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12 Days of Tax Planning

    The 12 days of tax planning countdown- for web

Criminal plea deal doesn’t negate civil action

In a recent case, an appeals court upheld the Tax Court’s decision that a bookie’s plea agreement on criminal charges does not bar a civil action for unpaid taxes. Gary Kaplan operated an illegal sports booking business called BetOnSports. The majority of Kaplan’s booking business was located in the Caribbean islands and Costa Rica for most...

Health care: 2015 large employer reporting requirements

Under the Affordable Care Act, large employers are required to file information returns with the IRS and provide statements to full-time employees. You are a large employer if you employed, on average, 50 full-time equivalent employees or more during 2014. You must include employees of other members of any companies under common...

Starting a business? Some things to consider

When starting a new business, a wise first step is to seek the advice of your CPA. Some things you might want to consider before starting the business:

  1. Business Structure – Determining the business structure should be the first decision that you make. The basic choices are sole proprietorship, corporation, limited liability company or...

Hobby expenses deductible to extent of hobby income

  Most people are probably familiar with the general tax rule about hobbies: You can deduct expenses only to the extent that you have income from the hobby. This rule applies to individuals, S corporations, partnerships, estates and trusts. There is a certain pecking order in deducting these expenses:

  1. Deductions a taxpayer can...

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