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A Reminder to “Log” Travel Expenses

A Reminder to “Log” Travel Expenses

As business travel picks back up, a court ruling within the past 12 months brings to light the importance of maintaining records for travel-related tax deductions. The case involves a timberland owner who barely escaped IRS fines after his travel logs were stolen. As...

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Did You Request IRS Penalty Relief Due to COVID?

Did You Request IRS Penalty Relief Due to COVID?

The September 15 tax deadline has come and gone, but many had trouble getting their taxes filed and paid on time. The IRS offers relief, but even some who followed the rules will still receive penalties. The mid-September milestone included several tax deadlines for...

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What’s in a Name? The Business Value of YOU

What’s in a Name? The Business Value of YOU

In a significant move last year, the NCAA decided to allow individual athletes to profit from their own name, image, and likeness. While you may not be a superstar on the court, you might be able to “bank” on your name, too. If you’re a business...

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Surprise Nonpayment Notice? Mail Delays and Your Taxes

Surprise Nonpayment Notice? Mail Delays and Your Taxes

The IRS had up to 12 million pieces of unopened mail at one point this summer. That mail may have included your tax payment. And while that backlog is painstakingly sorted, you may have been shocked to receive a nonpayment notice along with threats of penalties and...

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Feds Now Prosecuting PPP Loan Fraud

Feds Now Prosecuting PPP Loan Fraud

For those who received PPP money during the pandemic and misused it, the time of reckoning is already here. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. As the Los Angeles Times reports, these first cases involve...

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IRS “Wealth Squad” to Audit Hundreds by October

IRS “Wealth Squad” to Audit Hundreds by October

The IRS is back to business, conducting new examinations of tax returns and enforcing collections. A top priority? It intends to audit hundreds of high-net-worth taxpayers by September 30, 2020. The audits will be conducted by the agency’s Global High Wealth...

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