Month: March 2017

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]