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Written by tax professionals for CPAs, EAs, and tax preparers.

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Deductible Start-Up Costs and Web-Based Businesses

Deductible Start-Up Costs and Web-Based Businesses

It’s costly to start a business.  Are the start-up costs deductible?  As with many tax questions, that answer is — it “depends.”  One item that the answer depends upon is…
Tax Issues with Customer Loyalty Reward Programs

Tax Issues with Customer Loyalty Reward Programs

Overview Many companies, including agribusiness retailers, utilize customer loyalty programs as a means of attracting and keeping customers.  Under the typical program, each time a customer or “member” buys a…
Gambler Cuts His Losses

Gambler Cuts His Losses

The following is a reprint from the 2021 University of Illinois Federal Tax Workbook, Volume B, Chapter 4: Rulings and Cases. The video is a discussion of the case between…
5 Myths About Accountants

5 Myths About Accountants

When most people think about accountants, a vision of a dark room with a disheveled accountant hunched over a desk rapidly entering numbers into a calculator comes to mind. Well,…
IRS Audit Issue – S Corporation Reasonable Compensation

IRS Audit Issue – S Corporation Reasonable Compensation

One of the areas of “low-hanging fruit” for IRS auditors in recent years involves the issue of reasonable compensation in the S corporation context. But what does “reasonable compensation” mean? …
Tax Deadline is June 15 for Americans Living Abroad

Tax Deadline is June 15 for Americans Living Abroad

The U.S. Department of State’s Bureau of Consular Affairs estimates that nearly 9 million U.S. citizens currently live abroad. Do you have clients included in this statistic? Americans living abroad…