by Steven J Weil, PhD, EA, LCAM | Jun 27, 2023 | Uncategorized
What is reasonable compensation for corporate officers and why is it important? The tax laws require officers of corporations to receive “reasonable compensation, as corporate officers such as presidents, treasurers, CEOs and COO as by law employees of the...
by Steven J Weil, PhD, EA, LCAM | Jan 18, 2023 | Uncategorized
The answer is: forever if you fail to file the tax return. But if you file the required returns and just can’t pay then the amount of time the IRS has to collect is limited by the IRS’s Collection Statute of Limitations. The IRS Collection Statute Expiration Date...
by Steven J Weil, PhD, EA, LCAM | Jan 16, 2023 | Uncategorized
President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...
by Steven J Weil, PhD, EA, LCAM | Dec 29, 2022 | Blog, Business Tax, Uncategorized
If the IRS decides that your business is actually a hobby, its losses are classified as “hobby losses” and may not be deductible, even against that year’s income from the hobby. In today’s economy, it is not unusual to have more than one source of income....
by Steven J Weil, PhD, EA, LCAM | Dec 21, 2022 | Blog, Uncategorized
At RMS Accounting all work is performed by firm employees, housed in our Fort Lauderdale offices and supervised by our firm principals. Why are we telling you this? In an effort to cut costs and expand capacity, many other firms, large and small, outsource things like...
by Steven J Weil, PhD, EA, LCAM | Dec 7, 2022 | Uncategorized
FTX Losses Pacience Required Taxpayers anticipating investment loss deductions from a crypto giant’s bankruptcy will need to wait and see how the proceedings conclude. They should expect an arduous process that takes time and ventures into unknow territory....
