The IRS often disputes a hobby loss claimed for breeding operations and usually prevails in the Tax Court, a recent case proved otherwise. Generally, taxpagers can fully deduct expenses from an actual business, but deductible expenses are limited to the amount of income if an activity is treated as a
If you’re just joining us, go back to part one of this series on how ownership of conventional single-family dwellings differs from ownership of condos or co-op apartments. This article, part two, will focus on how the law allows an owner of a co-op apartment to increase its basis beyond
The COVID-19 pandemic has changed how we do business in no time at all. Even before 2020, there was a discernible shift in buyers’ behaviors. Gone were the days when relationships alone drove the decision to sign with a firm. Now, B2B buyers conduct extensive online research before reaching out
The ‘Great Resignation‘ has been a hot topic of discussion in accounting firms, and all businesses, around the country. People are leaving their current jobs — not just for other firms, but for other careers. Unfortunately, this isn’t a short-term problem. Talent is more limited than it has been in
Many of you have helped your clients, generally, prepare for retirement, but have they given thought to how their spending will change once this happens? and annual bonus. When they filed their taxes you let them know if they were getting a refund or needed to send in an additional
The many different tax benefits available to your clients largely depend on having one or more dependents. To start with, Section 151 allows personal exemptions, which are not currently available. However, the definition of “dependent” found in Section 152 is still important in these years. A seasoned tax professional may
The shift to remote work due to the COVID-19 pandemic has given employers and employees increased flexibility in when, where and how work is performed. Because many companies have now implemented permanent remote-work policies, accountants should be aware of the tax implications of such a work structure for both employers
Losing a client can be hard, yet it happens all the time. Sometimes, the reasons are simply out of your control. For example, maybe the client’s business was sold or merged into another company that has a long-standing relationship with another accounting firm. However, there are many reasons clients decide
With no end to the pandemic in sight, and ecommerce sales likely to remain strong — especially at the holidays — retail clients need to know how to tax delivery charges. There’s no one way to get products into the hands of customers, and there’s no one way to tax
I recently received several queries from individuals living in single-family homes in the New York City metropolitan area who plan to sell their dwellings and purchase a condominium or cooperative apartment. Some potential sellers want to know how ownership of a single-family home differs from ownership of a condo or