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Monthly Archives: June 2017

IRS Accepting ITIN Renewal Applications

According to the PATH Act (Protecting Americans from Tax Hikes), ITIN’s that have not been used on a federal tax return at least once in the last three consecutive years will expire on December 31, 2017. ITIN’s with middle digits … Continue reading

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Hobby Loss Rules

When it comes to hobbies you can generally deduct expenses up to the amount of income you received from your fun. Background: Assume that a taxpayer likes to race motorcycles on the weekends. Once every year our friend manages to … Continue reading

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IRS Audit Update

Think the IRS has cut back on their audits? Don’t let the click-bait lure you to the dark side because that’s just not true. Old style IRS audits where an agent parks at your kitchen table or in your conference … Continue reading

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The Owner was the Employer

Many business owners seek to escape the burdens of payroll or a workforce by using payroll leasing companies, or professional employer organizations (PEO). If you intend to be free of worry and liability, two very important considerations are, “Who ultimately … Continue reading

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Sunk Cost Logic

This is a peculiar yet profound concept that many people fail to benefit from. It can go by different names; sunk capital, sunk cost bias, sunk cost fallacy and others. Some explanations go into great detail. I’ll make mine simpler. … Continue reading

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Federal Tax Liens

If you owe the IRS and you are unable to pay, you may be end up with a Federal Tax Lien filed against you. It will be part of the public record in the county where you live. There are … Continue reading

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Some Information on Deducting Lawyer Fees

If legal fees are for business then they are deductible. If your business incurs legal fees for intangible reasons, such as forming your business or protecting your reputation, you will likely need to capitalize the expense and amortize it. If … Continue reading

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