The fight over who meets the definition of a “real estate professional” is not a new one. Fortunately, the taxpayer’s burden for satisfying that definition has only been eased by the expansion of digital tools available for tracking time. That being said, the United States Tax Court’s (Court’s) memorandum opinion in Hairston v. Comm’r of [...]
For many taxpayers with multiple active business interests, the material participation test can be a significant tax trap. If the elements of that test are not met, the impact could be that the taxpayer is limited in how the income/loss from that business is recognized on their personal tax return. A recent decision in the [...]
For many business taxpayers who have Small Business Administration (SBA) financing that ultimately goes into default, it can be difficult to work with an SBA receiver and operate a business. While understanding that relationship requires an expertise that is outside the scope of this article, a recent Eleventh Circuit Court case confirmed that employment taxes [...]
The Internal Revenue Service (IRS) had an interesting New Year’s resolution for 2018: more in-person meetings for taxpayers who have a local IRS Revenue Officer assigned to their case. For many taxpayers, particularly those who are unrepresented, this means that an IRS Revenue Officer will be coming to your home or place of business. The [...]