Tax Court Ruling about expenses and deductions.
A recent tax court ruling landed in favor of the IRS. The court ruled that paying or incurring an expense is not sufficient to entitle the taxpayer to a deduction. The taxpayer also has to ensure that there is a purpose underlying the deduction and that it is “ordinary and necessary” to operating their trade…
Fair Labor Standards Act Update and the Independent Contractor Final Rule
On January 10, 2024, the U.S. Department of Labor published a final rule, effective March 11, 2024, revising the Department’s guidance on analyzing who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). This final rule rescinds the Independent Contractor Status Under the Fair Labor Standards Act rule (2021 IC Rule),…
What is beneficial ownership interest and what does it mean for my business.
You may have heard recently that almost all businesses have a new reporting requirement and that it is due January 1, 2024. While that is true on the surface there is much more to the requirement and the due date. I will break down the who, what, when and why and suggest a where as…
