Have you complied with the IRS notices?
According to T.C. Memo. 2021-141 Docket No. 20438-19L. Filed December 28, 2021, a taxpayer filed a Tax Court petition to review an IRS determination letter regarding a levy. The taxpayer…
Did the taxpayer pay more than he owed?
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayerhas paid more than he owed, where such a determination is necessary for acorrect and complete determination…
Section 199A -Qualified Business Income Deduction
Section 199A -Qualified Business Income Deduction What businesses are eligible: available to individuals with Qualified Business Income C-Corporations and pass-through entities are not eligible. Qualified Business Income may be generated by Sole…
S-Corp Reasonable Compensation ins and out
S-Corp Reasonable Compensation ins and out There is a lot of misconception on how to pay yourself that Reasonable Compensation when your company is an S-Corp. There is a big struggle to…
Tax Saving Strategy
HSA as a Tax Savings Strategy. Tax Saving Strategy I’m sure you have heard of HSA as a tax savings strategy. Now, let’s talk more about it, in case, you…
Financial Planning Doesn’t Start One Day Before the April 15th Tax Filing Deadline.
Financial Planning Doesn’t Start One Day Before the April 15th Tax Filing Deadline. Is it April 15th and you are dragging your tax files to your accountant, thinking, I wish…
Tax Implications When Foreigners Investing In Real Estate in the U.S
Foreigners Investing In Real Estate in the U.S. Tax Implications When Foreigners Investing In Real Estate in the U.S. The tax would be reported to the U.S. because the property…
Real Property Held Primarily For Sale
As you already know, the Tax Cuts and Jobs Act removed personal property from the deferred tax treatment for like-kind exchanges. In most real-estate exchanges some amount of personal property…
Cryptocurrency
The IRS has increased the number of audits they perform regarding foreign accounts. As you may already know, if you don’t report your foreign accounts, you will be subject to…
Business Tax Deductions:
Business Tax Deductions: Home Office Deduction. According to the IRC 26 U.S. Code ??280A, https://www.law.cornell.edu/uscode/text/26/280A home-office must be in connection with your trade or business (or with your income-producing activity)…
