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Business Deductions
Taxpayers who engage in businesses to make a profit can generally deduct related expenses on their tax returns. In one case, a retired taxpayer pursued new ventures including acting. She devoted 35-45 hours weekly to acting, sought help from professionals and operated in a businesslike manner. The IRS denied her deductions...
Claiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.
3 Ways Fraud Experts Use Data Analytics
Forensic accountants have long used technological tools to uncover fraud schemes. But recent advances in “big data” have provided even better, more efficient techniques for identifying suspicious activities and dishonest employees. These are three common types of data analytics used by fraud experts:
Financial Reporting Issues To Consider In “Going Private” Transactions
In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices are expected to fluctuate in the coming months. Now might be a good time to consider getting off the rollercoaster by taking your company out of the public eye.
Want To Find Out What IRS Auditors Know About Your Business Industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website.
941 Refund or Notice
Several employers have received refund checks or IRS notices regarding their 941. This could potentially be a mistake the IRS has made. On the check above the routing number, it will reference F-941 and the payroll quarter. We will be happy to assist in correcting this issue.
A Tenancy-In-Common Interest Can Ease Distribution Of Real Estate
If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership.
Private companies: Are You On Track To Meet The 2022 Deadline For The Updated Lease Standard?
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude of their long-term lease obligations on the balance sheet. Here are the details.
Put Some Muscle Behind Your Nonprofit’s Capacity-Building Effort
Economic instability caused by the pandemic may have your nonprofit scrambling to find funding. But just as important is making internal adjustments that build your nonprofit’s capacity to fulfill its long-term mission. However, you may want to tweak the standard capacity-building process.
Possible Tax Consequences Of Guaranteeing A Loan To Your Corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be blindsided.
Be Careful. There Might Be A “Visher” On The Line
“Vishing” may sound familiar, but unless you’re a fraud investigator, you probably haven’t encountered it. Unfortunately, that could change … soon. To foil a scam that increasingly takes advantage of remote workers, learn what vishing is and how your business can prevent it from infiltrating your network.
IRS Issues ERC Guidance As Congress Mulls Early Termination
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic.

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