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)…
Meals and Entertainment are surprisingly under-explained. Let’s start with the basics: https://www.law.cornell.edu/uscode/text/26/274 explains the basics of what can be deducted https://www.federalregister.gov/documents/2020/02/26/2020-03723/meals-and-entertainment-expenses-under-section-274 explains in details https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=11982 Court Case Fitch v Commr. Court Case The…
What to do when you receive CP2000? When the IRS sends out CP2000 letters, they explain in detail what the taxpayer needs to do to resolve the issue. CP2000 proposes…
Protect Your Family From Your Tax Problems As you already know, not filing taxes when you are required to, is a Federal Misdemeanor. Paying taxes is not optional in the US. IRS…
Will The IRS Forget My Unpaid Taxes? Most of us are tempted to save money. We work very hard to earn it and we don’t want to give it away…
Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has…
This is a brief based on a U.S. Tax Court memoranda from December 13th, 2021. On December 13, 2021, a judge (US Tax Court) ruled in favor of the Respondent…
No one wants to learn that their company is being audited, whether large or small, especially if it is their first time. It is your responsibility as a CPA company…
An Enrolled Agent will take care of your IRS problems for you.If you received a letter from the IRS, you recommend contacting a tax lawyer, an enrolled agent, or a…
What is new in 2020 tax return filings? Your $1,200 & $600 rebate...
