by Leif Jensen | Aug 3, 2026 | Running a Business |
I have a client who should have , but did not have payroll in 2025. His side business grew and he hired his friends to assist with the work. They were paid like independent contractors, which may actually be true, he did not have enough business to fully employ any...
by Leif Jensen | Jul 20, 2026 | Running a Business |
Surprise we are seeing much more aggressive worker’s compensation audits. We have one client who has received a notice from a past insurance company claiming that they owe $38,000 from nine years ago, the balance is in collections and they never received a prior...
by Leif Jensen | Mar 9, 2026 | Running a Business |
The Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo effectively overturned the Chevron deference doctrine, significantly impacting how all federal agency regulations, including those related to the “hobby loss” rules (Internal...
by Leif Jensen | Mar 4, 2026 | Running a Business |
Hobby vs Business; the 9 factor test Regs. Sec. 1.183-2(b) lists nine factors for determining whether a taxpayer engages in an activity for profit: 1. How the taxpayer carries on the activity. A tax preparer would first want to look for how the taxpayer handles the...
by Leif Jensen | Mar 2, 2026 | Running a Business |
For a business expense to be deductible, it generally must be ordinary and necessary or be an investment expense. Investment-related deductions under IRC §212 have largely been eliminated by the TCJA. That puts the emphasis on deductions to be tied to a trade or...
by Leif Jensen | Dec 1, 2025 | Running a Business |
I found this little tidbit on the internet, it seems to cover ground always covered with only some insite. Whether a business fails in it’s first year or tenth year, it is typically due to more than one reason. Understanding the specific causes behind small business...
