The IRS has begun auditing taxpayers who purchased health insurance coverage through the Health Insurance Marketplace (also known as an exchange) and reported that they were eligible for a premium tax … [Read more...] about Premium Tax Credit Verification Audit

Unfortunately, it seems that every tax season we learn that a client’s spouse passed away and there was no will. Perhaps the plan was to have this matter done at a later date. Let us assure you … [Read more...] about You Need to Update Your Beneficiaries

In vitro fertilization (IVF) is an expensive medical procedure whereby an egg is fertilized by sperm in a test tube or elsewhere outside the body. An IVF procedure can be tax deductible as a medical … [Read more...] about Know the Tax Rules If Considering In Vitro Fertilization

It is important to learn from the mistakes of others. Detailed documentation of expenses is absolutely vital to sustain a tax deduction. In a recent Tax Court case (Charles F. Schuetze, TC Memo … [Read more...] about Business Owner Denied Repair and Maintenance Expenses

In the Tax Court case of Edgar Brown, several claimed expenses were addressed by the court. We will look at two of them, unreimbursed employee expenses and the home office deductions that were claimed … [Read more...] about IRS Imposes Penalty for Claiming Home Office

As a new business owner, you may find that it takes a couple of years to become established in your market place and to make a profit. While you are operating at a loss and wondering if and when your … [Read more...] about Legitimate Business Loss or Disallowed Hobby Loss