The IRS’ determinations in a notice of deficiency are generally presumed correct. Therefore, unless specifically excepted by Tax Court Rule or statute, the burden of proof in civil tax proceedings is ordinarily on the...more
Los contribuyentes pueden enfrentarse a la pregunta: “¿Es un hobby o negocio?”. El IRS afirma que: “a veces la línea entre tener un hobby y administrar un negocio puede ser confusa, pero conocer la diferencia es importante...more
Taxpayers may be faced with the question: “Is it a hobby or business?” The IRS states that: “sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because...more
Managing personal finances is stressful, and many people are glad to let their spouse take the lead on paying bills, filing taxes, managing investments and the like. However, when preparing for divorce, you should have a good...more
Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more
On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C...more
To reduce risk of later attack on the domestic partnership agreement, domestic partners should make fair and reasonable financial disclosures to each other prior to signing the agreement. Each partner should disclose to the...more
In This Issue: Home Stretch to a PA Budget; PA to Project Vendor Overpayments In Some Audits; Township Business Privilege Tax Rejected; and Pennsylvania Supreme Court Upholds IFTA Liability. Excerpt from Home...more