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Recordkeeping

The basics framework for financial compliance is a company’s recordkeeping or bookkeeping.  Over my career I have been fascinated and surprised by how this is accomplished or not by some companies. We work with a multitude of different clients in a number of...

Hobby expenses

Under the recent tax reform law the ability to deduct hobby expenses on Schedule A have been eliminated.  But the necessity of reporting Hobby Income is still required. A client was sharing that someone they knew was selling product on Etsy and Craigslist(?) and was...

1023-EZ

While the IRS has streamlined the approval process for a Form 1023-EZ the forms need to be filled out with the intent of compliance. Some small groups that filed Form 1023-EZ are getting additional IRS scrutiny. To file Form 1023-EX the charities have to meet the...

Partial payments on back taxes

Surprise the IRS has broad discretion to allocate partial payments of back taxes. It can do so to its own advantage versus your, unless you state how to apply the payments. In a recent tax court case a couple who owed multiple years of income taxes hand-delivered a...

Unhappy employee

I have a client who is older and not happy with their current employer.  They initially thought that this was where they would spend their final working years.  But alas it would appear that this will not be the case. As part of a protected class, the employer is not...

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