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Business Tax Issues

Practical discussion of business tax planning, compliance, and emerging issues.

Deductible Start-Up Costs and Web-Based Businesses

Deductible Start-Up Costs and Web-Based Businesses

It’s costly to start a business.  Are the start-up costs deductible?  As with many tax questions, that answer is — it “depends.”  One item that the answer depends upon is…
Tax Issues with Customer Loyalty Reward Programs

Tax Issues with Customer Loyalty Reward Programs

Overview Many companies, including agribusiness retailers, utilize customer loyalty programs as a means of attracting and keeping customers.  Under the typical program, each time a customer or “member” buys a…
IRS Audit Issue – S Corporation Reasonable Compensation

IRS Audit Issue – S Corporation Reasonable Compensation

One of the areas of “low-hanging fruit” for IRS auditors in recent years involves the issue of reasonable compensation in the S corporation context. But what does “reasonable compensation” mean? …
House Flipping – Business or Investment?

House Flipping – Business or Investment?

This week’s Tax School blog reviews how a taxpayer’s activity is viewed by the IRS when it comes to house flipping – purchasing a property, fixing it up, and selling…
Filing Deadline for Tax-Exempt Organizations is Mid-May

Filing Deadline for Tax-Exempt Organizations is Mid-May

The April 18 deadline for 2021 individual income tax returns passed two weeks ago, but another deadline looms just two weeks from today. If you prepare returns for exempt organizations,…
Reasonable Compensation for Subchapter S Corporation Shareholders

Reasonable Compensation for Subchapter S Corporation Shareholders

The Issue of Reasonable Compensation for Subchapter S Corporation Shareholders is once again Coming to the Forefront. You’ve heard the discussion ad nauseum about S corporations and reasonable compensation, but…