Small Business June 26, 2026
Tax Court Doesn’t Horse Around in New Hobby Loss Case
After examining all the evidence, the Tax Court ruled that the activity doesn’t rise to the level of a business. Result: All the loss deductions are denied.
June 3, 2014
Summertime Tax Tip #9: Going Back to School? It Might Qualify as a Tax Deductible Business Expense
It’s smart to try to get ahead in your field or at least keep pace with the latest developments. So some of your clients may be planning to put down their work tools and pick up books again as another school year beckons. Can a taxpayer deduct any education expenses if he or she is…
June 3, 2014
Connecticut Bookkeeper Charged with Embezzling $800K from Veterans Organization
A Connecticut bookkeeper has been accused of embezzling more than $830,000 from a nonprofit veterans' organization, police said.
June 3, 2014
IRS Says Interest Rates to Remain Unchanged for Q3
The Internal Revenue Service says that interest rates will remain the same for the third calendar quarter of this year, which begins July 1, 2014.
June 3, 2014
Sales Tax & Compliance
The Sales Tax & Compliance series is being created with the practitioner in mind. In cooperation with Avalara, each month we'll provide you with the latest news relating to state and local tax issues, updates on federal legislation, checklists and ...
June 3, 2014
Summer Time Tax Tip #8: Deductions for Medical Expenses: When a Swimming Pool is Deductible
However, there’s a silver tax lining if the pool is needed by a family member to alleviate arthritis or some other specific illness. For a medically-necessary improvement made by a homeowner, the deductible amount is equal to the cost above the corresponding increase in the home's value. In addition, the annual maintenance costs associated with…
June 2, 2014
Pennsylvania Lawmakers to Consider Medical Mariijuana, Other Issues
June's arrival for many Pennsylvanians signifies the start of summer fun -- beaches, sun and outdoor activities. But at the state Capitol, it's crunch time.
June 2, 2014
IRS Releases Spring ‘Statistics of Income’ Bulletin
The Internal Revenue Service has released the spring 2014 issue of the Statistics of Income Bulletin, which provides information on high-income individual income tax returns filed for tax year 2011.
June 2, 2014
Target Board Defends Role Before and After Data Breach
Under fire for its handling of the data breach, Target's board is now defending itself to shareholders in advance of next week's annual meeting.
June 2, 2014
2014 Review of Drake Tax
Drake Software is a tax software solution designed for quick data entry and return processing. A unique aspect to Drake Software is the all-inclusive pricing model. This allows tax practitioners to process unlimited federal, state and electronic filing at a known, fixed rate with no additional function modules to purchase. Drake’s software system includes built-in…
June 2, 2014
IRS Gives an Inch on Once-A-Year IRA Rollover Rule
The IRS isn’t backing off on its tough stance involving the “once-a-year-IRA rollover” rule. In the aftermath of a new case tightening the restriction for IRA owners (Bobrow, TC Memo 2014-21), it recently announced it intends the follow the Tax Court’s lead on this issue. However, showing some leniency, the IRS now says it won’t…
June 2, 2014
Florida Governor Starts Small Business Tour
Fresh off signing a $77 billion budget into law, Gov. Rick Scott made a pit stop in Panama City Monday as part of his Let's Keep Small Business Working Tour and campaign for re-election.
May 30, 2014
Unlicensed Florida Tax Preparer Pleads Guilty in $22 Million Tax Fraud
An income tax preparer in the Miami, Florida suburb of Plantation has pleaded guilty to filing $22 million in false refund claims with the federal government.