a big Washington, D.C. law firm. It’s David Fuller, a Partner in Morgan Lewis’s Employee Benefits and Executive Compensation Practice, who edits their firm’s Payroll & Perks Bulletin Board.
In their recent issue, David writes about the IRS attempt to collect post bankrupcy taxes and interest from the Isley Brothers. You really had to be there to get all the references. So here’s David’s post, Is It Worth It to Twist and Shout reposted with his permission in it’s entirety with links supplied by me.
Three of the brothers composing the famous R&B group the Isley Brothers filed for bankruptcy. The bankruptcy trustee made payments of more than $3 million to the IRS and the Isleys thought they had once again found Smooth Sailing—until the IRS decided The Heat Is On and took action to collect post-petition taxes and interest.
The Isleys then tried to Fight the Power and challenged the allocations of the tax payments. The Third Circuit this month upheld the dismissal of the Isley Brothers’ complaint challenging the IRS’s allocation of payments.
Marvin Isley, who passed away on June 6, was not part of the dispute. What It Comes Down To as the Isleys would say, is that taxpayers must be well prepared and well represented when challenging the IRS.
Just because you think It’s Your Thing (and you can “Do what you wanna do”) doesn’t mean the IRS will agree.
There’s really not much I can add to David’s post except to take it on home with a video of the afore-mentioned Twist and Shout as recorded by the Isely Brothers in 1962. And for you young-uns out there, that thing on the spindle is a 45 rpm record.