by Steven J Weil, PhD, EA, LCAM | Sep 26, 2023 | Blog, Business Tax
Internet Sellers May Be Liable For Multiple State Sales Taxes The responsibility for collecting sales tax for internet merchants [and those others selling and shipping products out of their home state] changed in 2018 with the U.S. Supreme Court decision, South...
by Steven J Weil, PhD, EA, LCAM | Sep 9, 2023 | Blog, Business Tax, Personal Tax
No Statute of Limitations If You Don’t File A Return The statute of limitations for any given tax year does NOT start if you don’t file a tax return. This means that the IRS can assess taxes and even file criminal charges related to unfiled returns regardless of how...
by Steven J Weil, PhD, EA, LCAM | Sep 5, 2023 | Blog, Business Tax, Personal Tax
Florida Victims of Hurricane Idalia Get Tax Relief The IRS has provided tax relief to victims of Hurricane Idalia in Florida. These taxpayers now have until February 15, 2024, to file various individual and business tax returns and to make certain tax payments. This...
by Steven J Weil, PhD, EA, LCAM | Sep 5, 2023 | Blog, Business Tax, Personal Tax
IRS Fails to Follow the Rules According the Treasury Inspector General for Tax Administration, IRS employees have not always followed the rules when it came to directly contacting taxpayers (instead of their representatives like CPAs, enrolled agents and attorneys)....
by Steven J Weil, PhD, EA, LCAM | Aug 15, 2023 | Blog, Business Tax, Personal Tax
What is the difference between a business and a hobby — and why is it important? Businesses are motivated by profit, while hobbies are about the joy of the activity not the desire to make a profit. The distinction is important because when you have a business...
by Steven J Weil, PhD, EA, LCAM | Aug 8, 2023 | Blog, Business Tax, Personal Tax
1099-K Confusion on the Horizon The American Rescue Plan Act of 2021 lowered the filing threshold for payment processors and credit card companies from 200 transactions or $20,000 to just $600 for 2022 — but the IRS delayed the effective date until 2023. Because...