Category Archives for BUSINESS DEDUCTIONS
IRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions
Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made
Read MoreOhtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights
Shohei Ohtani's groundbreaking $700 million contract with the Los Angeles Dodgers not only sets a new benchmark in professional sports but also introduces complex financial planning and tax considerations.
Read MoreIRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses
Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,
Read MoreIRS Collects $482M in Back Taxes From Millionaires in 2023
Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement
Read MoreThe IRS Delays $600 1099-K Threshold for Another Year
The Internal Revenue Service recently said it would postpone the $600 threshold for reporting transactions on Form 1099-K for the second year in a row, and begin to phase in a threshold of $5,000 starting
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