Contemporaneous Recordkeeping Key to Avoiding Loss Limitations
Taxpayers who run up tax losses in a business must be prepared to prove that one of the material participation tests was passed to avoid having the losses characterized as […]
100% Deduction for Certain M&E Expenses!
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace […]
Studying Up on 529 College Savings Plans
Two types of savings plans provide families with tax-saving strategies that also benefit their children and grandchildren. College savings plans and prepaid tuition plans are what are known in the […]
IRS Reviews Of Nonprofits Vary Widely
IRS reviews of charities and other nonprofits were once relatively rare. For example, only the largest nonprofits would find an IRS audit team at their door. But in recent years […]