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Student Athletes Name, Image, or Likeness

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...

What Does Supersizing the IRS Really Mean?

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,...

Short-Term Rental Can Result In Loss Of Homestead Exemption!

by Steven J Weil, PhD, EA, LCAM | Jul 4, 2022 | Blog, Personal Tax

DID YOU KNOW:  If you do short term rentals of 30 days or more per year for any two consecutive years in a row you could lose your homestead exemption. This could mean paying tax on a much higher assessed value. It has recently come to our attention that at least some...

Don’t Ignore IRS Correspondence

by Steven J Weil, PhD, EA, LCAM | Jun 15, 2022 | Blog, Personal Tax

The IRS is back – at least when it comes to the sending of millions of letters to taxpayers whom it believes underpaid their taxes.  The letter takes the form of a CP14 and it is important not to ignore these notices. Just because you get a notice does not mean that...

IRS Destroyed Millions of Paper-filed Taxpayer Documents

by Steven J Weil, PhD, EA, LCAM | May 23, 2022 | Blog, Business Tax, Personal Tax

According to an audit report (2022-40-036) published on 5/4/22 by the Treasury Inspector General for Tax Administration (TIGTA), a service-wide strategy is needed to address challenges that limit growth in business tax return electronic filing. The report states,...

Gig Economy Income Reporting Requirements

by Steven J Weil, PhD, EA, LCAM | Mar 12, 2022 | Blog, Business Tax, Personal Tax

IR 2022-45, 3/1/2022 In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be...
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Blog

Student Athletes Name, Image, or Likeness

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...

What Does Supersizing the IRS Really Mean?

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,...

5 Common Reasons Businesses Fail

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...

Don’t Forget Qualifying Business Meals at Restaurants Are 100% Deductible This Year

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...

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