by Steven J Weil, PhD, EA, LCAM | Aug 31, 2022 | Blog, Business Tax, Personal Tax
Penalty Relief: IRS Notice 2022-36 The IRS has announced broad-based penalty relief for certain 2019 and 2020 returns due to the COVID-19 pandemic. The penalty relief will be automatic for people and businesses who qualify. Relief applies specifically to the failure...
by Steven J Weil, PhD, EA, LCAM | Aug 24, 2022 | Blog, Investments, Personal Tax
Today, August 24th 2022, President Biden announced a program to forgive student debt for qualifying taxpayers. According to the announcement, those with qualifying student loans could receive between $10,000 and $20,000 in forgiveness. Pell Grant recipients can...
by Steven J Weil, PhD, EA, LCAM | Aug 16, 2022 | Blog, Business Tax, Personal Tax
Colleges Now Allow Student Athletes to Profit from the Use of Their Name, Image, or Likeness The National Collegiate Athletic Association (NCAA) is now allowing athletes to receive compensation for the use of their name, image, or likeness (NIL). This new source of...
by Steven J Weil, PhD, EA, LCAM | Aug 9, 2022 | Blog, Business Tax, Personal Tax
Congress is funding an additional 87,000 IRS agents. These new agents will need to cut their teeth on simple cases, where for the most part taxpayers are not big enough or rich enough to fight back. This means those receiving tax credits, operating small businesses,...
by Steven J Weil, PhD, EA, LCAM | Aug 3, 2022 | Blog
Business Failures In over 35 years of assisting new business startups, along with starting and running several businesses, I have found that most small business failures are due to 5 simple reasons. 1) You’re going to work more than 9-5. Failure of the business owner...
by Steven J Weil, PhD, EA, LCAM | Jul 11, 2022 | Blog, Business Tax
So, what is a qualifying meal and who can deduct it? Business meals are only deductible by the business. This includes partnerships, corporations, S corporations and sole proprietorships. The deduction for business meals is generally 50% of the actual expenditure...
