April is right around the corner, which means the tax filing deadline is almost here. If you owe this year, you are probably just starting to think about your options.The Internal Revenue Service recently released some numbers about collection efforts from fiscal year...
Month: March 2016
Business losses: Can you deduct them against other income?
Every so often the tax court rules on a case with interesting facts. The distinction between a business and a hobby is often the topic in these cases. A business loss can be deducted, but a hobby loss cannot. Get this wrong and you could owe a large tax bill.A couple...
Debunking 2 tax myths that could lead to audit exposure
At the height of tax filing season, we wanted to address two common tax myths. Making either of these mistakes could result in an Internal Revenue Service audit and significant back tax bills.These issues cover Affordable Care Act (ACA), 1099 filing requirements. In...
Tax clarity for entrepreneurs in 2016
At the end of 2015, Congress passed a law that eliminated the need for end-of-the-year brinkmanship over tax extenders. The Protecting Americans From Tax Hikes Act did not contain much that was new, but it did offer clarity and more certainty.From the research and...
Bad publicity continues for pharma exec with tax lien
The bad press went viral last September – Turing Pharmaceuticals had increased the price of a drug called Daraprim by 5,000 percent. The drug, used to treat malaria and toxoplasmosis, had cost $13.50 before Turing bought it. After the acquisition, patients who...