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Category Archives: General
Tips to help taxpayers decide how and when to file an amended tax return
After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return? to help determine if they … Continue reading
Posted in General, Taxation
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22 tax deductions you’ll want to take advantage as 2022 approaches
Tax deductible business expenses: Advertising and promotion Business meals Business insurance Bank fees Business use of your car Contract labor Depreciation Education (related to your business; includes books tailored to your industry and transportation expenses to and from classes, seminars, … Continue reading
Posted in General, Taxation
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Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize
The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take … Continue reading
Posted in General, Taxation
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Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add … Continue reading
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AMC Insiders Have Unloaded $70 Million of Stock This Year
AMC Entertainment Holdings Inc. has surged almost 20-fold this year after thousands of retail investors piled in to defend the stock against short sellers looking to profit from its decline. Executives and board members at the movie theater chain have … Continue reading
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Florida Man Gets 6 Month Sentence for COVID Relief Fraud
A Florida man who lied to get a low-interest COVID-19 relief loan has been sentenced to six months in federal prison. Willy Curry pleaded guilty in August to wire fraud in connection with his fraudulent application to the U.S. Small … Continue reading
Posted in Fraud, General
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Judge Barnes Tells Gamblers What Records to Keep to Win a Discharge in Bankruptcy
Anyone who gambles incessantly risks bankruptcy and the denial of discharge without adequate documentation of gambling losses. Bankruptcy Judge Timothy A. Barnes of Chicago wrote an opinion listing records that gamblers should keep to avoid having their discharges denied under … Continue reading
Posted in Bankruptcy, General
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The tax responsibilities that come with shutting down a business
There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax … Continue reading
Posted in Business, General, Taxation
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IRS announces 401(k) limit increases to $20,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of thecost of … Continue reading
Managing member of limited liability company owed fiduciary duty to other members
Following a bench trial, John Meyer appealed a judgment of $205,982.55 plus court costs entered against him in favor of Lynn Schieve. Schieve claimed Meyer, as acting manager of the Carroll Meyer Family Limited Liability Company, breached his fiduciary duty … Continue reading
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