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  • +6

    Business Entertainment: What Can You Deduct?

    Business Entertainment: What Can You Deduct?
    NEW YORK – Taking a client out for lunch is one of the most basic business activities there is. And it's one that can run a small business owner afoul of the IRS. There has been a tug of war for years between the government and businesses over entertainment expenses. The agency is on the lookout for companies that take excessive ...
    Rated: +6
  • +3

    IRS Debunks Frivolous Tax Arguments

    IRS Debunks Frivolous Tax Arguments
    WASHINGTON — The Internal Revenue Service today released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth about Frivolous Tax ...
    Rated: +3
  • +4

    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions

    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions
    Posted 2/2/2010 If an employee of a business prepares the business’ tax returns as part of their job responsibilities, will the recommendations affect them? No. An employee who prepares his employer’s returns is not required to sign as a paid preparer. Accordingly, unless the employee prepares other federal tax returns for compensation, he or she will not be required to register ...
    Rated: +4
  • +4

    Series LLCs: Pros and Cons of a Growing Trend

    Series LLCs: Pros and Cons of a Growing Trend
    Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and duties with respect to specific property and liabilities and can have ...
    Rated: +4
  • +4

    Tax Court Allows Deduction for Woman's Sex Change

    Tax Court Allows Deduction for Woman's Sex Change
    By Denise Lavoie, AP Legal Affairs Writer BOSTON — The U.S. Tax Court ruled Tuesday that a Massachusetts woman should be allowed to deduct the costs of her sex-change operation, a decision that could have broad implications for transgender people. Rhiannon O'Donnabhain (oh-DON'-oh-vin), who was born a man, sued the IRS after the agency rejected a $5,000 deduction for approximately $25,000 ...
    Rated: +4

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