How to determine profit motive

In two cases, the Tax Court looked at factors besides a history of losses in determining whether the hobby loss rules would prevent the taxpayers from deducting their expenses.   As professionals, we've been beaten over the head with the Sec. 183 hobby loss rules, which prohibit deductions for activities not engaged in with the intent of making a [...]

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Tax Rules for Uber, Lyft and Other Ride-Share Drivers

Instead of sitting at home watching TV reruns during their down time, some of your clients are making extra cash by offering their services in the shared economy. One of the [...]

New Form 5472 Filing Requirements for Foreign-Owned U.S. Disregarded Entities (“FOUSDEs”)

On December 13, 2016, the IRS published new regulations that treat foreign-owned U.S. disregarded entities (“FOUSDEs”) as domestic corporations for purposes of filing Form [...]

IRS Budget: Penny-wise, Pound-foolish

Tax professionals feel the pain. People don’t often have much nice to say about the Internal Revenue Service. But everybody seems to like what internal revenues pay [...]

This Year’s IRS Audits Are Bad News for the Rich

The IRS is turning up the heat on taxpayers. Some of them, anyway. The number of audits conducted by the Internal Revenue Service has dropped as it continues to reel from [...]

HSA Contribution Limit For Two Plans Or Mid-Year Changes

We all know that to be able to contribute to an HSA you need to have an HSA-eligible high deductible health plan (HDHP) and no other coverage. The HSA contribution limit [...]

Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others

WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has [...]

Penalty for late filing of 1099 forms – updated from 2016 tax year

  Large Businesses with Gross Receipts of More Than $5 Million and Governmental Entities Time returns filed/furnished Returns due 01-01-2011 thru [...]

10 Things To Know About Taxes On Legal Settlements

Your car got rear-ended at a red light. Your contractor did shoddy work on your condo. You were unfairly fired. If you'’re collecting a settlement or judgment, is it taxable [...]

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was mandated by the [...]

MyTaxFranchisor Launches New Franchise Opportunities: MyTaxFiler and myStartupCFO

MyTaxFiler and myStartupCFO have joined hands with MyTaxFranchisor to provide exciting franchise opportunities for enterprising individuals to help them build their own [...]