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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…

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…