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 […]
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 […]
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 […]
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 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 […]