IRS Visits Marina and Discovers Lots About Taxpayer’s “Business Deductions” Background Carlos and Pamela Langston (taxpayers) (TC Memo 2019-19) purchased a marina. The marina’s primary location … [Read more...] about Hogs Get Slaughtered – IRS Reclassifies Business Deductions as Non-Deductible Personal Expenses
Keystone Financial Solutions
How Does Your Business View Taxes?
Do You Simply Complain About Taxes, or Do You Have a Strategic Plan to Reduce the Taxes You Pay? Background We have yet met a businessperson who does not complain about paying income taxes. The … [Read more...] about How Does Your Business View Taxes?
Interstate Commerce Speed Trap – Wayfair Supreme Ct. Decision Rears Its Ugly Head
Bensalem PA Business Owner Receives $1.6 Million Sales Tax Bill from California Background It was reported by the Philadelphia Inquirer that Brian Freifelder, who sells clothing, shoes, and … [Read more...] about Interstate Commerce Speed Trap – Wayfair Supreme Ct. Decision Rears Its Ugly Head
Tax Treatment for Family Members Working in the Family Business
It May be Advantageous to Employ Your Spouse, Children, & Parents in Your Family Business, But You Need to Understand the Tax Rules Both Spouses Carrying on Trade or Business If spouses … [Read more...] about Tax Treatment for Family Members Working in the Family Business
Why Does It Take the IRS So Long to Issue Your Tax Refund?
Is “Filter X: to Blame? Background Perhaps you are one of the many taxpayers who are concerned that your refund took forever to be processed by the IRS. Your tax professional instructed you to … [Read more...] about Why Does It Take the IRS So Long to Issue Your Tax Refund?
Mileage Deduction Lost Despite Taxpayer Maintaining Mileage Log
“Tax Specialist” Fails to Sustain Schedule C Deductions When Audited by the IRS Background A married couple (H. Samadi, TC Summary Opinion 2018-27) included a Schedule C on their … [Read more...] about Mileage Deduction Lost Despite Taxpayer Maintaining Mileage Log