by Leif Jensen | May 2, 2018 | General |
The Labor Dept. and IRS have a pact to share leads on misclassified workers. But as usual, the results from our government have not been very robust. Since 2012, the Revenue Service has selected for examination a mere 210 of the 1,300 referrals it’s received from DOL,...
by Leif Jensen | May 1, 2018 | General |
A doctor’s C corporation that paid his home mortgage cannot deduct the cost, according to the Tax Court. A company may deduct payments made to lease home office space from an employee or shareholder, if they’re ordinary and necessary business expenses. Here, the...
by Leif Jensen | Apr 30, 2018 | General |
Tapping an IRA the wrong way in a divorce can be a costly blunder. Sometimes you need to talk to a CPA. A divorce court ordered a man to pay $100,000 in a nontaxable transaction into an IRA titled in his ex-wife’s name. He was also ordered to pay her attorney fees....
by Leif Jensen | Apr 25, 2018 | General |
Depreciation for restaurant, retail and leasehold remodeling rules have changed under the new tax law. They are now consolidated under the grouping of qualified improvement property (QIP). Congressional Republicans intended to give QIP a 15-year depreciable life and...
by Leif Jensen | Apr 24, 2018 | General |
The deduct-ability of the cost of client meals is murky under the new tax law. So there is a sharp divide forming among tax practitioners on this issue. Some say that client meals, such as at a restaurant for a business dinner or a post-golf lunch at a country club,...
by Leif Jensen | Apr 23, 2018 | General |
We get a lot of calls during the year asking inquiring about our services. Most of those end when they find out that we charge for our services. At least one almost expected us to pay him to be a client; he was a waste of time and spent too much of our time on the...
